Feb 7, 2022 SOURCE: BusinessWire

Global Battery Recycling Markets, 2021-2028: Growing Focus on Lithium-Ion Battery Recycling & Increasing Government Regulations for Battery Disposal and Recycling - ResearchAndMarkets.com

The "Global Battery Recycling Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Lead Acid Battery, Lithium-Based Battery, Nickel-Based Battery, and Others) and Battery Source" report has been added to ResearchAndMarkets.com's offering.

The battery recycling market was valued at US$ 15,690.07 million in 2020 and is projected to reach US$ 36,002.73 million by 2028; it is expected to grow at a CAGR of 13.4% from 2021 to 2028.

Battery recycling is an effective way of reprocessing and reusing batteries to diminish hazardous waste. Recycling has a lower environmental impact than the mining of virgin materials. Direct recycling could substantially decrease the energy consumption and emissions. Several policies and regulations have been imposed that play a vital role in ensuring safety of consumer products as well as in safe handling, storage and treatment, reuse, recycling, and disposal of batteries used across various application bases.

Based on battery source, the battery recycling market is segmented into automotive, industrial, household, consumer electronics, and forklift. In 2020, the consumer electronics segment dominated the battery recycling market. Various office, household, and entertainment devices, along with lighting systems and tools, are being powered by consumer batteries.

Consumer batteries are mostly used for powering small, portable electronic devices such as laptops, cell phones, remote control systems, power tools, and video game systems that require cordless power supply. Various type of consumer batteries available in market include alkaline, nickel-cadmium, nickel-metal hydride, lead acid, lithium-ion, and primary lithium, and each of them have various applications. Different type of batteries used in consumer electronics have their unique properties, which require unique safety measures and recycling processes.

In 2020, Asia Pacific witnessed growth in the consumption of lithium-ion batteries, which can be attributed to the growth of the automotive sector and the increased penetration of electric vehicles.

Various government policies are supporting the development of the electric vehicle industry in the region. Increased use of batteries in the region encourage the implementation of effective battery management practices, which will include battery recycling, to reduce waste disposal volumes.

Furthermore, increased production of lithium-ion batteries and various government initiatives supporting battery recycling in Asia Pacific drive the market growth in this region. The increase in production and adoption of lithium-ion batteries in the region is attributed to their less self-discharging rate and capability to deliver superior performance relative to other rechargeable batteries.

Key Market Dynamics

Market Drivers