MarketsandMarkets' recent report on battery recycling has projected that the market will increase.
The global market in 2016 was valued at $8.10 billion, and MarketsandMarkets projected that it will reach $11.83 billion by 2022. The market is being driven by increasing government regulations that are intended to control and reduce the environmental hazards of both manufacturing and disposal of batteries. While the laws and regulations vary from country to country and between local governments within those countries, they are generally becoming more stringent to ensure that pollution levels are reduced.
The battery recycling market is divided into segments according to the chemical composition of the batteries, such as lead-acid and lithium- and nickel-based.
Recycling lead-acid batteries is relatively simple and cost effective. In addition, the market is fueled by the automotive industry. Most vehicles use lead acid batteries. Lead-acid battery recycling led the market in 2016. It is expected to remain the fastest-growing segment between 2017 and 2022.
The largest battery recycling market last year was Europe, with France, Germany and the U.K. holding the largest segments in the market. Italy and Russia are also key to the growing market.
The report is called "Battery Recycling Market by Chemistry (Lead Acid, Lithium-Based, Nickel-Based), Source (Automotive, Industrial, Consumer & Electronic Appliance), End Use, Material, and Region - Global Forecast to 2022."
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