Albany, NY -- (SBWIRE) -- 10/04/2017 -- The intense competition amongst key manufacturers of battery for recycling them are indicative of the fact that battery recycling market is gaining traction. Currently, battery recycling is a niche market. However, emergence of better technologies and improved processes to recover complex battery materials will likely open up new avenues for growth for the market.
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On account of supportive government policies and environmental organizations, smaller, emerging companies are trying to come up with better methods to tap into the opportunity presented by the market, despite high initial capital requirements.
Some of the key players in the global battery recycling market are Battery Solutions LLC., Call2Recycle Inc., Gravita India Ltd., Johnson Controls Inc., and Exide Technologies. In February 2016, Calle2Recyle – a non-profit organization in the U.S. - teamed up with Battery Solutions LLC to establish batteries sorting business all across the country. One of the main benefits of this association was to improve the efficiency of administrating and managing waste batteries by partnering with a prominent player in sorting technologies.
The global battery recycling market is expected to grow at a sturdy CAGR of 10.9% over the course of forecast period from 2016 to 2024. Rising at this rate, the market which was worth US$7.1 bn by the end of 2015 will likely become worth US$19.9 bn by the end of 2024.
On the basis of battery chemistry, the market is majorly dominated by lead acid batteries. This segment accounted of almost 45% of the overall market share in the recent past. This is because these batteries can be readily extracted and need less operational perfection. Also, there is a large-scale contribution of the batteries for recycling from the automotive industry Asia Pacific is one of the fastest developing market for battery recycling. This growth is spurred due to strict regulations imposed by domestic governments on disposing used batteries.
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Adverse Effects of Wrong Disposal of Batteries Spur Market
Batteries consist of lead, cadmium, lithium, nickel, mercury, zinc, etc. Some of the materials are highly toxic. Hence used batteries, if not properly disposed, can pose a hazard to the environment and eventually human health. Realizing this, governments and companies have been forced to take various measures and initiatives to recycle these batteries instead of just letting them lie in landfills.
Battery recycling services are being offered by profit making as well as not-for-profit companies by teaming up with numerous leading manufacturers of automobiles. This has considerably helped in driving the global market for batter recycling.
Also, the global battery recycling market is driven by the strict rules and regulations imposed by governments to control environmental degradation that arise from improper battery disposal. The norms and mandates related to the recycling and disposal of used batteries differ from country to country as well as domestic governments. Internationally, the rising directives from governments to cut down pollution levels and control the greenhouse gas emissions is also significantly helping to drive the global market for battery recycling.
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Moreover, increasing number of people replacing their old automobiles with new ones is also boosting the market. Posing a challenge to the global market for battery recycling, on the other hand, is the lack of knowledge among people about such a facility.
This review is based on the research report published by Transparency Market Research, titled, "Battery Recycling Market (Battery Chemistry - Lithium Ion, Lead Acid, and Nickel Cadmium; Battery Source - Automotive and Electronic Appliance; End-use - Extraction of Material, Repackaging, Reuse, and Second Life, and Disposal) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024"
Global Battery Recycling Market Report is available at US$ 5795 - http://www.transparencymarketresearch.com/checkout.php?rep_id=92061