According to the report published by Allied Market Research, the global battery recycling market generated $11.1 billion in 2020, and is estimated to generate $66.6 billion by 2030, witnessing a CAGR of 19.5% from 2021 to 2030. The report offers a detailed analysis of changing market trends, value chain, top segments, key investment pockets, regional scenarios, and competitive landscape.
Rise in awareness toward environmental pollution due to battery disposal and high recycling rate associated with lead-acid batteries drive the growth of the global battery recycling market. However, increase in focus on lowering cost of lithium-ion battery rather than its recyclability impedes the market growth. On the contrary, surge in adoption and growth of the electric vehicles industry creates new opportunities in the coming years.
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The report offers detailed segmentation of the global battery recycling market based on chemistry, source, application, and region.
Based on chemistry, the lead-acid battery segment held the highest market share in 2020, accounting for nearly two-thirds of the total share, and is projected to maintain its leadership status during the forecast period. However, the lithium-based battery segment is estimated to grow at the fastest CAGR of 30.5% from 2021 to 2030.
Based on source, the industrial batteries segment accounted for the largest share in 2020, contributing to more than half of the global battery recycling market, and is expected to maintain its lead position during the forecast period. However, the automotive batteries segment is projected to portray the highest CAGR of 19.9% from 2021 to 2030.
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Based on region, Europe contributed to the highest share in 2020, accounting for more than one-third of the total share, and is expected to continue its dominant share in terms of revenue by 2030. However, Asia-Pacific is projected to manifest the largest CAGR of 20.2% during the forecast period.
Leading players of the global battery recycling market discussed in the research include Accurec Recycling GmbH, Redwood Materials, Inc., Retriev Technologies, EnerSys, Li-Cycle Holdings Corp., Battery Solutions, Glencore International, Umicore, AkkuSer Oy, and Duesenfeld GmbH.
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Covid-19 scenario:
- During the pandemic, due to the imposed lockdown and a temporary ban on import, export, and transportation activities, the supply chain and battery demand from automotive and consumer electronics manufacturers were disrupted. This negatively affected the market growth in the second, third, and fourth quarters of 2020.
- The pandemic has had a severe influence on different businesses and countries, resulting in a reduction in global manpower, which has resulted in lower consumer spending, thus lowering demand for electronics, automobiles, and other products.
Key Findings Of The Study
- In 2020, the lead-acid battery segment accounted for majority of share of the global battery recycling market, and is expected to maintain its lead during the forecast period.
- In 2020, the industrial batteries segment accounted for about 51.3%, and is expected to maintain its dominance till the end of the forecast period.
- The transportation segment accounted for 43.8% in 2020, and is anticipated to grow at a rate of 19.3% in terms of revenue, increasing its share in the global battery recycling market.
- Industrial is the fastest-growing application segment in the battery recycling market, and is expected to grow at a CAGR of 19.9%.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.