Rising environmental concerns to reduce CO2 emissions from manufacturing plants of batteries and conservation of precious metals are anticipated to propel demand for battery recycling. Recovery of useful materials and metals from used batteries is likely to support manufacturers by reducing production cost and environment by reducing hazardous impacts.
New Lithium-ion Batteries to Offer Longer Usable Life
Major application variants of battery recycling are transport, industrial, and consumer electronics. The transportation segment is anticipated to contribute maximum in revenue generation in the coming years. High demand for automobile batteries owing to increasing use automobiles can stimulate demand for battery recycling.
To cater to rising demand, most manufacturing companies are focusing on R&D investments to offer better products for consumer use. For instance, Toyota recently announced a new technology in batteries depending on solid electrolyte over the semi-liquid state. The automobile giant believes that this technology can allow automakers to produce lightweight and compact lithium-ion batteries for electric vehicles. Such batteries are expected to offer potential product recycling, longer life, and alternative post vehicle life.
The global battery recycling market is likely to value USD 21.04 billion by 2025, according to a report by Grand View Research, Inc. Strict government regulations to alleviate CO2 emissions owing to rising air pollution is expected to fuel growth of the market. Rising awareness regarding the benefits of recovering precious metals and materials from used batteries among the manufacturing companies can stimulate growth of the market in the coming years. Growing adoption of recovered metals to produce batteries owing to less consumption of energy can impel market growth during the forecast period (2017 to 2025).
Some of the prominent companies operating in the market for battery recycling are Exide Technologies, Call2Recycle, Aqua Metals, ECOBAT, and G&P Batteries.
In-Depth Research Report On Battery Recycling Market:
https://www.grandviewresearch.com/industry-analysis/battery-recycling-market
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