LONDON--(BUSINESS WIRE)--The global battery recycling market is expected to grow by USD 5.77 billion as per Technavio. This marks a significant market slow down compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of over 9%.
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Read the 120-page report with TOC on "Battery Recycling Market Analysis Report by Battery Chemistry (Lead-acid, Lithium, and Others), Battery Source (Automotive, Electronic appliance, and Others), Geography (APAC, Europe, North America, South America, and MEA), and the Segment Forecasts, 2020-2024".
The market is driven by the widening lithium supply-demand gap. In addition, the increasing urbanization in emerging markets is anticipated to boost the growth of the battery recycling market.
Nearly 70% of the global lithium reserves are concentrated in South American countries such as Argentina, Bolivia, and Chile. Factors such as the sparse availability of the raw materials and the unsteadiness of governments in these regions have significantly affected the supply of lithium. With the growing applications of lithium in various industries such as automotive, pharmaceuticals, construction, glass, and ceramic, there is substantial pressure on lithium suppliers. Hence, significant investments are being made in the development of lithium deposits worldwide. This increase in the demand for lithium is expected to increase the requirement for lithium battery recycling processes and consequently drive the growth of the market.
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Major Five Battery Recycling Companies:
Accurec Recycling GmbH
Accurec Recycling GmbH operates its business through a unified segment. The company offers battery recycling services for NiCd, NiMH, and Lithium batteries.
Battery Solutions LLC
Battery Solutions LLC operates its business through a unified segment. The company provides battery recycling service for various types of batteries such as portable batteries, HEV and EV batteries, special purpose batteries, among others.
Call2Recycle Inc. operates its business through a unified segment. The company provides battery recycling services for various types of batteries such as single-use batteries, rechargeable batteries, cellphone batteries, and damaged or recalled batteries.
East Penn Manufacturing Co. Inc.
East Penn Manufacturing Co. Inc. operates its business through segments such as Transportation, Motive Power, Reserve Power, and Wire, Cable & Battery Accessories. The company offers recycling services for only lead-acid batteries.
EnerSys operates its business through segments such as Motive power and Reserve power. The company provides battery recycling services for various types of batteries.
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Battery Recycling Market Battery Chemistry Outlook (Revenue, USD Billion, 2020-2024)
Battery Recycling Market Battery Source Outlook (Revenue, USD Billion, 2020-2024)
- Electronic appliance
Battery Recycling Market Geography Outlook (Revenue, USD Billion, 2020-2024)
- North America
- South America
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