Battery Recycling Market Trends and Forecast 2016 – 2023
Presently the world has reached to significant level of advancement, where human beings are dependent on electronics devices. Most of the electronic devices operate on batteries that are made up of many expensive metals and components such as cadmium, cobalt, nickel, lithium and lead. High cost of raw material and complex preparation process raises the overall production cost for some of the batteries. Some of the batteries have numerous applications such as lithium-ion batteries are primarily used for drilling purpose on the field. Out of these materials, lead and cobalt are the most commonly recycled materials globally.
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As billions of batteries are discarded every year that pose a threat to the environment, it is safe and feasible to recycle these batteries. Owing to the growing concerns among the people towards the use of harmful electric batteries, battery recycling market is expected to foresee a substantial potential in the coming four to five years. Strict government regulations for controlling environment hazards during battery manufacturing and disposal are some of the primary factors attributing to the overall growth of the market. In some countries such as China, Australia and US government provide subsidies to run the recycling units of batteries and help in establishing the market.
The recycling process is simple and nearly 70% of the battery’s weight is reusable. This process starts with the collection of batteries from different sources and recycling them. Governments across the globe have put forth special clauses for battery manufacturing companies to give instructions on the usage and disposal. The next step involves sorting the batteries on the basis of their chemistry. The recycling material generally starts with the removal of combustible material such as plastics and insulations that again are recycled for reuse. The remaining part is chopped into pieces for heating until it melts completely and finally is poured into the moulds for reuse. Additionally, the acid used in the lead batteries can also be recycled and reused after processing.
Some of the driving factors include growing electronics and automotive industries which are the primary markets raising the demand for batteries. Growth in living standards of people and technological advancements are few other factors attributing to the market growth. Increased spending capacity will bolster the demand of electronics devices, which apparently is anticipated to drive the demand of recycled batteries. Owing to uncertainty in the oil product market, automotive industry have developed hybrid and electric vehicles as car, forklifts, trucks and vans, which are equally driving battery recycling industry growth. For the success of battery recycling industry skill workforce is the main requirement which is expected to restrain the market growth. However, trained workshops mainly conducted for training people is likely to overshadow the restraining factor.
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Recycled battery market can be segmented on the basis of product segments as Lead-Acid automotive, Non-automotive lead based, Nickel-Cadmium, Lithium-Ion, Nickel-metal hybrid and Primary battery. These batteries recycling method is simple but different for each material. On the basis of chemistry these all batteries are treated in differently before reuse.
Battery recycling market is well established in North America, especially in the U.S., which recycles a substantial number of batteries every year. U.S. is one of the pioneers in recycling batteries collected from oil producing sites. Europe has shown a commendable growth in the industry because of development in automotive industry and it still has a substantial potential for battery recycling market in the coming two to four years. Additionally, many European countries are trying to leave their footprints in other strategic markets. China and Australia are the emerging markets in Asia Pacific region in recycling of lead in the batteries.
Some of the major players in this market include Johnson Controls Inc, The Rechargeable Battery Corporation, Battery solution Inc, Panasonic, Rayovac, Biopower Corporation and Environmental Recycling Technologies Plc.
This research report analyzes this market on the basis of its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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