Battery Recycling Market worth 11.83 Billion USD by 2022
The report “Battery Recycling Market by Chemistry (Lead Acid, Lithium-Based, Nickel-Based), Source (Automotive, Industrial, Consumer & Electronic Appliance), End Use, Material, and Region – Global Forecast to 2022″, The global battery recycling market was valued at USD 8.10 Billion in 2016 and is projected to reach USD 11.83 Billion by 2022, at a CAGR of 6.5% from 2017 to 2022.
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Stringent government regulations to control environmental hazards during battery manufacturing and disposal are driving the growth of the global battery recycling market.
The laws and regulations pertaining to the disposal and recycling of spent batteries vary from country to country as well as local governments. Globally, the increasing government directives and regulations to curb pollution levels and controlling the greenhouse gas emissions will provide momentum to drive the global battery recycling market. In Europe, Germany, the U.K., and France are projected to drive the growth of the battery recycling market in this region.
Lead acid battery chemistry is expected to be the fastest-growing chemistry segment of the global battery recycling market
Based on chemistry, the battery recycling market has been segmented into lead-acid batteries, lithium-based batteries, nickel-based batteries, and other batteries. The lead-acid battery chemistry segment led the battery recycling market in 2016 and is projected to be the fastest-growing segment from 2017 to 2022 as the recycling process for these batteries is simple, cost-effective, and consumes less energy in comparison with other battery chemistries such as lithium- or nickel-based chemistries. The extensive usage of starting, lighting, and ignition (SLI) batteries and VRLA batteries has fueled the growth of the market.
Based on source, the automotive source is the largest source segment of the battery recycling market
Based on source, the automotive segment is the largest source segment of the global battery recycling market. The automotive industry accounts for the highest output of spent lead acid batteries globally. This trend is expected to continue during the forecast period, attributed mainly to the stringent regulations set by the environmental protection agencies regarding pollution emission standards. The automotive source segment is also expected to be the fastest-growing segment as increasing environmental regulations and metal scarcity for automotive and industrial applications has resulted in high demand for recycling across the regions.
Europe was the largest market for the battery recycling in 2016
Europe was the largest battery recycling market in 2016. The growing output of spent batteries from various end-use sources, such as automotive, industrial, and consumer & electronic appliances is responsible for the growth of the Europe battery recycling market. Stringent environmental regulations for proper disposal and recycling of batteries in countries such as Germany and the U.K. are also among the factors expected to drive the European battery recycling market during the forecast period. Key countries in the Europe battery recycling market are Germany, the U.K., France, Russia, and Italy.
Key players operational in the battery recycling market include Call2Recycle, Inc. (U.S.), Battery Solutions, LLC. (U.S.), Exide Technologies, Inc. (U.S.), Gravita India Ltd. (India), and Johnson Controls Inc. (U.S.).
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