Posted By TMR Research Insights
Posted on August 13, 2021
Battery Recycling Market – Snapshot
Battery recycling refers to the process of reprocessing and reuse practice of batteries with the aim of diminishing the number of batteries being thrown away as waste material. Batteries come with many heavy metals and toxic chemicals. Simple dumping of batteries as waste has garnered environmental concerns owing to contamination of soil and water. Hence, batteries are required to be recycled to comply with the health and environment regulations as laid down to diminish damage to the environment and living beings. This factor is likely to encourage growth of the global battery recycling market in the years to come.
The rules and laws pertaining to the recycling and disposal of spent batteries vary from one country to another, from one local government to another. In addition, rising government regulations and directives to bring down level of pollution and keeping emission of greenhouse gases under check is likely to propel growth of the global battery recycling market over the tenure of assessment.
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Stringent Government Regulations to Control Pollution Spell Growth for the Market
Almost all of the batteries can be recycled, however certain types of batteries can be recycled in a much easier way than other types. A case in point is lead batteries, which is 99% recyclable and is mostly due to the toxicity level of lead and value of lead. In addition to lead, other types of batteries that are recyclable are lithium-ion (Li-ion), nickel metal hydride (Ni-MH), nickel–zinc (Ni-Zn), nickel–cadmium (Ni-Cd), and lithium-ion.
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Benefits of battery recycling are many, some of which are
- Savings of energy
- Diminished amount of waste sent to landfills
- Conservation of natural resources
- Helps in the prevention of pollution
- Lessens greenhouse gas emissions
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In a bid to regulate environmental hazards during the manufacturing and disposal of battery, governments have laid down various regulations, which is encouraging the growth of the global battery recycling market in the years to come.
Government Policies and Initiatives to Provide Significant Boost to Battery Recycling Market
Environmental degradation continues to be a major concern across various industries. The electric transportation sector continues to witness significant growth across the world due to which, there is a spur in demand for lithium-ion batteries. In future, a significantly large number of lithium-ion batteries are expected to retire, which, in turn, is likely to have a negative impact on the environment. The battery recycling market is thus, expected to witness significant developments in the upcoming years. A shift in tide within the automotive sector and growing influx of electric vehicles will play an important role in boosting the prospects of the battery recycling market. At present, disposal of lithium-ion batteries continues to add to the mounting environmental concerns.
Despite significant efforts being made to improve the efficiency, safety, and energy density of lithium-ion batteries, emphasis on recycling lithium-ion batteries is anticipated to gain considerable momentum. In the current scenario, technological innovations coupled with government initiatives are some of the key factors that are influencing the growth of the market for battery recycling. Moreover, notable progress in recycling technologies, changes in recycling processes, and positive effects of recycling on the environment are some of the other factors that will continue to drive the battery recycling market during the forecast period.
Recycling of Lithium-ion Batteries to Gain Momentum Worldwide
Since its introduction, the adoption of lithium-ion batteries has increased at a rapid pace. Automotive and the electronic sectors are arguably the biggest winners of this groundbreaking discovery. However, over the past decade, renewable energy and electric vehicles have come under the spotlight fueled by the success of lithium-ion batteries.
At present, within the battery recycling market, a significant amount of resources are being invested to discover new technologies that streamline the process of recycling batteries. The battery recycling market is expected to witness significant growth in the forthcoming years, as awareness regarding the benefits of battery recycling continues to grow. At present, China is leading the way as far as recycling of lithium-ion batteries is concerned; interest in battery recycling is gaining pace in other regions across the world. Within the battery recycling market, the development of battery recycling technologies has increased, as more number of players are entering the market anticipating lucrative growth opportunities.
Despite the soaring interest in battery recycling from the automotive sector, interest for battery recycling from battery material miners is on the rise. Battery material miners are increasingly investing in research and development, as their current technologies are ideal and adaptive to the recycling processes. The swelling interest in battery recycling from the mining sector is another factor that is expected to contribute to the growth of the battery recycling market during the assessment period.
Rise in Number of Battery Recycling Facilities amidst Growing Environmental Concerns
Environmental concerns coupled with a push for a sustainable future have driven government bodies across the world to invest in new recycling facilities, particularly in the Asia Pacific region. The battery recycling market is expected to flourish in the Asia Pacific region, due to rise in investments, entry of multiple e-waste management startups, government initiatives to safeguard the environment, and incentive structures for participants involved in the battery recycling market. Moreover, several new battery recycling facilities are opening up, which are likely to boost the growth of the battery recycling market in the assessment period.
For instance, in October 2019, TES, one of the largest players involved in the e-waste recycler space, unveiled plans of opening a new battery recycling facility in Singapore due to a significant rise in the adoption of grid-related energy storage. With the onset of such facilities, valuable metals can be recycled and reused again, thus enabling battery manufacturers to develop new products for electric vehicles and cell phones. Apart from Singapore, China is likely to emerge as the gold mine for players involved in the battery recycling market, as China continues to witness a significant surge in the number of electric vehicles.
Analysts’ Viewpoint
The battery recycling market is expected to expand at a CAGR of ~10% during the forecast period. This can be attributed to the growing environmental concerns, consistent rise in the number of retired lithium-ion batteries, favorable government policies, and development of new battery recycling facilities worldwide, particularly in the Asia Pacific and Europe. Participants involved in the current battery recycling market should focus on striking a chord with local government bodies to create awareness regarding battery recycling and formulate new growth strategies. While government initiatives will continue to drive the growth of the market for battery recycling, an influx of a large number of e-waste management companies is anticipated during the assessment period.
Battery Recycling Market: Overview
- Batteries contain several heavy metals and chemicals. Therefore, disposal of these batteries as regular waste has led to environmental concerns due to contamination of soil and water. As a result, batteries need to be recycled. Thus, increase in focus on reducing the environmental impact of batteries is boosting the demand for battery recycling.
Increase in Demand for Portable Electronic Devices to Drive Battery Recycling Market
- Demand for electronic equipment has been rising significantly of late. Consumption of portable electronics such as laptops, mobile phones, tablets, digital cameras, camcorders, portable chargers, and wearable devices has also been increasing at a rapid pace due to the improvement in standard of living and growth in disposable income of consumers across the globe.
- China, India, and Singapore are some of the largest manufacturers and consumers of portable electronics. These countries are considered manufacturing hubs of these products due to the easy availability of raw materials and cheap labor.
- Portable electronics run on rechargeable batteries with a lifespan of around two to five years, depending upon the size and type of batteries
- Batteries are replaced with new ones at the end of their lifespan. Old batteries are sent for recycling. Several mobile phone manufacturing companies have started recycling batteries.
- Therefore, rise in demand for portable electronic devices is anticipated to provide immense opportunities to the battery recycling market during the forecast period
Low Awareness about Battery Recycling to Hamper Battery Recycling Market
- Currently, battery recycling is carried out at the industrial and commercial level. Just a few small scale consumers are aware about this activity.
- Awareness about battery recycling at the individual level is low. As a result, end-consumers of batteries do not necessarily handover used batteries to recyclers. They are likely to dispose these batteries at garbage dumps. For instance, in 2018, Call2Recycle, Inc. reported that approximately 60% of consumers in the U.S. discarded some or all of their single-use batteries, and 15% did the same with rechargeable batteries.
- Lack of awareness about battery recycling and its improper disposal are projected to increase pollution in the environment and cause various other hazards. Thus, lack of awareness among end consumers is expected to restrain the battery recycling market.
Increase in Demand for Secondary Lead to Offer Lucrative Opportunities for Global Market
- Lead acid batteries are the most recycled batteries due to the hazardous nature of lead
- Extracted lead from the battery recycling process is reused as a raw material in the manufacturing of batteries and stainless steel
- Secondary lead production is a major source of lead metal production in the world. Global production of refined lead from scrap and other secondary sources accounts for more than 55% share of the total lead production.
- The usage of secondary lead also saves the environment from potential hazards that are likely to occur if the hazardous metal is dumped in the open
- The usage of secondary lead metal extracted from scrap batteries also saves the cost of primary lead extraction from the ore. Thus, battery recycling provides lucrative opportunities to the lead extraction and reselling market.
Recent Developments, Expansions, Acquisitions, and New Contracts in Battery Recycling Market
- In November 2019, uRecycle announced plans to construct a new factory in the port of Rotterdam for recycling and re-use of batteries. The new facility is expected to start operating in the first half of 2020. The factory is anticipated to employ 40 new workers.
- In January 2017, Gravita India Ltd. announced it had commenced commercial production of lead at its recycling plant at Chittoor, India. The plant has lead production capacity of 12,000 MTPA. The company would be sourcing domestic scrap from large telecom companies and UPS batteries from IT offices in and around southern India by entering into long-term contracts with them.
Asia Pacific to Dominate Battery Recycling Market
- Asia Pacific dominated the global battery recycling market in 2018. This trend is expected to continue during the forecast period, due to increase in demand for automobiles in developing countries, primarily China and India. Strong economic growth, rapid urbanization, rise in movement of goods from one place to another, and improvement in standard of living are some of the key factors boosting the demand for car and light commercial vehicles across the region. This, in turn, is estimated to augment the demand for battery recycling in Asia Pacific.
- Europe is estimated to be a highly attractive region of the global battery recycling market during the forecast period. Germany constituted leading share of the battery recycling market in the region in 2018. Growth of the battery recycling market in Europe can be primarily ascribed to the increase in focus on reducing climate change impact, owing to the improper disposal of used batteries in the environment.
- The battery recycling market in North America is anticipated to expand at a moderate pace during the forecast period. Presence of large and mid-size battery recyclers such as Call2Recycle, Inc., Battery Solutions LLC., and East Penn Manufacturing Company and increase in volume of battery scrap are projected to boost the battery recycling market in the region in the near future.
Highly Competitive Battery Recycling Market
- The global battery recycling market is highly competitive, with the presence of large numbers of players operating at local, regional, and international levels
- Key players operating in the global battery recycling market include
- Johnson Controls International PLC
- Battery Solutions LLC
- East Penn Manufacturing Company
- G&P Batteries
- Retriev Technologies Inc.
- EnerSys
- Umicore N.V.
- Exide Technologies
- LI-CYCLE CORP.
- American Manganese Inc
- Kinsbursky Bros.
- Supply, Inc.
- Call2Recycle, Inc.
- Gravita Indi, a Ltd.
- uRecycle
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