The global battery recycling market has nowhere near lost its steam. The industry was valued at around US$ 10 billion last year, according to new figures published by Transparency Market Research. This booming industry will see another peak in the years ahead, with analysts predicting a compound annual growth rate of 11% between now and 2026.
In terms of battery chemistry, lead-acid was the dominant segment in 2017, accounting for more than 45% share in terms of value. It is expected to remain the leading battery type during the forecast period. However, the lithium-ion battery chemistry segment is anticipated to expand at a ‘very fast pace’ during the next couple of years.
In light of the recent rise in e-mobility, the automotive industry was the leading battery application last year. ‘However, the electrical appliances segment is estimated to expand at a significant pace during the forecast period,’ analysts are quick to add.
The extraction of materials made up more than a 45% share of global battery recycling practices in 2017.
With more than 40%, Europe held the leading share of the global battery recycling market last year. This is mostly attributed to the implementation of strict environmental regulations regarding battery recycling across the region.
Meanwhile, the market in Asia Pacific is expected to expand at a meaningful pace during by 2026 as well. This is said to be primarily due to the presence of developing economies such as China and India, wherein the demand for batteries is rising rapidly. ‘In turn, this is propelling the demand for battery recycling,’ so analysts observe.
The new report by Transparency Market Research provides a detailed view of best practices of various leading companies like Battery Solutions; Call2Recycle; Exide Technologies; Retriev Technologies; East Penn Manufacturing Company; EnerSys; G & P Batteries; Gravita India; Johnson Controls; and Umicore.