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(IT-NEWSWIRE.COM, September 12, 2019 ) Market Overview
• The primary objective of building a good battery is a long life, safety, and low price. Batteries are expensive and have a relatively short life span. As discarded batteries grow by the tonnage, entrepreneurs are enticed to start a business in recycling. Recycling is an afterthought and manufacturers do little to simplify the retrieving of precious metals. The recycling business is small compared to the vast battery industry. For the reduction of CO2 emissions to a large extent, recovered metal has been used for recycled battery production.
• Japan Portable Rechargeable Battery Recycling Center (JBRC) was created to handle and promote battery recycling throughout Japan. They provide battery recycling containers to shops and other collection points.
Market Dynamics
• Rising interest for recycled materials and products, increasing electric vehicles worldwide and stringent government regulations are the major drivers impacting the growth of the market. The Mercury-Containing and Rechargeable Battery Management Act of 1996 (“Battery Act”) has made some important strides in protecting the environment and human health. Through this law, the EPA and state Department of Environmental Quality agencies can reduce the number of hazardous substances released into the environment from used batteries.
• The EPA (Environmental Protection Agency) has imposed strict guidelines in the recycling of lead-acid batteries in the USA. The recycling plants must be sealed and the smokestacks fitted with scrubbers. Adding to this, China, a leader in lead-acid battery production, also took action to protect the environment by introducing strict guidelines that only reputable companies can meet.
Safety and security concerns related to transportation and storage of batteries is the major restraint hampering the growth of the market.
https://www.datamintelligence.com/research-report/battery-recycling-market">Market Segmentation
• By application, the battery recycling market is segmented into lithium-based battery, nickel-based battery, lead-acid battery, and others. Others include Mercury, Zinc-Carbon, Zinc-Air, Alkaline. Lithium-ion batteries are primarily used in electric vehicles. Increasing the usage of lithium-ion batteries in numerous applications and rise in the growth of automotive and transportation industries worldwide are likely to rise the consumption of recycled batteries in the forecast period
• .
In general, Lithium-ion batteries are expensive to manufacture. Due to the high material cost and complex preparation processes, recycled batteries are expected to grow worldwide. Companies are focusing to improve their recycling battery production to sustain in the market. For instance, in August 2019, Perth-based Lithium Australia has produced refined lithium phosphate from spent lithium-ion batteries and is now focusing on the production of lithium-ferro-phosphate cathode powder as part of its continued lithium recycling strategy.
• On the basis of application, the battery recycling market is segmented into automotive, industrial, consumer & electronics and others. Others segment is further divided into marine and power.
Geographical Analysis
• The North America battery recycling market size was worth USD XX million in 2018 and is estimated to reach USD XX million by 2026, at a CAGR of XX% during the forecast period. North America is expected to hold the major market share for market growth worldwide. The rise in battery recycling activities and stringent regulations in North America, especially in the U.S are the major reasons for growth of the battery market. For instance, the EPA - Environmental Protection Agency has imposed strict guidelines in recycling of lead-acid batteries in the USA.
• Companies are having agreements for battery recycling and manufacturing to extend their market presence. For instance, in February 2017, Johnson Controls had a technology license agreement with Aqua Metals, California, U.S. for battery manufacturing & recycling. According to New York Times, batteries collected in the United States are increasingly being transported to Mexico for recycling as a result of a widening gap between the strictness of environmental and labor regulations between the two countries.
• China, India, South Korea, Australia, and Japan are expected to witness high growth rates due to the increasing demand from end-use industries like automotive industry. Companies in this region are concentrating to develop new technologies related to battery recycling. For instance, in August 2019, SK Innovation has announced that they are working on developing technology to recycle spent electric vehicle batteries. Adding to this, LG Chem and Samsung SDI are also developing technologies to recycle battery packs for electric vehicles as lithium-ion battery-powered cars are coming to the mass market worldwide.
Competitive Landscape
• The Battery Recycling market is highly competitive with new players entering the market. Some of the major players include Johnson Control Inc, Gravita India Ltd., Exide Technologies, Battery Solutions, Inc., COM2 Recycling Solutions, Umicore, East Penn Manufacturing Co, Enersys, Guangdong Brunp Recycling Technology Co, Accurec Recycling GmbH
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The key players are adopting various key strategies such as product launches, expanding productions which are contributing to the growth of the Battery Recycling Market.
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For instance, in August, 2019, Perth-based Lithium Australia has produced refined lithium phosphate from spent lithium-ion batteries and is now focusing on the production of lithium-ferro-phosphate cathode powder as part of its continued lithium recycling strategy.
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In August, 2019, Lithium Australia has announced that they are recycling lithium-ion batteries with the successful production of lithium phosphate from mixed metal dust derived from waste battery electrodes.
In August, 2019, SK Innovation has announced that they are working on developing technology to recycle spent electric vehicle batteries.
LG Chem and Samsung SDI are also developing technologies to recycle battery packs for electric vehicles as lithium-ion battery-powered cars are coming to the mass market worldwide.
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