- The global market is primarily driven by the burgeoning sales of hybrid and electric vehicles (EVs) across the globe.
- The battery recycling market is anticipated to register a CAGR of around 6% during 2020-2025.
- Limited availability of the raw materials for the production of lithium-ion batteries is further facilitating recycling discarded batteries.
Battery recycling is the process of reusing and reprocessing batteries to minimize the disposal of batteries as municipal solid waste. These batteries comprise toxic chemicals and heavy materials that can contribute to soil contamination and water pollution.
Battery recycling is widely adopted by various end users as the process recovers harmful metals, such as mercury, lead, cadmium, and nickel, that usually end up in landfills and makes new products out of the generated waste. This has also minimized the need to mine for rare metals, including cobalt and nickel. Almost all the batteries available in the market, including lead-acid, lithium-ion (Li-ion), nickel-cadmium (Ni-Cd), nickel-metal hydride (Ni-MH) and nickel-zinc (Ni-Zn), are recyclable in nature but certain variants, such as lead batteries, can be recycled entirely.
According to the latest report by IMARC Group, titled “Battery Recycling Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global battery recycling market experienced strong growth during 2012-2019.
The global market is primarily driven by the burgeoning sales of hybrid and electric vehicles (EVs) across the globe. In line with this, governments and private industries of various countries are significantly investing in the manufacturing of EVs and undertaking several initiatives such as offering incentives to facilitate their adoption.
Furthermore, stringent government regulations for battery disposal, in confluence with the rising concerns over battery waste disposal and enhanced focus toward sustainable development, are providing a thrust to market growth. In addition to this, there is a growing utilization of recycled batteries in the consumer electronics sector. These batteries form a crucial component in manufacturing smartphones, power tools, laptops, gaming consoles and remote-control units.
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Robotics technology improves the recovery rates of metals, which is acting as another major growth-inducing factor. Moreover, the limited availability of the raw materials for the production of lithium-ion batteries is further facilitating recycling discarded batteries. Some of the other factors influencing market growth include rapid industrialization, technological advancements in the EV battery recycling, launch of aesthetically appealing battery designs, and extensive research and development (R&D) undertaken by industry players to encourage innovation in battery recycling. On account of the aforementioned factors, the market is anticipated to register a CAGR of around 6% during 2020-2025.
Based on type, the market has been divided into lead-acid, nickel-based, lithium-based and other batteries. On the basis of source, the market has been classified into industrial, automotive, consumer products, electronic appliances and others. On the basis of the end use, the market has been segregated into reuse, repackaging, extraction and others. Based on material, the market has been categorized into manganese, iron, lithium, nickel, cobalt, lead, aluminium and others.
On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
The competitive landscape of the market has also been studied with the detailed profiles of the key players operating in the market. Some of these players include Accurec GmbH, Aqua Metals Inc., Battery Solutions LLC, Call2recycle Inc., ECOBAT Technologies Ltd., Enersys, Exide Technologies, Eco-Bat Technologies Limited, Gravita India Limited, Johnson Controls Inc., Retriev Technologies, and Umicore.