Prepaid Battery Recycling Market: Introduction
- Battery recycling process can be defined as a reprocessing practice aimed to reduce the number of batteries being disposed as municipal solid waste
- These batteries contain several poisonous chemicals and heavy metals. Disposal of these batteries as regular trash deteriorates the ground water and causes contamination of the soil.
- Battery recycling units sort batteries according to their type, chemistry, and size. They provide end-of-life management of batteries, from collection to recycling, in a compliant manner with respect to the environmental regulations.
- Prepaid battery recycling can be considered a prepaid service, wherein scrap batteries are recycled in prepaid recycling facilities. By-products derived from the battery recycling process are further utilized in different industries such as electric vehicles and mobile phone manufacturing.
Key Drivers of Prepaid Battery Recycling Market
- Lead acid batteries have been accounting for major share of the prepaid battery recycling market since the last few years. More than 50% of the lead supply comes from recycled batteries. Automotive industries have contributed significantly to the battery recycling market, as lead is used in a number of car components including lead wheel weights, solder in electronics, and lead car batteries. Thus, an increase in quantity of lead is expected to be required due to the growth of the automobile sector. This is anticipated to drive the prepaid battery recycling market.
- The global drive to replace existing petrol and diesel vehicles with new electric vehicles (EV) has been experiencing significant growth since the last few years. According to a Canada-based battery recycling startup Li-Cycle, the transition toward electric vehicle could leave 11 million tons of spent lithium-ion batteries for recycling by the end of 2030. This is estimated to create ample opportunities for new entrants in the prepaid battery recycling market.
- Stringent environmental regulations imposed by local and national governments around the world for disposal and reuse of batteries have spurred the need of prepaid battery recycling
- Increase in extraction of raw materials such as iron, lead, copper manganese, nickel, and chromium is also boosting the demand for prepaid battery recycling services
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Restraints of Prepaid Battery Recycling Market
- Many underdeveloped countries have opened dedicated recycling units of late. This has limited the supply of batteries for prepaid recycling in developed countries.
- Unorganized recycling of batteries through manual labor, lack of usage of personal protective equipment (PPE) while carrying lead, and lack of awareness about disposal methods are expected to hinder the prepaid battery recycling market
- On November 07, 2019, TES, an electronic waste recycling company operating in Singapore, opened two new battery recycling units. According to the company, these units are expected to offer the highest commodity recovery rates in the recycling industry for lithium, cobalt, copper and aluminum.
- On March 2019, Volkswagen announced that it is opening a new pilot recycling project near its global headquarters in Wolfsburg, Germany. The project will start by end of year 2020. The company also revealed that the plant intake would be around 1,200 tons of used automotive lithium ion battery packs a year. Volkswagen aims to recycle almost 97% of all the raw materials used in the battery packs over the next 10 years. This move is anticipate to help the company drive the sale its new EVs.
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Asia Pacific Expected to Offer Major Potential for Global Prepaid Battery Recycling Market
- Based on region, the global prepaid battery recycling market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Asia Pacific continues to be the key dominant region of the prepaid battery recycling market in terms of generation of scrap batteries. It is expected to offer lucrative opportunities for new entrants, as China alone produces more than 3.3 million tons of waste lead and other batteries ever year. China recycled around 67,000 tons of waste lead batteries at its dedicated battery recycling units in 2018.
- Various industrial leaders such as Tata Chemicals and Mahindra Electric plan to enter the recycling market. These companies plan to set up recycling units in the near future. Most of the lead in India is imported from South Korea and the U.S. According to a recent market research report, India is estimated to account for recycled lithium-ion battery capacity of 23GWh by the end of 2030.
- Recycling is carried out as a waste disposal activity in North America and Europe. Companies are paid to recycle their own waste products.
- The prepaid battery recycling market in Middle East & Africa is expected to expand due to the expansion in automotive and industrial sectors in the region. Most OEM companies prefer branded batteries; however, unorganized players are predominant in the replacement market.
Key Players Operating in Prepaid Battery Recycling Market
Major players operating in the global prepaid battery recycling market include:
- Battery Solutions
- Retriev Technologies
- Gravita India Ltd.
- Exide Technologies
- East Penn Manufacturing
- COM2 Recycling Solutions
- ENGITEC TECHNOLOGIES
- Vinton Batteries
- The Doe Run Company
- Johnson Controls
Global Prepaid Battery Recycling Market, by Product type
- Lead Acid
- Lithium Ion
- Nickel Cadmium
- Nickel-Metal Hydride
Global Prepaid Battery Recycling Market, by Application
- Material Extraction
- Reuse or Second Life
Global Prepaid Battery Recycling Market, by Source
- Consumer Electronics
Global Prepaid Battery Recycling Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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