Battery recycling is a process that reduces the number of batteries being disposed as waste thereby lowering adverse effects, such as soil pollution, caused by heavy metals and harmful chemicals in these batteries. Rising concerns regarding CO2 emissions from the battery manufacturing plants and conservation of precious metals are anticipated to propel the demand for battery recycling. The process can recover useful materials and metals from used batteries, which reduces production costs. This factor is also anticipated to augment its demand over the next few years.
Automobile Sector to be the Largest Consumer of Battery Recycling
Battery recycling is widely used in various industrial applications, as well as in transport and consumer electronics sectors. The transport application segment is said to generate the maximum revenue in the forecast years (from 2018 to 2025). This growth is attributed to the increased consumption of automobile batteries as result of high demand for vehicles across the globe. To cater to rising demand, most manufacturing companies are focusing on R&D to offer better products.
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 will allow automakers to produce lightweight and compact lithium-ion batteries for Electric Vehicles (EVs). According to the company, batteries created using this technique offer potential product recycling and longer battery, as well as vehicle, life.
Market Overview
The global battery recycling market is expected to reach 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 this market. In addition, rising awareness regarding the benefits of recovering precious metals and materials from used batteries among manufacturers is projected to have a positive impact on the market demand.
Growing usage of recovered metals to produce batteries owing to less energy consumption can impel market growth in the years to come. Some of the prominent companies operating in the battery recycling market are Exide Technologies; Call2Recycle, Inc.; Aqua Metals, Inc.; Eco-Bat Technologies; 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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