Publication Month: Aug 2021 | Report Code: TIPTE100000672 | No. of Pages: 141 | Category: Chemicals and Materials | Status: Published
Battery recycling is an effective way to reprocess and reuse batteries, so as to effectively diminish the number of batteries being thrown away as waste material. The recycling of used electric batteries encompasses huge potential and yields strong economic benefits. Several policies and regulations have been framed which play a vital role in consumer product safety, safe handling, storage and treatment, reuse, recycling, and disposal of batteries used across various application bases.
In 2020, Asia Pacific accounted for the largest share of the global battery recycling market. The dominance of the battery recycling market in this region is primarily credited to the presence of strong industrial base of prominent manufactures, generating battery waste in huge volumes. An increased use of batteries in the region would encourage effective battery management practices to reduce waste disposal volumes, which will include battery recycling. Along with this, various government initiatives for battery recycling in Asia Pacific will drive the battery recycling market in this region.
|Market Size Value in||US$ 15,690.07 million in 2020|
|Market Size Value by||US$ 36,002.73 million by 2028|
|Growth rate||CAGR of 13.4% from 2021 to 2028|
|No. of Pages||141|
|No. of Tables||56|
|No. of Charts & Figures||75|
|Historical data available||Yes|
|Segments covered||Type, and Battery Source|
|Free Sample Copy Available|
The COVID-19 pandemic has drastically altered the status of the electronics sector and negatively impacted the growth of the battery recycling market. The implementation of measures to combat the spread of the virus has aggravated the situation and affected the growth of several industrial sectors, including electronics, automotive, and power, which impacted the delivery cycles and increased import–export tariff. The market has been impacted by the sudden distortion in operational efficiencies and disruptions in value chains due to the sudden shutdown of national and international boundaries. Disruptions in terms of sourcing of raw materials from suppliers and temporarily shuttering of manufacturing plants during indefinite lockdowns impacted the growth of the market. As per an article published by National Center for Biotechnology Information in December 2020, the pandemic has significantly impacted the recycling chain, which involves shipping of expended batteries for reprocessing stretches across the world. Further, as the economies are planning to revive their operations, the demand for battery recycling is expected to rise globally. However, the focus over just-in-time production is another concerning factor hindering market growth. The rising demand of battery recycling across automotive, industrial, household, consumer electronics, and other industries, along with significant investment by prominent manufacturers, is expected to drive the battery recycling market growth.
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Battery recycling is an effective way of reprocessing and reusing batteries to diminish hazardous waste. Recycling has a lower environmental impact than the mining of virgin materials. Direct recycling could substantially decrease the energy consumption and emissions. The recycling of used electric batteries encompasses huge potential and yields strong economic benefits. For instance, as per an article published by Roland Berger GmbH in November 2019, if a volume of 1.7 million tons of batteries would be recycled by 2030, the process is anticipated to yield 250,000 tons of active materials such as nickel, cobalt, manganese, and lithium. This is expected to meet the demand for cobalt and nickel by 20–30% in Europe. Similarly, recycling batteries can prevent the potential threat surfacing from dumping heavy metals and toxic chemicals into the environment. Further, a report “Reducing new mining for electric vehicle battery metals,” prepared by the University of Technology Sydney’s Institute for Sustainable Futures for Earthworks, highlights the utility of using recycled metals to meet the expanding demand from electric vehicles (EVs), while reducing the need for new mines to supply materials. The report centers around the effective use of key battery ingredients such as cobalt, lithium, nickel, and copper by recycling and reprocessing. The report suggests that the process of recycling can minimize primary (mined) demand compared to total demand of lithium by 25%, cobalt and nickel by 35%, and copper by 55% by 2040. The report also states that expanding the battery life span beyond the current estimates of 8–15 years, along with reusing batteries in “second life applications,” has significant potential to reduce the dependence upon the mined materials.
Based on type, the battery recycling market is segmented into lead acid battery, lithium-based battery, nickel-based battery, and others. The lead acid battery segment led the battery recycling market with the highest market share in 2020. Lead acid battery, a type of rechargeable batteries, has the lowest energy density. These batteries can supply high surge currents, which indicates that the cells have a large power-to-weight ratio. The lower costs of these batteries make them an ideal choice for use in motor vehicles to provide the high current required by starter motors. The recycling of lead acid batteries is a rigorous process and is necessary to ensure the safety of components during their reuse. The lead and plastics are recycled and used into new batteries or are used in various industrial products.
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A few of the key players operating in the battery recycling market are Aqua Metals, Inc.; Call2recycle, Inc.; Clarios. LLC; Com2 Recycling Solutions; East Penn Manufacturing Company; Exide Technologies; G P Batteries; Gopher Resource LLC; Retriev Technologies Inc; and Terrapure Environmental Ltd. Major companies in this market focus on strategies such as mergers and acquisitions, and product launches to expand their geographic presence and consumer base.
The List of Companies - Battery Recycling Market