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(MoneyNewsWire.Net, May 09, 2018 ) The global battery recycling market is projected to reach USD 11.83 Billion by 2022, at a CAGR of 6.5% between 2017 and 2022. The growth of this market can be attributed to the growing output of spent batteries from the automotive and industrial sources.
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The lead-acid battery chemistry segment dominated the global battery recycling market in 2016, followed by the lithium-based and nickel-based chemistries. Lead-acid is the most common type of chemistry, and is used in a wide range of automotive and industrial applications. The lead-acid chemistry segment is projected to witness the highest growth from 2017 to 2022, due to the increasing use of starting, lighting, and ignition (SLI) batteries.
Automotive source was the largest segment of the battery recycling market, by source in 2016. An automotive battery is an indispensable component of the powertrain of a vehicle, independent of the fuel used for its operation. It is used to power the electrical systems of the vehicle when the engine is turned off. It is also used to start the engine and to provide current for the ignition system and electric starter motor. The energy from the battery is also utilized when the electric requirement of the vehicle exceeds its alternator’s capacity. Majority of the vehicles use a 12V lead acid battery for these applications.
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Europe is projected to be the fastest-growing market, as it is a major recycler of all chemistries of spent batteries. The growing output of spent batteries from various end-use sources, such as automotive, industrial, and consumer & electronic appliances is responsible for the growth of the Europe battery recycling market. Stringent environmental regulations for proper disposal and recycling of batteries in the economies, such as Germany and the U.K., are also among the factors expected to drive the European battery recycling market during the forecast period. Key countries in the Europe battery recycling market are Germany, the U.K., France, Russia, and Italy.
Stringent government regulations to control environmental hazards during battery manufacturing and disposal are driving the growth of the battery recycling market.
Key players operational in the battery recycling market include Call2Recycle, Inc. (U.S.), Battery Solutions, LLC (U.S.) Exide Technologies (U.S.), Gravita India Limited (India), and Johnson Controls (U.S.). These companies adopted various strategies to increase their shares in the market. Collaborations, agreements, acquisitions, and expansions are some of the key strategies adopted by market players to achieve growth in the battery recycling market.
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