Global battery recycling market is projected to reach $18.3 billion by 2026, growing at a CAGR of 10.9% from 2019 to 2026. Battery recycling was previously considered as a legislative activity, however, it is now more profitable way to recover metals through recycling. Currently, no patented recycling methods are available in the market. Therefore, battery recycling is done by melting and through traditional separation methods. Reasons for growth of the battery recycling market include rising concerns regarding depleting precious and rare earth metals, growing demand for recycled batteries and other materials, and stringent government regulations and EPA (Environmental Protection Agency) guidelines.
Currently, lead and lithium-ion batteries are gaining increased traction, as their sale is high and are recycled on a large scale. Conversely, nickel batteries, which blended with cobalt, are gaining popularity. Moreover, favourable government policies to support battery recycling infrastructure is driving the growth of this market. On the contrary, complications related to lithium-ion batteries acts as a growth barrier of the global market.
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By application, Transportation is expected to witness rapid growth in the battery recycling market and is anticipated to continue this trend during the forecast period. Growing demand for lithium-ion battery in electric vehicles and portable devices on account of its high efficiency, long life, and low maintenance is expected to positively impact the demand for recycled products. Advancements in battery technologies leading to the creation of technologically advanced batteries being developed by manufacturers are likely to create a massive opportunity for the battery recycling companies to invest and redirect their resources to make a breakthrough battery recycling technology.
Depending on the battery type, the lead-acid battery segment emerged as the global leader in the market. This is attributed to the fact that lead-acid battery is highly profitable in terms of recycling, has low cost over other battery types, and witnesses higher adoption as it is the first commercial battery in energy storage applications. However, the lithium-ion battery recycling segment is expected to gain significant growth, in response to increase in efforts to develop patented lithium recycling methods.
On the basis of source, the industrial segment acquired the largest share of around 40% in 2018, due to their wide application of recyclable batteries in the industrial sector for renewable energy integration and UPS systems. Therefore, batteries are collected largely from an industrial source for recycling.
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Key players operating in the battery recycling market are Aqua Metals, Inc., East Penn Manufacturing Company, Eco-Bat Technologies Ltd, Enersys, Exide Industries Limited, Gopher Resource LLC, Gravita India Limited, Retriev Technologies, Terrapure Environmental, and Umicore.
Europe is predicted to be the most agile expanding exchange, as it is a principal recycler of consumed batteries. The expanding yield of used batteries from numerous end-user origins, likely automotive, manufacturing, and customer and automated apparatuses are accountable for the germination of the European battery recycling market.
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