The rising concerns about depleting earth metals and government initiatives to recycle batteries are the drivers for the Battery Recycling Market globally. Subsidies to encourage battery recycling and growing number of hybrid and electric vehicle batteries could provide growth opportunities for the battery recycling market in the coming years. The global battery recycling market is projected to reach USD 11.83 billion by 2022, at a CAGR of 6.5% from 2017 to 2022.
The lead-acid battery chemistry segment dominated the battery recycling market in 2016 and is also expected to witness high growth during the forecast period. This growth can be attributed to the increased demand from Europe, North America, and Asia-Pacific regions.
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The increasing demand from developing countries in Asia-Pacific and South & Central America is also expected to boost the growth of the battery recycling market. The growing global population is expected to fuel the demand for passenger cars, which, in turn, is expected to drive the battery recycling market.
Based on source, the automotive segment is expected to witness the highest growth during the forecast period, in terms of value. This source accounts for the highest output of spent lead acid batteries in all the regions. The increasing use of automobiles and growing number of government regulations to recycle the batteries have fueled the global demand for battery recycling market.
The growth in demand is particularly high in the emerging regions such as Asia-Pacific for automobile batteries. Automotive source is evolving as the most suitable battery source for battery recycling as batteries used in automobiles are the most commonly used type of batteries and 99% of the lead content of these batteries is recyclable.
Europe dominated the battery recycling market in 2016, in terms of value. In Europe, the battery recycling market in Germany is projected to witness the highest growth between 2017 and 2022. The battery recycling market has developed rapidly owing to enforcement of stringent environmental regulations.
The automotive industry in Germany is also growing at a high rate, which, in turn, is expected to fuel the growth of the Germany battery recycling market. The lead acid chemistry segment led the Germany battery recycling market in 2016.