ALBANY, New York, June 18, 2020
- Higher threat to the environment through battery disposal and high recycling rate associated with lead-acid batteries drive the growth of the global battery recycling market
ALBANY, New York, June 18, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Battery Recycling Market by Chemistry (Lead-acid Battery, Lithium-based Battery, Nickel-based Battery, and Others), Source (Automotive Batteries, Industrial Batteries, and Consumer & Electronics Appliance Batteries), and Application (Transportation, Consumer Electronics, Industrial, and Others): Global Opportunity Analysis and Industry Forecast, 2019-2026." According to the report, the global battery recycling industry was estimated at $8.0 billion in 2018, and is anticipated to hit $18.3 billion by 2026, registering a CAGR of 10.9% from 2019 to 2026.
Drivers, restraints, and opportunities-
Higher threat to the environment through battery disposal and high recycling rate associated with lead-acid batteries drive the growth of the global battery recycling market. On the other hand, rise in focus toward lowering cost of lithium-ion batteries curtails down the growth to some extent. However, rapid adoption of electric vehicles is expected to pave the way for multiple opportunities in the industry.
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The lead-acid battery segment to dominate by 2026-
By chemistry, the lead-acid battery segment contributed to more than two-thirds of the global battery recycling market share in 2018, and is expected to maintain the lion's share by the end of 2026. This is attributed to its recyclable nature. Simultaneously, the lithium-based battery segment would grow at the fastest CAGR of 11.3% throughout the forecast period. Increasing efforts of manufacturers to develop effective lithium-ion battery recycling method along with growing awareness of lithium-ion battery recycling process are expected to drive the growth of the segment.
The industrial batteries segment to maintain the dominant share-
By source, the industrial batteries segment held the highest share in 2018, generating more than half of the global battery recycling market. In industrial applications, lead-acid batteries are considered as an ideal source of power that are cost-competitive, heavyweight, and maintenance-free. This factor has driven the growth of the segment. The automotive batteries segment, on the other hand, would register the fastest CAGR of 11.3% during the estimated period. Emergence of electric vehicles is the primary factor that is fueling the adoption of batteries among end-users which, in turn, propels the segment growth.
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Europe, followed by North America, garnered the major share in 2018-
By geography, Europe accounted for nearly two-fifths of the global battery recycling market revenue in 2018, and is projected to rule the roost till 2026. This is attributed to significant support by the European Union governments and regulatory bodies present in the region that have been regulating favorable policies for recycling. At the same time, the Asia-Pacific region would showcase the fastest CAGR of 11.4% by 2026. Asia-Pacific is known for established automotive industry growth, robust industrialization, and diverse nature of the consumer electronics industry. These three factors drive the growth of the market.
Key players in the industry-
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