Wilmington, Del. / ACCESSWIRE / November 3, 2022 / Transparency Market Research Inc. Companies in many battery recycling markets are actively tackling the huge demand for battery recycling from discarded consumer electronics. The battery recycling market growth analysis emphasizes entering into cooperation with stakeholders involved in the disposal, recycling, and reuse of lithium-ion and lead-acid batteries, which will enhance the battery recycling market share.
The nonprofit is dedicated to raising awareness of the enormous environmental and economic benefits of recycling batteries. In 2021, the value of the battery recycling market has been pegged at USD 4.8 billion.
Advances in the recovery process for used lithium battery compounds are enriching the value chain for companies in the battery recycling market. TMR’s research found that the high economic value of lithium-ion battery recycling presents significant growth opportunities for this segment in the coming years. Part of the driving force behind this incredible trajectory in this segment stems from the rapid recycling of lithium-ion batteries from electric vehicles.
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Key Findings of the Battery Recycling Market
- Abundant demand from used batteries in the automotive industry: Rising demand for electric vehicles is accelerating the growth prospects of companies in the battery recycling market. The automotive sector is a very promising sector, according to TMR’s research. The increasing interest in extracting lead metal from automotive lithium-ion batteries has increased the demand for battery recycling in this segment.
- Lead-acid battery recycling supports a huge market opportunity. Recycling lead-acid batteries It brings in considerable revenue for various market players. This segment holds his whopping 80.25% share of the global battery recycling market in 2021 and is estimated to remain the leading market in terms of battery chemistries.
- Rising Demand from Material Extraction from Portable Electronics Drives Revenue Growth: The battery recycling battery market is witnessing a steady growth opportunity on the back of growing demand for electronic devices. Material extraction is an important objective for battery recycling companies.
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Battery Recycling Market: Drivers
- Growing awareness of the negative environmental impact of improper disposal of batteries is a key driver of the battery recycling market. Notably, the rapid replacement of portable electronic devices among consumers in developing countries is boosting this outlook.
- Governments in several countries are moving towards promoting the use of environmentally friendly lead manufacturing methods. Additionally, scrap batteries are a source of other commercially useful elements such as lithium and cobalt.
- The increasing shipment of new portable electronic devices has increased the need for battery recycling.
Battery Recycling Market: Regional Growth Dynamics
- North America was a profitable region in the global battery recycling market, accounting for a significant share in 2021. Substantial battery recycling activity in the region and widespread recognition of the economic benefits of recycling are important foundations of abundant growth opportunities for stakeholders.
- Asia-Pacific held a large share in the same year, reaching 42.6%. China is the most prominent market in the region in terms of market share. Rising demand for new cars and a rapid increase in demand for recycling used batteries from consumer electronics.
Battery Recycling Market: Competitive Landscape
According to TMR research, the situation will be fairly consolidated in 2021, with relatively few players occupying the bulk of the global battery recycling market.
Major companies operating in the market include uRecycle Oy, American Manganese Inc. Exide Technologies, Umicore NV EnerSys, G&P Batteries, Battery Solutions LLC and East Penn Manufacturing Company.
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Battery Recycling Market Segmentation
- battery chemistry
- lithium ion
- lead acid
- nickel cadmium
- used battery source
- End use
- material extraction
- repackage, reuse, second life
- North America
- latin america
- Asia Pacific
- Middle East and Africa
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