ALBANY, N.Y., Nov. 4, 2020
- Lead acid batteries are at the forefront of recycling technology market and the segment also accounted for the major share in 2018, massive pace of adoption of electric vehicles spur the demand
- Automotive industry a prominent contributor of spent battery source, mushrooming battery recycling facilities invigorate growth in Asia Pacific
ALBANY, N.Y., Nov. 4, 2020 /PRNewswire/ -- Recycling and disposal of spent batteries are key concern for economies in the light of reducing environmental impact of battery industry as well as the mining of key minerals used in the battery making. They have framed numerous regulations, and stakeholders in the value chain are leaning on complying with those. This has spurred opening of new recycling plants and, more importantly, has fueled constant technological advances in older plants.
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The automotive industry is a prominent generator of demand for battery recycling.
TMR analysts contend that rising use of lithium-ion batteries will consistently generate revenues in the battery recycling market. They further assert that it is imperative that stakeholders and governments should make concerted efforts to raise awareness about the importance of battery recycling and frame policies accordingly.
Asia Pacific and Europe will see rapid growth of recycling plants and spurt in number of e-waste management companies, which will help the battery recycling market to expand at CAGR of ~10% during 2019 – 2027. The forecast valuation by the end of the period is ~US$8 Bn.
Key Findings of Battery Recycling Market Report
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Battery Recycling Market: Key Driving Factors and Promising Avenues
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Battery Recycling Market: Regional Assessment
Asia Pacific has been a key generator of opportunities to stakeholders in the battery recycling market. The rapidly expanding regional market has witnessed a massive momentum on the back of stringent implementation of environmental regulations pertaining to battery making and disposal. The opportunities in the regional market has also thrived on the back of large number of battery recycling facilities in India, China, and Singapore. These countries are prominent manufacturers as well as consumer of consumer electronics, which has spurred the opportunities. Steady rise in retired lithium-ion batteries has catapulted the need for increasing the battery-recycling rate.
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Key Impediments to Battery Recycling Market Stakeholders
One of the consistent challenges faced by stakeholders in the battery recycling market is the lack of sufficient awareness about the battery recycling infrastructure. Particularly among end users, the awareness is low. A large part of battery recycling is done at industrial and commercial level, without the active participation of other end users. Also, the market in some regions suffers from the widespread adoption of advanced recycling technologies.
Nevertheless, all the stakeholders including policy makers in various countries are expected to ramp up their efforts to boost the battery recycling rate.
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The Battery Recycling Market has been segmented as follows:
Battery Recycling Market, by Battery Chemistry
Battery Recycling Market, by Spent Battery Source
Battery Recycling Market, by End Use
Battery Recycling Market, by Region
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