Global Battery Recycling Market: Rising Environmental Awareness, Lower Costs of Production to Necessitate Recycling, states TMR
The global battery recycling market is witnessing high competition, with numerous mergers, acquisitions, and product launches being the key business strategies adopted by the market players. Battery Solutions LLC and Call2Recycle, Inc. entered into a partnership in February 2016. Similarly, G&P Batteries formed an alliance with Toyota Material Handling with a view to reuse batteries in forklift trucks. In December 2013, White Cloud Electronic Cigarettes declared its intention of recycling the batteries used in its e-cigarettes via a partnership with Retriev Technologies Inc.’s Big Green Box recycling program.
Setting up recycling plants and recycling processes and launching innovative products are a few of the key strategies adopted by the market players. For instance, East Penn Manufacturing Company came up with a new, eco-friendly, 100% recyclable product in June 2012. Along the same lines, a unique, environment-friendly process of recycling rare earth elements (REE) from nickel metal hydride rechargeable batteries was developed through a joint venture between Umicore N.V. and Rhodia.
The global market for battery recycling is expanding at a promising CAGR of 10.90% over the forecast period between 2016 and 2024. By the end of 2024, the market will have attained a revenue worth US$19.97 bn.By battery chemistry, the lead acid batteries accounted for a maximum amount of shares in 2014, and is expected to retain its prominence, attaining a revenue worth US$19.9 by 2024.
Adherence to Regulations to Improve Prospects
Europe is the leading regional segment of the global battery recycling market, followed closely by North America. The growth of Europe can be attributed to the growing environmental concerns such as pollution and energy conservation and strict adherence to government regulations. The market is projected to expand at a CAGR of 9.72% over the forecast period. Germany is at the fore of the battery recycling market, with implementation of regulations such as German Batteries Act and Batteries Ordinance driving the market. The region of Asia Pacific promises substantial growth, expanding at a massive CAGR of 13.45% between 2016 and 2024.
Manufacturing Industries, NGOs Join Hands for Recycling Used Batteries
Batteries are used across innumerable products such as smartphones, laptops, cars, flashlights, and hearing aids. As these products hold high commercial value, their increasing sale in turn fuels the demand for batteries. However, some of the materials used in batteries such as mercury, cadmium, and lead can have negative impact on human health. It is therefore necessary to dispose used batteries carefully. Several manufacturing industries and non-profit organizations have joined hands for proper disposal and recycling of used batteries. This in turn gives impetus to the battery recycling market.
Moreover, recycling of raw materials such as carbon, manganese, lead, plastic, zinc, steel, potassium, and paper not only reduces the production costs, but also prevents exploitation of the mineral ores. As a result, mining can be avoided. This ensures lesser harm to the environment. Recovery of used batteries has several advantages. Reusing used batteries is much more convenient, needs lesser energy, apart from preventing the dispersal of lead. For example, recycled lead needs only 35-40% of the energy required for the production of lead from ores.
The robust expansion of the portable electronics market will also have a positive impact on the market’s growth. However, the market’s growth trajectory can be restrained by the low awareness about the technology and its benefits among the end-use industries. As battery recycling is chiefly conducted at an industrial level, a large volume of used batteries from residential sector remains un-recycled. However, the recycling of lead acid batteries will contribute significantly to the growth of the market. Refined lead from scrap and other sources accounts for nearly 60% of the total lead production.
The information presented in this review is based on a Transparency Market Research 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.”
Key segments of the Battery Recycling market
Battery Recycling Market, by Battery Chemistry
- Lithium Ion
- Lead Acid
- Nickel Cadmium
Battery Recycling Market, by Spent Battery Source
- Electronic Appliance
Battery Recycling Market, by End-use
- Extraction of Material
- Repackaging, Reuse, and Second Life
Battery Recycling Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle east & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
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