According to a new report published by Allied Market Research titled, “Battery recycling Market by Chemistry, Source, Application, and region: Global Opportunity Analysis and Industry Forecast, 2019–2026,”The global battery recycling market was valued at $8.0 billion in 2018, and is projected to reach $18.3 billion by 2026, growing at a CAGR of 10.9% from 2019 to 2026.
Battery recycling was previously considered as a legislative activity, however, it is now more profitable way to recover metals through recycling. Currently, no patented recycling methods are available in the market. Therefore, battery recycling is done by melting and through traditional separation methods.
Currently, lead and lithium-ion batteries are gaining increased traction, as their sale is high and are recycled on a large scale. Conversely, nickel batteries,which blended with cobalt, are gaining popularity. Moreover, favorable government policies to support battery recycling infrastructure is driving the growth of this market. On the contrary, complications related to lithium-ion batteries acts as a growth barrier of the global market.
Depending on the battery type, the lead-acid battery segment emerged as the global leader in the market. This is attributed to the fact that lead-acid battery is highly profitable in terms of recycling, has low cost over other battery types, and witnesses higher adoption as it is the first commercial battery in energy storage applications. However, the lithium-ion battery recycling segment is expected to gain significant growth, in response to increase in efforts to develop patented lithium recycling methods.
On the basis of source, the industrial segment acquired the largest share of around 40% in 2018, due to their wide application of recyclable batteries in the industrial sector for renewable energy integration and UPS systems. Therefore, batteries are collected largely from an industrial source for recycling.
By application, the transportation application segment dominated the global market in 2018, and is anticipated to continue this trend during the forecast period. This is attributed to surge in adoption of electric & hybrid vehicles and increase inefforts to promote electrification in the overall automotive industry.
Key players operating in the battery recycling market are Aqua Metals, Inc., East Penn Manufacturing Company, Eco-Bat Technologies Ltd, Enersys, Exide Industries Limited, Gopher Resource LLC, Gravita India Limited, Retriev Technologies, Terrapure Environmental, and Umicore.
KEY FINDINGS OF THE STUDY:
Depending on battery chemistry, lead-acid battery acquired the largest market share in 2018, and is anticipated to be the largest segment by the end of 2026.
By source, the industrial segment was reported a superior collection of batteries, and was the global leader over other segments in 2018.
On the basis of application, the transportation industry reported the highest revenue in 2018.