Global Battery Recycling Market Forecast 2020-2028
The global battery recycling market is projected to register a CAGR of 8.52% during the forecast period, 2020-2028. The market growth factors are accredited to the strict government regulations and policies, growing adoption of electric vehicles, the declining prices of the lithium-ion battery, along with the growing battery waste disposal.
Battery recycling aims at minimizing the number of batteries disposed of as solid waste. Batteries contain several heavy metals and toxic chemicals that are disposed of directly, when left untreated, leading to water pollution and soil contamination. The resultant pollution has thus alerted and attracted the serious attention of governments across the world. Thus, battery recycling has become a mandatory process, so as to negate the ill-effects of the battery disposal. With the growing demand for batteries, the global battery recycling market is projected to showcase steady growth during the forecast period. Lead-acid batteries are widely used in telecommunication, energy storage systems, automotive, and for back up purposes. The recycling and reuse of lead-acid batteries are gaining attention from the public and materials processing industry. Thus, the global battery recycling market is estimated to be benefited by the increasing demand for the lead-acid battery.
The high capital costs, the lack of a strong supply chain, and lower yield as compared to the raw material resources available, are the factors hindering the market growth prospects. The competitive rivalry is projected to be moderate in intensity.
The global battery recycling market is segmented geographically into Europe, Asia Pacific, North America, and the rest of the world. The Asia Pacific is predicted to record the highest CAGR among the other regions during the forecasted period, 2020-2028. The growth aspects of the market are accredited to be the large-scale demands from the automotive sector, since it is one of the largest end-users of lead acid battery across several countries of the region. Also, many companies in the region are setting up battery recycling units, which further augments the market growth prospects.
Some of the well-known companies operating in the market are Accurec Recycling GmbH, Exide technologies, Aqua metals Inc, Recyclex SA, GS Yuasa Corporation, Call2recycle Inc, etc.
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