The demand within the global battery recycling market is slated to grow at a sturdy pace in the years to follow. There is humongous need for managing wastes disposed out of industrial and manufacturing units. Several types of batteries undergo recycling procedures, in order to convert into useful materials for further processing. A wide range of batteries are used across the industrial sector, and many of these batteries become defunct after a point of time. These batteries could contribute to environmental waste, and there is a stellar need to recycle them. The global battery recycling market is set to fetch voluminous revenues in the years to follow.
Transparency Market Research (TMR), in its report, predicts that the global battery recycling market would expand at a boisterous CAGR of 11% over the period between 2018 and 2026. Furthermore, the total volume of revenues in the global battery recycling market is set to touch US$ 25 Bn by 2026. Growing use of lithium ion batteries in the solar industry has played an integral role in driving sales across the market. Demand for zinc, nickel, cadmium, and other metals has compelled manufacturers to recycle used batteries.
Need for Managing Municipal Waste to Drive Demand
A large number of batteries are disposed as municipal waste, and this could contribute to increasing environmental degradation. Furthermore, batteries disposed as municipal waste go unaccounted for in the waste calculation index. A lot of these batteries are not properly disposed, and remain suspended in ditches and other areas. Therefore, it is important to recycle these batteries, and put them to use for other applications. In the contemporary scenario, the demand for batteries flow in from a multitude of industries. Therefore, the global battery recycling market endows lucrative opportunities for growth.
Need for Various Metals in the Industrial Sector
Alleviation of soil and water pollution is an important consideration for state planners. Disposal of industrial batteries leads to discharge of harmful chemicals in the soil and water bodies. Therefore, it is important to develop sound methods for battery disposal in order to prevent water and soil pollution. Furthermore, battery recycling fetches several important chemicals that can be used in various industrial applications. Owing to the factors mentioned above, it is safe to expect that the global battery recycling market would grow by a dramatic chase. Lithium ion batteries are amongst the most sought-after technology in the energy sector. The ability to recycle these batteries has also given a thrust to market growth. Silver oxide batteries are also duly recycled across a multitude of industries.
Some of the prominent players operating in the global battery recycling market are Exide Technologies, East Penn Manufacturing Company, Retriev Technologies, Inc., EnerSys, and G & P Batteries.
The global battery recycling market can be segmented on the basis of:
Spent Battery Source
- Electronic Appliances
- Extraction of Material
- Repackaging, Reuse, & Second Life
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- South Africa
- Rest of Middle East & Africa
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