Business perspective with Future Growth of Battery Recycling market
Pune, New York, USA, November 24 2020 (Wiredrelease) Research Dive :Battery recycling is referred to the process of collection of batteries through various sources such as automotive, consumer electronics appliances, and industrial, and reprocessing reusing them to diminish the waste material produced due to battery scrap. Batteries come with toxic chemicals and many heavy metals. Simple dumping of batteries as waste material has garnered environmental concerns due to contamination of water and soil. Thus, batteries are required to be recycled to meet the terms of health environment regulations to prevent the damage living beings and the environment. This is the major factor predicted to fuel the growth of the global battery recycling market in the coming years.
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The global battery recycling market is anticipated to garner $1,222.36 million and rise at a CAGR of 8.9% from 2019 to 2026. The increase in manufacturing of hybrid vehicles and stringent Environmental Protection Agency (EPA) guidelines government regulations to protect environment are the major factor predicted to boost the growth of the global battery recycling market in the forecast period. However, complications related to recycled batteries such as easily causing fire due to the friction by the aged metals is likely to hinder the market growth in the coming future.
Europe battery recycling market is projected to account for the majority of share in the global industry owing to various measures taken by government bodies to protect environment and the growing competition amongst the key players in the region. Among type segment, the lead-acid battery sub-segment is expected to account for the highest share in the market owing to its high recycling rate across various countries across the globe.
Key Developments in the Global Industry
Some of the key players functioning in the global battery recycling industry include Aqua Metals, Enersys, Umicore, Battery Solutions LLC, Exide Technologies, and Retriev Technologies, Inc. The key industry players are implementing various business tactics growth strategies such as mergers acquisitions, partnerships, and business expansion to increase the competitive edge in the overall market. This is subsequently helping the battery recycling market to grow enormously during the forecast period.
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For instance, in February 2017, Aqua Metals entered into a partnership with Johnson Controls International plc by signing a break-through battery recycling technology agreement. Under the partnership, Johnson Controls will supply the batteries for recycling to Aqua Metals and will also purchase the produced refined lead from the company.
In May 2018, Gravita signed a strategic agreement with Amara Raja Batteries Ltd. for the collection and recycling arrangements of lead acid battery scrap. Under this agreement Gravita will collect/purchase the lead-acid battery waste from designated locations of Amara Raja Batteries. The aim of the companies behind this joint agreement is to protect environment.
In February 2019, the Department of Energy (DOE) took an initiative to open new battery recycling plant namely, ReCell at the Argonne National Laboratory in Illinois. The company has claimed to have a recycling capacity of about 4 million lithium-batteries, which by recovering valued material from battery will help in cutting the overall production cost.
In January 2020, CellBlock Fire Containment Systems and Call2Recycle, Inc. entered into a partnership to expand their safe battery collection, transportation, and handling. The partnership enhanced the offerings of Call2Recycle, Inc. to include full range of battery protection solutions, which includes consumer mail-back solutions, fire suppression blankets pillows, damaged lithium-based battery kits, and hazardous material drums. This partnership helped Call2Recycle to the ease their battery collection.
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