Global Battery Recycling Market to Be Worth US$19.9 Bn by 2024 - Transparency Market Research
Battery Recycling Market (Battery Chemistry - Lithium Ion, Lead Acid, Nickel Cadmium; Battery Source - Automotive, Electronic Appliance; End-use - Extraction of Material, Repackaging, Reuse and Second Life, Disposal) - Global Industry Analysis, Size, Share, Growth Trends and Forecast by 2024
ALBANY, N.Y., November 13, 2017 (Newswire.com) - A recent business and commerce study by Transparency Market Research (TMR) has noted that although the battery recycling market is very much in development stage, the exponential rate at which dependency on batteries is increasing, the market will continue to flourish in the near future; and hence, a number of new vendors will join in to make the competition even more intense. The report has also detected that the companies operating in the battery recycling market are highly integrated in order to collect batteries via sales and distribution channels in potential locations. While companies such as ECOBAT, Call2Recycle, Aqua Metals, G&P Batteries, EnerSys and Exide Technologies have a high capacity of recycling, they are also working on spending capital effectively in order to sustain their operations, particularly for lead-acid batteries which have volatile dynamics.
As per the projections of the TMR report, the demand in the global battery recycling market will increment at an impressive CAGR of 10.9% during the forecast period of 2016 to 2024. The report has evaluated that the opportunities in this market translated to a revenue of US$7.1 bn in 2015 and estimates it to swell up to a valuation of US$19.9 bn by the end of 2024. In the near future, supportive government policies to preserve the environment, small and medium-sized companies in various countries are expected to have a foray, provided they can match up to the technology and high initial capital requirements.
The report also identifies Battery Solutions LLC, Johnson Controls Inc. and Gravita India Ltd. as some of the other notable players operating in this market. The report highlights the collaboration of Call2Recycle with Battery Solutions LLC as an important development as it will help to improve the efficiency of administrating and managing waste batteries.
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Based on spent battery source, the report detects much stronger demand from the automotive sector than electronic appliances and others, which is a reflection of the high percentage of lead acid batteries that are used for the manufacturing of these vehicles. Lead acid batteries need less operation excellence and can be easily extracted. Based on battery chemistry, the market for battery recycling has been bifurcated into lithium ion, nickel cadmium, lead acid, and others, whereas on the basis of end-use, the market has been categorized into extraction of material, disposable and repackaging, reuse and second life.
Geographically, the TMR report picks out Asia Pacific as a highly lucrative region, while Europe continues to be a major implementer of energy-conservation technologies. While the European region has stringent government regulations and a high level of awareness among consumers, the Asia Pacific battery recycling market is driven by rising exports from developed countries, low labor cost and fewer environmental regulations.
Strict Government Regulations Driving Demand
Strict government regulations for proper disposing of mounting among of batteries, depletion of Earth metals, widening lithium supply-demand gap, increasing urbanization in emerging markets and growing demand for products and materials that can be recycled are some of the prominent factors driving the demand in the global battery recycling market. On the other hand, safety concerns pertaining to the storage and transportation of spent batteries, issues in managing battery recycling sites, low yield of recycling and logistical issues in battery waste disposal are a few of the restraints obstructing the prosperity of this market.
Nevertheless, the vendors operating in the global battery recycling market are expected to gain new opportunities from government subsidies to encourage battery recycling, declining prices of lithium-ion batteries, increasing demand for clean power and growing number of hybrid and EV batteries.
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