The global battery recycling market size was USD 16.19 Billion in 2019 and is expected to reach USD 24.57 billion in 2027 at a CAGR of 5.3%, according to the latest report by Emergen Research. Market revenue growth is primarily driven by increasing awareness regarding the detrimental nature of raw material used in the manufacturing of batteries and rising focus on recycling and reusing the used battery components to conserve natural resources.
The battery recycling market is witnessing rapid growth in demand as raw materials such as lithium, nickel, cobalt, and manganese used in the manufacturing of cathode of batteries are limited. In contrast, these materials are witnessing an escalating demand from the end-user verticals, including automotive transportation, consumer electronics, and various other industries. Besides, the raw materials deployed in the making of batteries are detrimental to the environment. Recycling and reusing the constituents in used batteries further aids in the preservation of natural resources; therefore, propelling the market growth for recycled battery materials.
A surge in demand for recycled products is a significant factor driving the market demand.
The market for lithium-ion battery recycling is influenced by the rising demand for electric as well as hybrid electric vehicles where lithium-ion batteries are used extensively. Adoption of these vehicles results in a price hike of battery materials such as cobalt and lithium, hence making the recycling of lithium-ion battery industries more profitable.
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Key Highlights From The Report
Based on type, the lead-acid batteries segment is expected to register significant revenue growth during the forecast period. This can be attributed to extensive usage of these batteries by several end-users due its advantages, including overcharging self-discharge protection, better corrosion gassing resistance, lower cost and enhanced energy efficiency.
Based on application, the extraction of materials segment held a considerable market share in 2019 and is expected to account for largest revenue share in the global market by 2028. The growing trend for electric vehicles and efforts to eliminate the adverse effect of landfills with cobalt, lithium, and nickel-based batteries is fuelling the demand for recycled and second life battery manufacturing for electric vehicles. This in turn will boost revenue growth of this segment during the forecast period.
Based on application, the consumer electronics segment accounted for the second-largest market share in 2019 and is expected to register robust revenue CAGR through 2028. This can be attributed to the surging demand for smart devices, laptops, UPS, mobile phones, and others among other consumer electronics devices that require batteries for operation and or for portability abilities.
North America accounted for the second-largest share of the battery recycling market in 2019 and is expected to register a CAGR of 4.8% during the forecast period. Robust revenue growth can be attributed to growing adoption of electric vehicles, primarily in the U.S. In addition, increasing environmental concerns related to health hazards associated with manufacturing of lithium-ion battery is contributing to revenue growth of the North America battery recycling market.
Key participants in the global battery recycling market include East Penn Manufacturing Company Inc., Ecobat Logistics, Gopher Resource LLC, Battery Solutions Inc., Retriev Technoloies Inc., RSR Corporation, Fortum Oyj, Glencore International AG, Doe Run Company, and Call2Recycle Inc., among others.
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For the purpose of this report, Emergen Research has segmented the global battery recycling market on the basis of type, processing state, application, and region:
Type Outlook (Revenue, USD Billion; 2017-2027)
Lithium-Based
Nickel-Based
Lead-Acid
Others
Battery Application Outlook (Revenue, USD Billion; 2017-2027)
Extraction of Materials
Reuse, Repackaging, Second Life
Disposal
End-use Outlook (Revenue, USD Billion; 2017-2027)
Automotive Transportation
Consumer Electronics
Industrial
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Regional Outlook (Revenue, USD Billion; 2017-2027)
North America
U.S.
Canada
Mexico
Europe
Germany
U.K.
France
BENELUX
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East Africa
Saudi Arabia
U.A.E.
South Africa
Rest of MEA
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