Battery Recycling Market: Introduction
·
The
global battery recycling market was valued at US$
3.45 Bn in 2018 and is anticipated to expand at a
CAGR of ~10% during the forecast period
·
Based on
battery chemistry, the lead-acid segment held a dominant share of the global
battery recycling market in 2018. Secondary lead obtained from
recycling is of high quality and low cost.
·
In terms
of spent battery source, the automotive segment accounted for major share of
the global battery recycling market in 2018. Increase in demand for
automobiles, especially electric vehicles, across the globe is anticipated to
boost the automotive segment during the forecast period.
·
Based on
end use, the extraction of materials segment constituted a significant share of
the global battery recycling market in 2018. This can be ascribed
to benefits of extraction of materials from used batteries, as the extracted
material can once again be used as a raw material for various products
(including batteries).
·
The
battery recycling market in Asia Pacific is likely to expand at a rapid pace
during the forecast period, owing to high investments in the automobile sector
from countries in the region such as China and India
Key Drivers of Battery Recycling Market
·
Raw
materials used in the manufacturing of batteries such as lead, mercury, and
cadmium pose a high threat to the environment and human health. Improper
disposal of these materials in landfills increases the chances of these
hazardous heavy metals finding their way and contaminating groundwater and
surface water sources.
·
The
battery manufacturing industry has identified environmental hazards caused by
improper disposal of these materials. It has taken initiatives to recycle
batteries.
·
The
commercial value of raw materials used in the manufacture of batteries is high.
These raw materials are also non-renewable. However, raw materials can be
recycled indefinite number of times. This helps maintain a supply of these raw
materials from used batteries.
·
Several
non-profit organizations have also taken initiatives to increase awareness
about battery recycling. This has boosted the flow of lead-acid battery scrap
for recycling purposes. These non-profit organizations have collaborated with
various automotive companies, battery manufacturers, and service providers for
the same.
·
Thus,
rise in awareness about environmental and health hazards is expected to drive the
global battery recycling market during the forecast period
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Asia Pacific Leads Battery Recycling Market
·
Asia
Pacific dominated the global battery recycling market in 2018. Dominance
of Asia Pacific can be ascribed to the increase in demand for motor vehicles in
the region, owing to rise in the per capita income. Approximately 10.65
million passenger light commercial vehicles were sold in Asia Pacific
in 2018.
·
China
accounted for leading share of the battery recycling market in Asia Pacific in 2018.
This was primarily ascribed to introduction of stringent regulations for
setting up recycling facilities for batteries of electric cars. In 2018,
the Chinese Ministry issued provisional regulations mandating
manufacturers of electric vehicles to set up a network for the collection and
recycling of used batteries.
·
In terms
of market share, Europe follows Asia Pacific in the global battery recycling
market. Enactment of stringent government regulations to minimize environmental
impact is a key factor boosting the battery recycling market in the region.
Furthermore, rise in awareness about the benefits associated with battery
recycling is expected to propel the battery recycling market in Europe.
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Major Developments in Battery Recycling Market
·
On May
22, 2018, Gravita India Ltd. signed an agreement with Amara Raja Batteries
Limited for collection and recycling of lead-acid battery scrap. As per this
contract, the former would be collecting/purchasing lead-acid battery scrap
from designated locations of the latter. It is a joint initiative toward
achieving environment protection and sustainability, wherein used batteries
would be recycled and pure lead/lead alloys would be supplied back to Amara
Raja Batteries.
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Competition Landscape of Battery Recycling Market
·
The
global battery recycling market is dominated by several mid & large size
players operating across the globe
·
Prominent
players functioning in the global battery recycling are Johnson
Controls International PLC, Battery Solutions LLC, East Penn Manufacturing
Company, G&P Batteries, Retriev Technologies Inc., EnerSys, Umicore N.V.,
Exide Technologies, LI-CYCLE CORP., American Manganese Inc., Kinsbursky Bros.
Supply, Inc., Call2Recycle, Inc., Gravita India Ltd., and uRecycle
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