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.
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
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.
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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.
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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.
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