The global battery recycling industry will be worth US$ 15.3 billion (EUR 13.7 billion) by 2026, according to analysts. This is up notably from US$ 9.3 billion in 2018, and represents a 6.4% compound annual growth rate during the forecast period.
‘The rise in market value can be attributed to the increase in demand for recycled products and materials,’ say market analysts at Data Bridge Market Research. They note a growing demand for battery recycling in various sectors such as material recovery, repackaging, reuse, and in second-life applications. It is expected that second-life will provide a major boost for the ‘highly competitive’ battery sector in the coming years.
Market Drivers:
- Stringent government regulations for battery disposal
- Depletion of rare earth metals
- High demand for recycled products and materials
Market Restraints:
- Safety issues related to storage and transportation of old batteries
- Requirements for transportation and storage
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