Battery Recycling Expected to Reach $11.83 Billion by 2022
According to a report published by Research and Markets, a global marketing research firm, the the global battery recycling market is projected to reach $11.83 billion by 2022, growing 6.5 percent between 2017 and 2022. The report attributes the growth of this market to the growing output of spent batteries from the automotive and industrial sources.
The lead-acid battery chemistry segment dominated the global battery recycling market in 2016, followed by the lithium-based and nickel-based chemistries. Lead-acid is the most common type of chemistry, and is used in a wide range of automotive and industrial applications. The lead-acid chemistry segment is projected to witness the highest growth from 2017 to 2022, due to the increasing use of starting, lighting, and ignition (SLI) batteries, according to the report. Automotive source was the largest segment of the battery recycling market, by source in 2016.
Europe is projected to be the fastest-growing market, as it is a major recycler of all chemistries of spent batteries. The growing output of spent batteries from various end-use sources, such as automotive, industrial, and consumer and electronic appliances is responsible for the growth of the European battery recycling market. Stringent environmental regulations for proper disposal and recycling of batteries in the economies, such as Germany and the United Kingdom, are also among the factors expected to drive the European battery recycling market during the forecast period. For more information about this report visit http://www.researchandmarkets.com/research/7tmjcj/battery_recycling.