The Asia-Pacific battery materials recycling market is the strongest industry, accounting for over 50% of the overall market share in 2018, and its growth is raised by its huge domestic battery production, as a result of increasing motor vehicle demand in economies such as China and India.
The battery materials recycling market is set to rise from USD $22 billion in 2018 to around USD $40 billion by 2025, according to a 2019 Global Market Insights, Inc. report. The battery materials recycling market has been propelled over the past few years, as a result of surging government regulations against dumping hazardous solid waste , the demand from industries, the use of renewable energies or electric vehicles.
Battery recycling was introduced globally as a move towards a sustainable environment, but the objective did not prove it well, since the extraction of the material, when not performed in controlled conditions, might cause CO2 emission, as well as land and water contamination.
Owing to the huge application of lead-acid batteries in the automotive sector, lead is reported to become the most recycled material, accounting for a market share of over 50% by 2025. On the other hand, iron is the next most extracted material, which is reused across numerous sectors. Plastics and steel are also extracted in large amounts from battery recycling techniques, which are then reused in an ample number of areas, including textiles, electronics, building and construction, aerospace and many others.
Even though the recycling process some times it’s spensive, end-user industries generated a revenue of USD $6.5 billion in 2018 using recycled materials in further production of new batteries.
Some of the players that are engaged in the manufacturing of battery materials are Exide Industries, Call2Recycle Inc., Terrapure Environmental, Accurec Recycling GmbH, Battery Solutions LLC, G&P Batteries etc. Many companies are adopting strategic innovations to attain a competitive edge over other players. Exide Industries has recently announced two new projects, which include establishing a lead recycling plant in partnership with Energitech Technologies to enhance its battery manufacturing capacity.
Source: Global Market Insights