The global battery recycling market is expected to grow at a CAGR of 6.7% during the forecast period. There are many laws and regulations regarding the disposal and recycling of the batteries, and it varies from country to country as well as according to local government. These laws and regulations by the government drive the battery recycling market growth. The main advantages of a lithium-based battery are high energy density, low self-discharge and low to minimal maintenance.
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The battery can be deployed in places ranging from the small smartphone’s battery to large batteries used in electrical automobiles. The demand for lithium-based batteries has increased due to its deployment in a number of energy storage systems and also due to the increasing adoption of electric vehicles. There is increased utilization of lithium-based batteries in portable devices such as cellular phones and laptops, electric vehicles and energy storage systems as these devices require higher efficiency and low maintenance.
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Lithium-based batteries have a high manufacturing cost owing to high material cost and complex preparation process. The retrieved raw material pays for labor including separation of metallic and nonmetallic materials, transport, smelting, collection, shredding, purification of recovered metals and neutralizing hazardous substances add on the high cost of the batteries. The technology of direct recycling for lithium batteries supplies a solution which when refined can be utilized in lithium batteries to make into the high-value cathode, electrolyte and anode materials. The commercialization of this process is still in the process however, once it is developed to large-scale processing the direct recycling will become profitable. Owing to this, the recycling batteries market is expected to grow significantly.
The process of lithium-based battery recycling studies is going on in the number of academic researches which is anticipated to driving the growth of the global battery recycling market. The demand for portable electronics, start-ups companies, and electric vehicles are aiding in the process of commercializing the technology of new battery recycling. The increasing uses of electronic gadgets, the increasing market of e-vehicles are the factors that are anticipating the growth of the battery recycling industry. Furthermore, increasing demand for rechargeable products in the automotive sector is also propelling the growth of the market.
GLOBAL BATTERY RECYCLING MARKET- SEGMENTATION
- Lead Acid Battery
- Lithium-Ion Battery
- Consumer Electronics
GLOBAL BATTERY RECYCLING MARKET– SEGMENT BY REGION
- Rest of Europe
- Rest of Asia-Pacific
Rest of the World
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