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Battery Recycling Market worth 11.83 Billion USD by 2022

by upasna ∑ November 28 Ray Allen Thunder Jersey , 2018

The Battery Recycling Market Global Industry Report was valued at USD 8.10 billion in 2016 and is projected to reach USD 11.83 billion by 2022, at a CAGR of 6.5% from 2017 to 2022.

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The market is expected to witness growth in the coming years, owing to the large number of batteries in-use and strong demand from the replacement market. Extraction of the used battery for its raw materials coupled with the stringent environmental regulations imposed by the local and national governments has spurred growth in the battery recycling market.

Stringent government regulations Paul George Thunder Jersey , rising prices of metals and increasing demand for Energy Storage System is incentizing battery recycling, the market for recycling is expected to reach around USD 12 billion by 2022

Battery recycling is the reuse and reprocessing activity of spent batteries that aims to reduce the number of spent batteries being disposed of as municipal solid waste or material waste. Batteries contain several toxic chemicals and heavy metals and disposing them off as trash has raised environmental and health concerns over water pollution and soil contamination. Leading battery recycling companies includes Call2Recycle, Aqua Metals Patrick Patterson Thunder Jersey , and Umicore among others. Europe is the largest market for battery recycling due to the presence of stringent regulations in this region.

Stringent government regulations to control environmental hazards during battery manufacturing and disposal are driving the growth of the battery recycling market. Industry experts and key decision makers of the governments in many countries are stressing the need for systematic approaches for the recycling of batteries to achieve the higher recycling rates.

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