Battery Recycling Market: Introduction
· Theglobal battery recycling market was valued at US$3.45 Bn in 2018 and is anticipated to expand at aCAGR of ~10% during the forecast period
· Based onbattery chemistry, the lead-acid segment held a dominant share of the globalbattery recycling market in 2018. Secondary lead obtained fromrecycling is of high quality and low cost.
· In termsof spent battery source, the automotive segment accounted for major share ofthe global battery recycling market in 2018. Increase in demand forautomobiles, especially electric vehicles, across the globe is anticipated toboost the automotive segment during the forecast period.
· Based onend use, the extraction of materials segment constituted a significant share ofthe global battery recycling market in 2018. This can be ascribedto benefits of extraction of materials from used batteries, as the extractedmaterial can once again be used as a raw material for various products(including batteries).
· Thebattery recycling market in Asia Pacific is likely to expand at a rapid paceduring the forecast period, owing to high investments in the automobile sectorfrom countries in the region such as China and India
Key Drivers of Battery Recycling Market
· Rawmaterials used in the manufacturing of batteries such as lead, mercury, andcadmium pose a high threat to the environment and human health. Improperdisposal of these materials in landfills increases the chances of thesehazardous heavy metals finding their way and contaminating groundwater andsurface water sources.
· Thebattery manufacturing industry has identified environmental hazards caused byimproper disposal of these materials. It has taken initiatives to recyclebatteries.
· Thecommercial value of raw materials used in the manufacture of batteries is high.These raw materials are also non-renewable. However, raw materials can berecycled indefinite number of times. This helps maintain a supply of these rawmaterials from used batteries.
· Severalnon-profit organizations have also taken initiatives to increase awarenessabout battery recycling. This has boosted the flow of lead-acid battery scrapfor recycling purposes. These non-profit organizations have collaborated withvarious automotive companies, battery manufacturers, and service providers forthe same.
· Thus,rise in awareness about environmental and health hazards is expected to drivethe global battery recycling market during the forecast period
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Asia Pacific Leads Battery Recycling Market
· AsiaPacific dominated the global battery recycling market in 2018. Dominanceof Asia Pacific can be ascribed to the increase in demand for motor vehicles inthe region, owing to rise in the per capita income. Approximately 10.65million passenger light commercial vehicles were sold in Asia Pacificin 2018.
· Chinaaccounted for leading share of the battery recycling market in Asia Pacific in 2018.This was primarily ascribed to introduction of stringent regulations forsetting up recycling facilities for batteries of electric cars. In 2018,the Chinese Ministry issued provisional regulations mandatingmanufacturers of electric vehicles to set up a network for the collection andrecycling of used batteries.
· In termsof market share, Europe follows Asia Pacific in the global battery recyclingmarket. Enactment of stringent government regulations to minimize environmentalimpact is a key factor boosting the battery recycling market in the region.Furthermore, rise in awareness about the benefits associated with batteryrecycling is expected to propel the battery recycling market in Europe.
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Major Developments in Battery Recycling Market
· On May22, 2018, Gravita India Ltd. signed an agreement with Amara Raja BatteriesLimited for collection and recycling of lead-acid battery scrap. As per thiscontract, the former would be collecting/purchasing lead-acid battery scrapfrom designated locations of the latter. It is a joint initiative towardachieving environment protection and sustainability, wherein used batterieswould be recycled and pure lead/lead alloys would be supplied back to AmaraRaja Batteries.
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Competition Landscape of Battery Recycling Market
· Theglobal battery recycling market is dominated by several mid & large sizeplayers operating across the globe
· Prominentplayers functioning in the global battery recycling are JohnsonControls International PLC, Battery Solutions LLC, East Penn ManufacturingCompany, 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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