The global battery recycling market is expected to increase at a compound annual growth rate of 10.4 per cent to reach $21.04 billion by 2025, according to a report by Grant View Research, Inc.
The report predicts tighter government regulation is expected to have a positive impact on the market growth over the next eight years.
In its October newsletter, the Australian Battery Recycling Battery Initiative, which represent a range of stakeholders across the industry, asked the question: “Will Australia follow suit with a national framework for battery stewardship, or will we watch from the sidelines as the rest of the world takes action?”
Transportation application is also expected to see rapid growth in the battery recycling market. This growth is anticipated to lead to growing demand for lithium-iron batted in electric vehicles and portable devices due to their high efficiency, long life and low maintenance.
Grand View Research segment the industry in terms of chemistry, application and region. Chemistry is divided into lithium-ion; lead acid, nickel and others, while application looks at transportation; consumer electronics and industrial. Regions looked at cover North America, Europe, the Asia Pacific, Central and South America and the Middle East and Africa.
It notes most recyclers use similar technologies, which is why price is a differentiating factor. International companies are attempting to make the industry more competitive by setting up collection centres and recycling plants, as new processes are developed to bring down the cost.
Key findings suggest the lithium-ion sector is expected to see a compound annual growth rate of 11.3 per cent from 2017 to 2025, due to the demand from the electric vehicle industry. Lead acid was a leader in the market in 2016, expected to grow 10.5 per cent from 2017 to 2025.
Europe held revenue share of 36.8 per cent in 2016 and will see a compound annual growth rate of 9.8 per cent from 2017 to 2025 due to strict government regulations. The Asia Pacific is expected to be the fastest growing market from 2017 to 2025 due to rapidly growing end-use industries, including automotive, consumer electronics and industrial application.