Global Battery Recycling Market: Awareness for Energy Conservation Technologies to Increase, Reports TMR
Key player operating in the global battery recycling market are currently focusing on mergers and acquisitions with the startups. Some of the prominent players in the global battery recycling market are Battery Solutions LLC, East Penn Manufacturing Company, Exide Technologies, Gravita India Ltd., Retriev Technologies Inc., and Johnson Controls, Inc. Recently in 2012, PowerGenix and EnerSys partnered with each other to produce recyclable and rechargeable nickel-zinc batteries. In February 2016, Call2Recycle merged with Battery Solutions LLC to start a batter sorting business in the United States. This amalgamation created opportunities to improve the efficiency to manage waste batteries. Transparency Market Research (TMR), in its new report, states that growing partnerships and acquisitions will be one of the primary factors for the growth of the global battery recycling market.
The global battery recycling market is expected to reach US$ 19.9 bn by 2024. Based on battery chemistry, the lead acid segment is predicted to grow at a 45.65% CAGR from 2014 to 2024. The Nickel cadmium segment is predicted to be the second largest battery chemistry segment, flowed by the lithium ion segment.
Advent of Energy Conservation Technologies to Propel Europe Battery Recycling Market
Europe has been leading the global battery recycling market since 2014 and will continue to maintain its dominance throughout the forecast period. Companies operating in Europe have been focusing on introducing battery conservation technologies. The awareness for battery conservation has been increasing in this region, which is why Europe is expected to capture 37.95% of the global battery recycling market by 2024. By end use, extraction material segment is predicted to account for 48.69% of the global battery recycling market by 2024. By spent battery source, the global market was led by the automotive segment. This segment is predicted to account for 48.02% of the global battery recycling market, to maintain its dominance by 2024.
Environmental Hazards of Used Batteries to Boost Battery Recycling
Materials such as cadmium, manganese, zinc, lead, mercury, and nickel are used to manufacture batteries. “Some of the materials are harmful to the environment and human health, which is a key factor boosting the demand for battery recycling procedures,” states a TMR analyst. Battery recycling minimizes the cost of using raw materials, which is another factor contributing to the growth of the global battery recycling market.
Low Awareness About Recycling Batteries to Hamper Growth
Although the practice of recycling batteries is implemented in the developed nations, it is still new for the developing nations. Battery recycling is only being initiated at the industrial level. It is yet to establish among the companies operating in the automotive sector and electrical appliances. Low awareness of battery recycling is a challenge for companies operating in the global battery recycling market.
Rising Demand for Battery Recycling to Augment Lead Extracting Sector
The lead extracted from battery recycling procedure is recycled and used as a key raw material to manufacture stainless steel and batteries. The rising demand for battery recycling is predicted to augment the lead extracting sector.
This information is based on the findings of a report published by Transparency Market Research titled “Battery Recycling Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2016-2024.”
The global battery recycling market is segmented as follows:
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
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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