SELBYVILLE, Delaware - April 24, 2019 - (Newswire.com)
The battery materials recycling market is set to rise from USD $22 billion in 2018 to around USD $40 billion by 2025, according to a 2019 Global Market Insights, Inc. report. The battery materials recycling market has been propelled over 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. With growing concerns regarding fossil fuels' sustainability in the future, as they are on the way to extinction, potential market players have been scrupulously planning a future thriving on electricity fuel deployment. The rising wave of renewable energies and electric vehicles is a major growth driver for this market. Also, stringent government regulations in Europe and North America are on their way to reshaping the future of the battery materials recycling market.
Although battery recycling was introduced globally as a move towards a sustainable environment, the objective did not prove it well, since the extraction of the 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 very economically viable, which will hinder many small players in entering the battery materials recycling market.
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Owing to the huge application of lead-acid batteries in the automotive sector, lead is reported to become the most recycled material, accounting for a market share of over 50% by 2025. Its reasonable cost and its 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 techniques, which are then reused in an ample number of areas, including textiles, electronics, building and construction, aerospace and many others.
Among all end-user industries, a major application of the battery materials recycling market has been seen in the consumer goods and electronics industry, by generating a revenue of USD $6.5 billion in 2018. The consumer goods and 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.
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Based on region, Asia-Pacific emerged as the highest revenue generator for the 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% of India’s GDP. In the future, it 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.
The 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 the 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.
Browse key industry insights spread across 142 pages with 185 market data tables and 23 figures and charts from the report -- “Battery Materials Recycling Market Size By Material (Iron, Manganese, Nickel, Lithium, Cobalt, Lead, Electrolytes, Plastics), By End-Users (Automotive, Consumer Goods & Electronics, Building and Construction, Aerospace and Defense, Packaging, Textile Industry), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, U.K., France, Spain, Italy, Russia, China, India, Japan, Australia, Indonesia, Malaysia, South Korea, Brazil, Mexico, South Africa, Saudi Arabia, UAE, Kuwait), Application Growth Potential, Price Trends, Competitive Market Share and Forecast, 2019-2025 -- in detail, along with the table of contents:
https://www.gminsights.com/industry-analysis/battery-materials-recycling-market
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Original Source: Battery Materials Recycling Market to Cross $40B by 2025: Global Market Insights, Inc.
