SPOKANE (Scrap Monster): The latest research report published by Transparency Market Research (TMR) forecasts 10.9% compounded annual growth rate (CAGR) to global battery recycling industry. The report titled “Battery Recycling Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2016 – 2024” presents extensive market data and trends for 25 countries across the world during the period from 2016 to 2024.
According to the report, the recent exponential growth in portable devices has led to tremendous growth in battery usage. Batteries are used for various applications-both by the industry and by end-user applications. It forms the main equipment for electrical energy storage. The chemicals stored in batteries undergo chemical reaction to deliver electrical energy, which are used by various applications. The only difference between chargeable and non-chargeable batteries is that the chemical reaction process is reversible for certain number of cycles for the former, whereas it is not possible with the latter.
The replenishment of old batteries by new ones leads to disposal of huge quantum of used batteries. The presence of hazardous chemicals including lead, lithium, mercury, nickel, manganese and zinc poses severe environmental concerns, if not handled carefully. There are several methods by which these used batteries can be given a second life. The batteries could be scientifically disposed of, repackaged or treated for extraction of valuable materials without causing harm to environment.
The report analyzes the battery recycling market across five geographies- North America, Europe, Asia Pacific, Middle East & Africa, and South America. It covers markets in 25 countries across these geographies.
The TMR report identifies Battery Solutions LLC, Call2Recycle, Inc., East Penn Manufacturing Company, EnerSys, Exide Technologies, G&P Batteries, Gravita India Ltd., Johnson Controls, Inc., Retriev Technologies Inc., and Umicore N.V as the key players in the battery recycling market. It provides detailed overview of performance, business methodologies and recent advancements by these companies.
The battery recycling market is segmented by battery chemistry into lithium ion, lead acid, nickel cadmium, and others. By spent battery source, the market is classified into automotive, electronic appliance, and others. Segmentation is also provided by end-use based on extraction of material, repackaging, reuse, and second life.
According to the report, there exists a high level of competition for recycling among battery manufacturers. The potential of battery recycling is evident through the huge investments in innovative studies related to recovery of complex materials. A large number of new entrants have benefitted by the ongoing support from environmental institutions and governments.
Many established players have announced major acquisitions and mergers to consolidate and expand their business. The niche battery recycling market has been able to attract interest from leading players. The strategic partnerships made by not-for-profit as well as profit-making organizations with leading automobile manufacturers has taken the battery recycling market to new heights. The growth in battery recycling market also provides immense opportunities to lead extractors and resellers, the report notes.