The report "Battery Recycling Market by Chemistry, Source (Automotive Batteries, Industrial Batteries, Consumer & Electronic Appliance Batteries), Region (Asia Pacific, Europe, North America, South America, Middle East & Africa) - Global forecast to 2025", 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.
By chemistry, lead-acid segment to register the highest CAGR during the forecast period.
By chemistry, the lead-acid segment is projected to register the highest CAGR from 2020 to 2025. Lead-acid is the most commonly used battery chemistry in a multitude of applications, such as back-up for uninterruptible power supplies, grid energy storage, battery-powered electric vehicles, and SLI (starting, lighting, and ignition) in conventional combustion engines. The growth of this segment is attributed mainly to the simpler, cost-effective, and energy-efficient recycling of lead-acid batteries in comparison to others, as lithium-based and nickel-based chemistries.
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.
Source: ASDReports - Market Research
Date: May 13, 2020