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The global battery recycling market exhibited moderate growth during 2015-2020. Battery recycling refers to the process of recycling and reusing batteries to minimize the material waste generated from the industries. Batteries contain toxic chemicals and heavy metals that can contaminate water and soil upon inappropriate dumping. Some of the most commonly recycled battery types include lead-acid, nickel-cadmium (Ni-Cd), nickel-metal hydride (Ni-MH), lithium-ion (Li-ion) and nickel-zinc (Ni-Zn). The recycling process involves collecting, crushing, sorting and sieving metals from plastic, followed by hydro-metallurgical and pyro-metallurgical processes to neutralize and reuse the acid to manufacture new batteries.
A significant increase in the demand for hybrid and electric vehicles (EVs) across the globe is one of the key factors driving the growth of the market. This has significantly enhanced the demand for various compounds, such as cobalt and lithium, which are used in the ignition system of automobiles. In line with this, limited availability of the raw materials to produce lithium-ion batteries has further encouraged the recycling of discarded batteries obtained from various industries. Furthermore, the implementation of stringent government regulations to minimize environmental hazards associated with the disposal of batteries is also providing a boost to the market. In addition to this, increasing utilization of recycled batteries in the manufacturing of various consumer electronics is acting as another major growth-inducing factor. Recycled batteries are commonly used to produce smartphones, power tools, laptops, gaming consoles and remote-control units. Other factors, including rapid industrialization and rising concerns over environment conservation among the masses, are projected to drive the market further. Looking forward, IMARC Group expects the global battery recycling market to grow at a CAGR of 6.4% during 2021-2026.
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The competitive landscape of the industry has also been examined with some of the key players being Accurec Recycling GmbH, Aqua Metals, Battery Solutions, Call2recycle Inc., Eco-Bat Technologies, Enersys, Exide Technologies, G. & P. Batteries Limited, Gravita India Limited, Johnson Controls, Retriev Technologies Inc., Umicore, etc.
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