The rising concerns about depleting earth metals and government initiatives to recycle batteries are the drivers for the Battery Recycling Market globally. The battery recycling market is projected 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.
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 are major factors driving the growth of this market.
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) are among the leading players operating in the battery recycling market. These players have adopted the strategies of expansions, agreements, partnerships, and acquisitions to enhance their position in the market.
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By source, automotive batteries segment to lead the battery recycling market during the forecast period.
By source, the automotive batteries segment led the battery recycling market in 2019. This segment is also expected to witness significant growth during the forecast period owing to the rising use of automobiles and the growing number of government regulations related to battery recycling. The demand for automobile batteries has significantly increased in emerging regions, such as Asia Pacific, thereby augmenting the growth of the automotive batteries segment.
Asia Pacific to witness the highest growth rate in the battery recycling market.
The battery recycling market in Asia Pacific is projected to witness the highest CAGR from 2020 to 2025. Growing demand for electric vehicles and increasing environmental regulations have contributed to 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.