Albany, New York, March 13, 2018 (GLOBE NEWSWIRE) — Battery recycling is at present a niche market which is poised to explode in the near future with unveiling of superior technologies and better methods to salvage complex battery materials. It is making impressive strides on account of savvy battery manufacturers constantly looking for opportunities to recycle them in order to cut down costs. Both big and small players are contributing to the global battery recycling market.
Call2Recycle Inc., Battery Solutions LLC., Johnson Controls Inc., Exide Technologies, and Gravita India Ltd. are some of the prominent participants in the global market for battery recycling. To improve their sales and revenues, such players are seen banking upon partnerships and collaborations to come up with better processes and technologies for recycling.
A report by Transparency Market Research projects the market for battery recycling to attain a value of US$19.9 bn by the end of 2024 from US$7.1 bn by the end of 2015. The CAGR at which the market will progress between 2016 and 2024 has been estimated to be 10.9%.
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The battery recycling market can be classified on the basis of battery source into automotive, electronics, and appliances, among others. Among them, used batteries of the automotive sector accounted for maximum share in the market in 2015 and going forward too is expected to hold on to its leading position. This is mainly on account of higher percentage of lead acid batteries used in vehicles which are comparatively easy to extract since they need relatively lesser degree of operational excellence.
South America, North America, Europe, Asia Pacific, and the Middle East and Africa are some of the main geographic regions in the market for battery recycling studied in the TMR report. It finds that Europe is the leading region among them on account of the major thrust by countries in the region on energy conservation technologies. Stringent regulations pertaining to adequate disposal of used batteries and incentives and compensations for recyclers have mainly stoked the market in the region.
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Toxic Materials in Batteries Leads to Mandates on Recycling, Thereby Boosting Market
Cadmium, lead, nickel, lithium, zinc, and mercury are some of the materials that constitute a battery. A few of them are extremely toxic and can pose a danger both to the external environment and human health. This has led to various governments framing rules pertaining to recycling of batteries to contain their fallout. “Both not-for-profit as well as profit making companies are partnering with automobile manufacturers for recycling of batteries,” adds the lead analyst of our market research study.
Thrust on Pollution Control Benefits Demand
Mandates and rules pertaining to the disposal and recycling of used batteries vary from nation to nation. Internationally, increasing number of directives from governments to bring down pollution and cut down greenhouse gas emissions has also proved a boon for the global battery recycling market.
A trend that has proved particularly beneficial to the global market for battery recycling is the increasing supplanting of old automobiles with new ones on account of more capacity of people to splurge on better products.
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This review is based on the findings of a TMR report, titled, “Battery Recycling Market (Battery Chemistry – Lithium Ion, Lead Acid, Nickel Cadmium; Battery Source – Automotive, Electronic Appliance; End-use – Extraction of Material, Repackaging, Reuse, and Second Life, Disposal) – Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2016–2024.”
- Battery recycling is at present a niche market which is poised to explode in the near future with unveiling of superior technologies and better methods to salvage complex battery materials
- Mandates and rules pertaining to the disposal and recycling of used batteries benefits market
The report segments the Global Battery Recycling Market into the following:
Global Battery Recycling Market: By Battery Chemistry
- Lithium Ion
- Lead Acid
- Nickel Cadmium
Global Battery Recycling Market: By Spent Battery Source
- Electronic Appliance
Global Battery Recycling Market: By End-use
- Extraction of Material
- Repackaging, Reuse, and Second Life
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