Battery Recycling Market is Projected to Grow at a CAGR of 28.3% over the forecast period 2022-2029 | DataM Intelligence
Battery Recycling Market is segmented By Application (Automotive, Industrial, Consumer & Electronics, Others), By Chemistry (Lithium Based Battery, Nickel-Based Battery, Lead Acid Battery, Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
Source: DataM Intelligence | · GLOBE NEWSWIRE · | November 24, 2022
Source: Urja Daily
ENTERPRISE, Nevada, Nov. 24, 2022 (GLOBE NEWSWIRE) -- Battery Recycling Market Outlook
According to the DataM market research report, the global Battery Recycling Market size was valued at USD YY billion in 2021; it is projected to reach USD YY billion by 2029, with growth at a CAGR of 28.3% over the forecast period 2022-2029.
One of the key drivers for the growth of battery recycling has been the rising production of electric vehicles. The high cost of battery recycling processes is expected to restrain the growth of the global market.
A battery consists of electrochemical cells that convert chemical energy into electrical energy for use by external devices. The disposal of batteries generates solid waste, which significantly impacts the environment. Batteries contain different types of heavy metals and toxic chemicals, which can lead to widespread environmental contamination. Lead-acid, silver oxide and lithium-ion batteries are the main types of batteries that undergo recycling.
Battery Recycling Market Drivers:
Global electric vehicle production has increased significantly in recent years as automotive manufacturers are undertaking a transition away from fossil fuels. Electric vehicles require a significant number of lithium-ion batteries to provide stable energy reserves for electric motors. The batteries used in electric vehicles consume a lot of materials, including plastics, metals and rare-earth elements.