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Description
The battery Recycling Market was valued at USD 17.3 billion in 2021 and is anticipated to grow at USD 23.3 billion till 2028 recording a CAGR of 6.2% during the forecast period 2022-2028 due to increase in number of spent batteries from the automotive sector and industries. Moreover, the strict government rules and norms making battery recycling mandatory to reduce environmental pollution and health hazards during manufacturing and disposal of battery and rise in R&D activities for the development of battery recycling market are the major factors that are driving the growth of the global market over the forecast timeframe. Battery Recycling Market is the activity of reprocessing and reusing batteries in order to reduce the amount of batteries discarded as garbage. Many heavy metals and hazardous compounds are found in batteries. The simple act of disposing batteries as rubbish has raised environmental issues due to soil and water contamination. As a result, batteries must be recycled in order to comply with health and environmental requirements in order to minimise harm to the environment and living creatures. This feature is projected to drive the worldwide battery recycling market further in the coming years.
