According to a new research report by Global Market Insights, Inc. Battery Materials Recycling Market will surpass USD 40 billion by 2025. Battery materials recycling market is propelling from the past few years as a result of surging government regulations against dumping hazardous solid waste including batteries and growing demand from the end user industries, especially from the automotive and industrial sector. Growing concerns regarding fossil fuels sustainability in future as they are on way to extinction, potential market players have been scrupulously planning a future thriving on electricity fuel deployment. The rising wave for renewable energies and electric vehicle is the major growth driver for this market. Also, stringent government regulations in Europe and North America are on their way to reshape the future of battery materials recycling market.
Although battery recycling was introduced globally as a move towards a sustainable environment, the objective does not prove it well since extraction of material when not performed in controlled conditions might cause co2 emission as well as land and water contamination. Apart from environmental concerns, the recycling process is not much economically viable which will hinder many small players to enter the battery materials recycling market.
Owing to the huge application of lead-acid batteries in the automotive sector, lead is recorded to be the most recycled material accounting for a market share of over 50% in 2025. The reasonable cost and energy efficient production process are expected to further drive the growth of lead extraction in the future. 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 technique which are then reused in an ample number of areas including textiles, electronics, building & construction, aerospace, and many others.
Among all end-user industries, the major application of battery materials recycling market has been seen in consumer goods & electronics industry by generating revenue USD 6.5 billion in 2018. Consumer goods & electronics industry utilizes the recycled materials in further production of new batteries or to make new appliances depending upon the type of material recycled. It utilizes materials such as iron, lead, plastics, etc.
Based on region, Asia Pacific emerged as the highest revenue generator for battery materials recycling market, raised by its huge domestic battery production as a result of increasing motor vehicle demand in economies such as China and India. For instance, the automotive sector contributes to around 7% to India’s GDP. Future is also evident that government initiatives are also in favor of uplifting the automobile sector. For instance, the National Electric Mobility Mission Plan (NEMMP) in India aims to improve the long term growth of this sector.
Battery materials recycling market has a diversified end-user base giving rise to a wide range of manufacturers and suppliers of products in the market. Some of the players that are engaged in 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.
For more information, visit https://www.gminsights.com/industry-analysis/battery-materials-recycling-market.