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Technavio, an international market research institution, recently released a report that the global battery recycling market is expected to grow by $6.
28 billion during 2021-2025, with a compound annual growth rate of 9.
44%.
According to the report, the widening gap between supply and demand of battery raw materials, especially lithium, is the main factor
promoting the stable and rapid growth of this market.
At the same time, environmental protection and resource reuse are also factors
that cannot be ignored to drive the development of this market.
Due to the widespread use of lithium, many OEMs and automakers have begun to adopt synergies to meet their needs
.
The sharp increase in demand for lithium metal is expected to drive the demand for
lithium battery recycling processes.
The global battery recycling market is expected to grow at a CAGR of more than 9%
during the forecast period.
From the perspective of battery type, the growth in the lead-acid battery segment can be attributed to the lower cost
of these batteries compared to other types of batteries.
The increased availability of raw materials required to manufacture lead-acid batteries is another factor
driving the drive.
Technological advancements related to extended service life, charge acceptance, discharge performance, and cost reduction are driving the use of
lead-acid batteries.
These factors have led to high recycling rates of lead-acid batteries across the globe, thereby driving the global battery recycling market
during the forecast period.
However, the market growth in this area will be slower than the market growth
in the lithium sector.
Asia Pacific will hold the largest market share in the battery recycling market by 2021, and this region will provide some growth opportunities
for vendors in the market during the forecast period.
Increasing battery recycling management collaborations will greatly influence the growth of
the battery recycling market in the region.
Over the forecast period, 36% of the market growth will come from the Asia-Pacific region
.
China and Japan are the major markets
for the battery recycling market in the region.
Technavio, an international market research institution, recently released a report that the global battery recycling market is expected to grow by $6.
28 billion during 2021-2025, with a compound annual growth rate of 9.
44%.
According to the report, the widening gap between supply and demand of battery raw materials, especially lithium, is the main factor
promoting the stable and rapid growth of this market.
At the same time, environmental protection and resource reuse are also factors
that cannot be ignored to drive the development of this market.
Due to the widespread use of lithium, many OEMs and automakers have begun to adopt synergies to meet their needs
.
The sharp increase in demand for lithium metal is expected to drive the demand for
lithium battery recycling processes.
The global battery recycling market is expected to grow at a CAGR of more than 9%
during the forecast period.
From the perspective of battery type, the growth in the lead-acid battery segment can be attributed to the lower cost
of these batteries compared to other types of batteries.
The increased availability of raw materials required to manufacture lead-acid batteries is another factor
driving the drive.
Technological advancements related to extended service life, charge acceptance, discharge performance, and cost reduction are driving the use of
lead-acid batteries.
These factors have led to high recycling rates of lead-acid batteries across the globe, thereby driving the global battery recycling market
during the forecast period.
However, the market growth in this area will be slower than the market growth
in the lithium sector.
Asia Pacific will hold the largest market share in the battery recycling market by 2021, and this region will provide some growth opportunities
for vendors in the market during the forecast period.
Increasing battery recycling management collaborations will greatly influence the growth of
the battery recycling market in the region.
Over the forecast period, 36% of the market growth will come from the Asia-Pacific region
.
China and Japan are the major markets
for the battery recycling market in the region.
