Battery Recycling Market - Key Trends and Opportunities to 2024
Posted by rohan on November 5th, 2019
The Battery Recycling Market is a newly transpiring, quick-developing market with scope to expand worldwide. The call for an imaginative and better solution for alternate sources of energy in the urbanizing world can be satisfied by recycling.
Call2Recycle, an industry-funded battery recycling company which has recycled over 7.2 million pounds of batteries in 2018, has released its branch in the United States ahead of National Battery day.
The United States Department of Energy has introduced a total of USD 20.5 million to be invested in lithium-ion battery recycling. The investment consists of a USD 15 million to be invested in the R&D recycling center in partnership with The National Renewable Energy Laboratory, Argonne National Laboratory, and Oakridge National Laboratory, and a USD 5.5 million rewards for the company which comes up with an innovative solution for collecting, storing and recycling lithium-ion batteries.
Market Drivers and Restraints:
The high call for automotive batteries in the market is everlasting. Since they are mostly lead-acid or lithium-ion batteries, the need for recycling batteries is driven by the surplus call from the automotive industry. Due to the increase in the use of lead-acid batteries for industrial purposes the market for recycling these batteries has an essential role in helping supply for the increasing demand. The rules imposed by the government agencies on the battery producers, as the natural earth metals are being depleted, drive the battery recycling market. Nevertheless, the lack of technology to extract lithium from spent batteries and their safe handling issues decelerates the development of the global market. The centralization of mineral resources in regions like Asia and Europe also act as restraining factors to the market.
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Report segmented as:
Geographically, the Global Battery Recycling Market is segregated into Latin America, Europe, Asia Pacific, Middle-East & Africa, and North America. The Asia Pacific had the biggest global market share in the year 2018 and is anticipated to be the second quickest-developing market in the forecast period, due to high demand from developing industries and scope of future opportunities, mainly in developing countries like Japan, India, and China. Europe and North America are almost equal in their market values, and Europe is anticipated to have the quickest-developing market in the forecast period. The need for an alternate source of energy in these regions drives the battery recycling market, as it decreases the e-waste generated, therefore saving a lot of money. The Middle East & Africa and Latin America regions, being in the low developing countries due to the contribution of low GDP countries, have lesser chances for industry growth. Nevertheless, the Battery Recycling Market in these regions is slow developing in nature.
Important Market Players:
By the end of 2018, Call2Recycle Inc. (U.S.), Battery Solutions LLC (U.S.) Exide Technologies (U.S.), Gravita India Limited (India), Johnson Controls Inc.(U.S.), Retriev Technologies Inc.(US), East Penn Manufacturing Company(US), EnerSys(US), G & P Batteries(UK), Umicore N.V.(Belgium), Accurec Recycling GmbH(Germany), Aqua Metals Inc.(US), Vinton Batteries Limited(UK), Recupyl SAS(France), COM2 Recycling Solutions (Canada), and Doe Run Company (US), are the ruling shareholders of the Global Battery Recycling Market market.
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The Scope of the report:
This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.
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About the Authorrohan
Joined: September 20th, 2017
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