The global battery recycling market size is deemed to touch USD 24.50 billion by 2027, asserts Market Research Future (MRFR) in its report. It is expected to display 5.85% CAGR over the forecast period. MRFR’s report on the battery recycling market highlights trends and opportunities for companies looking to cut costs and pursue sustainable production methods during the forecast period (2020-2027). The COVID-19 pandemic and its implications are explored in depth in the market.
Market Scope
The global battery recycling market is fueled by efforts made by governments in curing emission levels and reducing reliance on fossil fuels as a energy source. Stringent government regulations over disposal of batteries, dipping prices of batteries, and establishment of recycling units can propel market growth. Shift to electric vehicles and inclination towards lithium-ion batteries can augur favorably for the market.
But fluctuating prices of raw materials may hamper market growth.
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COVID-19 Impact Analysis
The COVID-19 pandemic has negatively affected the battery recycling market owing to delays in supply of raw materials and scarce demand for batteries. Labor shortages, unavailability of raw materials, and delays in trade can hamper market growth.
Segmentation Analysis
Lead-acid Batteries to Lead in Global Market Share
Lead-acid batteries can capture a huge market share owing to its reliability, efficiency, and wide scope of applications. Its recyclable nature can be a plus for the battery recycling market over the forecast period.
Automotive Batteries to be Biggest Source for Global Market
Automotive batteries can lead the market demand owing to shift to electric engines from conventional ICE engines by manufacturers and increasing procurement of electric vehicles. Rapid urbanization and large strides in batteries can drive segment growth during the assessment period.
Regional Analysis
APAC to Capture Major Market Shares
Asia-Pacific (APAC) is expected to capture a major share of the battery recycling market owing to demand for electric vehicles and smart devices. Establishment of charging infrastructure and environmental regulations for curbing carbon emissions can drive regional market growth. China, India, and Japan can contribute to regional demand due to demand from the automotive sector.
Competitive Analysis
Gopher Resource LLC (US), Retriev Technologies Inc. (US), Teck Resources Limited (Canada), Fortum Oyj (Finland), Battery Solutions, LLC (US), RSR Corporation (US), Exide Technologies (US), GEM Co., Ltd. (China), Gravita India Limited (India), East Penn Manufacturing Company, Inc. (US), Raw Materials Company Inc. (RMC) (Canada), COM2 Recycling Solutions (US), Contemporary Amperex Technology Co. Ltd. (CATL) (China), EnerSys (US), The Doe Run Company (US), American Manganese Inc. (Canada), Neometals Ltd (Australia), ECOBAT Logistics (UK), TES-AMM Singapore Pte Ltd (Singapore), Johnson Controls International plc (US), Aqua Metals, Inc. (US), Exide Industries Ltd. (India), Call2Recycle, Inc. (US), Glencore International AG (Switzerland), Terrapure Environmental (Canada), and Umicore (Belgium) are key players in the global battery recycling market. Acquisitions are the main gameplay of players looking to sustain their position.
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Industry News
Koch Industries has invested USD 100 million in Li-Cycle, a North America battery recycling company, to scale its operations in the U.S.
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