ALBANY, New York, July 15, 2016 /PRNewswire/ --
The high level of competition among established battery manufacturers for recycling is indicative of the rising adoption and provision of battery recycling. Transparency Market Research (TMR) observes that although battery recycling is still a niche market, technological advancements and innovations pertaining to the recovery of complex materials have lent this market immense potential. So much so, that despite the requirement of high initial capital investments, new entrants and smaller players have been able to make the most of the opportunity thanks to immense support from environmental institutions and governments.
Apart from focusing on innovation as a growth strategy, companies in the battery recycling market have also been resorting to mergers and acquisitions to expand their businesses and deliver consistent quality products and services to customers. For instance, EnerSys and PowerGenix joined hands in March 2012 to produce highly rechargeable and recyclable nickel-zinc batteries.
In addition to providing significant scope for players in the battery recycling market, the growing trend of recycling batteries provides a major opportunity for those in the lead extraction and reselling market.
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Environmental Hazards of Spent Batteries Fueling Action
Batteries are made up of various materials such as cadmium, lead, lithium, mercury, nickel, manganese, and zinc, and quite a few of these are extremely toxic. Used batteries, if not disposed of properly, can result in hazardous health and environmental conditions. Recognizing the critical nature of these batteries and the adverse impact of their disposal in landfills, companies and governments have been compelled to take various initiatives to recycle batteries.
"Battery recycling services are being provided by not-for-profit as well as profit-making organizations by joining hands with several leading automobile manufacturers. This has significantly driven the global market for battery recycling," the analyst states.
In February 2016, Call2Recycle - a non-profit in the U.S. - collaborated with Battery Solutions LLC to set up a batteries sorting business across the U.S. One of biggest opportunities identified from this partnership was improving the efficiency of managing waste batteries by collaborating with a leader in sorting technologies.
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Although the practice of battery recycling has been gaining strength at the industrial level with electronic appliances and automotive companies setting up their own recycling centers, the awareness level of among final consumers continues to remain low. This lack of knowledge about battery recycling is likely to act as a major impediment to the growth of this market.
Lead Acid Batteries Recycled at Substantial Rate
The global market for battery recycling is poised to expand at a strong CAGR of 10.9% during the forecast period. Maintaining this steady pace, the value of this market is anticipated to increase from US$7.1 bn to US$19.9 bn from 2015 to 2024. Based on battery chemistry, lead acid batteries dominate the overall market with a share of nearly 45% in 2014 owing to the fact that these batteries are easy to extract and require less operational excellence. These batteries are also generated on a large scale from the automotive industry.
Automotive Industry Largest Source of Spent Batteries
Based on spent battery source, the battery recycling services market is segmented into electronics, automotive, appliances, and others. Spent batteries sourced from the automotive sector enjoyed the largest share in the battery recycling market in 2015 and this segment is projected to retain its lead through 2024. The higher percentage of lead acid batteries used in vehicles is one of the main reasons why this sector has emerged as the leading source for spent batteries. These batteries are comparatively easy to extract and need relatively lesser operational excellence.
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This review is based on the findings of a TMR report titled "Battery Recycling Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016-2024."
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
- Rest of Europe
- South Korea
- Rest of Asia Pacific
Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- Rest of South America
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