The battery recycling market is estimated 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. 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.
By chemistry, the lead-acid segment is expected to lead the battery recycling market, in terms of value, during the forecast period. Increased usage of lead-acid batteries in various applications, as well as factors like simplicity, cost-effectiveness, and energy efficiency, are driving the growth of this segment.
By source, the automotive batteries segment led the battery recycling market in 2019 and is expected to witness significant growth during the forecast period. This growth is mainly attributed to the rising use of automobiles and the growing number of government regulations related to battery recycling. Moreover, there is a rising demand for automotive batteries in emerging regions, such as Asia Pacific, thus augmenting the growth of the automotive batteries segment.
The Asia Pacific region is estimated to lead the battery recycling market during the forecast period. The market in this region is also projected to witness the highest CAGR from 2020 to 2025. Growing demand for electric vehicles and increasing environmental regulations are responsible for the growth of the Asia Pacific battery recycling market. In this region, the battery recycling market is majorly driven by China. Other key countries include India, Japan, and South Korea.
Key Market Players:
Call2Recycle, Inc. (US), Battery Solutions, LLC (US), Exide Technologies (US), Umicore (Belgium), Exide Industries Ltd. (India), Contemporary Amperex Technology Co. Ltd. (CATL) (China), GEM Co., Ltd. (China), EnerSys (US), Johnson Controls International plc (US), Aqua Metals, Inc. (US), Retriev Technologies Inc. (US), Gravita India Limited (India), ECOBAT Logistics (UK), Fortum Oyj (Finland), Teck Resources Limited (Canada), American Manganese Inc. (Canada), Glencore International AG (Switzerland), TES-AMM Singapore Pte Ltd (Singapore), RSR Corporation (US), COM2 Recycling Solutions (US), East Penn Manufacturing Company, Inc. (US), The Doe Run Company (US), Raw Materials Company Inc. (RMC) (Canada), Neometals Ltd (Australia), Terrapure Environmental (Canada), and Gopher Resource LLC (US). These players have adopted the strategies of expansions, agreements, partnerships, acquisitions, contracts, collaborations, investments, new technology launches, and divestments to enhance their position in the market.