Asia Pacific to witness the highest growth rate in the battery recycling market till 2025

Posted on 2021-10-26 by MarketsandMarkets in Chemicals // 0 Comments

CITY, Country, 2021-Oct-26 — /EPR Network/ —

The battery recycling market is projected to grow from USD 17.2 billion in 2020 to USD 23.2 billion by 2025, at a CAGR of 6.1% from 2020 to 2025. 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 are the major factors driving the market growth.

Battery recycling is the reuse and reprocessing activity of spent batteries. It aims to reduce the number of spent batteries being disposed of as municipal solid waste or material waste. Batteries contain several toxic chemicals and heavy metals, and their disposal as trash has raised environmental and health concerns due to their ability to pollute water and contaminate the soil. Battery recycling not only recovers valuable materials and metals from spent batteries but also aids in the efficient management of waste.

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Based on chemistry, the battery recycling market has been segmented into lead-acid, lithium-based, nickel-based, and others. The other chemistries include alkaline, mercury, zinc-carbon, and zinc-air. The lead-acid segment is projected to register the highest CAGR from 2020 to 2025. Lead-acid is the most commonly used battery chemistry in various applications, such as back-up for uninterruptible power supplies, grid energy storage, battery-powered electric vehicles, and SLI (starting, lighting, and ignition) in conventional combustion engines. The lead-acid battery recycling process is simpler, cost-effective, and takes lesser energy in comparison to other battery chemistries, such as lithium- or nickel-based chemistries. All spent lead-acid batteries can also be recycled up to 99%. These factors have resulted in the growth in demand for lead-acid battery recycling.

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Based on source, the battery recycling market has been segmented into automotive batteries, industrial batteries, and consumer & electronic appliance batteries. The automotive batteries segment is projected to lead the market during the forecast period. The rising use of automobiles and the growing number of government regulations related to battery recycling have fueled the demand for automotive battery recycling globally. The demand is particularly high in emerging regions, such as Asia Pacific, resulting in augmenting the growth of the automotive batteries segment.

Asia Pacific, North America, and Europe are the major regional markets for battery recycling. The battery recycling market is driven by the increasing output of spent batteries from automotive, industrial, and consumer & electronic appliance sectors. Growing demand for electric vehicles and increasing environmental regulations have contributed to the growth of the market growth. Various leading market players have adopted the strategies of expansions, agreements, partnerships, acquisitions, contracts, collaborations, investments, and new technology launches to cater to the increased demand for battery recycling in the aforementioned regions.

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