Battery Recycling Market To Exhibit Significant Growth Of $21.04 Billion With A CAGR Of 10.4% By 2025: Grand View Research Inc.
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According to a recent report published by Grand View Research Inc., concerns over battery waste disposal and stringent government policies clubbed with the increase in usage of lithium-ion batteries due to the declining lithium-ion battery prices and growing adoption of electric vehicles battery recycling market.
The global battery recycling market size is expected to reach USD 21.04 billion by 2025, registering a CAGR of 10.4%. The presence of profound government regulations is anticipated to have a positive impact on the market expansion over the next eight years.
Transportation application is set to gain enormous traction during the analysis timeline. Growing demand for lithium-ion batteries in portable devices and electric vehicles, on account of their high efficiency, longevity, and low maintenance is projected to drive the demand for recycled products.
The battery recycling industry is price driven, which has hampered its expected growth in the past few years. The industry players are striving to strengthen the competitiveness by launching new collection centers and reprocessing plants. Moreover, innovative processes are being developed to cut down cost and combat environmental pollution concerns. For instance, ECOBAT has developed and launched its own collection system to assemble spent batteries.
Battery Recycling Market Report Highlights
The Centers for Disease Control and Prevention has revealed the risk of neurotoxin poisoning among children in poor and middle-income countries. According to Unicef and the international NGO Pure Earth, the resulting lost productivity annual cost is USD 16 billion in Bangladesh and USD 1 trillion, globally
The market has ample of opportunities for new entrants. Lohum Cleantech, the Indian battery developer and recycling startuphas raised USD 7 million to expand its manufacturing facility in India and the U.S.
Government initiatives undertaken by organizations such as the U.S. Department of Energy (DOE) is devised to scale up the process of storing, collecting, and transporting discarded lithium-ion batteries for final recycling. The aim of this phased prize program is to capture 90 percent of the discarded batteries in the U.S. and reintroduce the key materials in the supply chain
Programs such as the Li-Cycle and New Flyer are both members of CALSTART, which is an international nonprofit organization dedicated to accelerate the adoption of clean transportation and the pace of clean technology
The lithium-ion segment is expected to exhibit a CAGR of 11.3% from 2017 to 2025 owing to its widespread use in electric vehicles, portable devices, and energy storage system
Lead acid segment will lead the market with a staggering growth rate of 10.5% from 2017 to 2025 owing to its cost efficiency, high recycling ability, and high capacity
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Battery Recycling Market Segmentation
Grand View Research has segmented the global battery recycling market on the basis of chemistry, application, and region:
Battery Recycling Chemistry Outlook (Revenue, USD Million; 2014 – 2025)
Lithium-ion
Lead acid
Nickle
Others
Battery Recycling Application Outlook (Revenue, USD Million; 2014 – 2025)
Transportation
Consumer electronics
Industrial
Battery Recycling Regional Outlook (Revenue, USD Million; 2014 – 2025)
North America
U.S.
Europe
Germany
UK
Asia Pacific
China
India
Japan
Central & South America
Brazil
Middle East & Africa
List of Key Players of Battery Recycling Market
Call2Recycle
ECOBAT
Aqua Metals
Exide Technologies
G&P Batteries
EnerSys
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Battery Market – https://www.grandviewresearch.com/industry-analysis/battery-market
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About Grand View Research
Grand View Research is a market research and consulting company that offers market research reports, syndicated and customized reports. The company is headquartered in San Francisco, California. It offers client engagement for business consulting and market intelligence from various domains. The clientele is based across various countries with queries coming from more than 50 industries worldwide.
Grand View Research helps its clients to make informed decisions by helping them understand current trends and scenarios. Every year Grand View Research accomplishes more than 300 multi-country market studies to optimize consulting for clients.
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Source: Battery Recycling Market To Exhibit Significant Growth Of $21.04 Billion With A CAGR Of 10.4% By 2025: Grand View Research Inc.
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