26 September 2022
Douglas Insights has analyzed various aspects of the battery recycling market (BRM) and revealed the changes in market trends due to consumer awareness relating to ineffective disposal of batteries. This has made it possible to seek alternative means of battery disposal. Its comparison engine has generated many research articles and reports, making it possible for several experts, analysts, and researchers to obtain essential information relating to key growth drivers and market restraints to make predictions and provide reports offering many insights into the global recycling market. This digital tool effectively compares all existing research, Publisher Ratings, Table of Contents, and Publication Dates.
Batteries have been discarded after being used for a long time, causing significant environmental damage and leading to water and air pollution. Recycling batteries reduces waste materials and minimizes the release of hazardous substances into the environment, leading to the development of environmental and health regulations that enforce battery recycling. Technological advancements in E-waste recycling are making it possible for new market trends to emerge, such as organizations doubling their efforts to improve their current recycling capacity, resulting in major growth potential.
Since we can recycle batteries for lead to make new batteries, the market is growing rapidly to utilize this wasted lead and save money. The primary growth driver is the increasing need for secondary lead, which is fueling consumer demand for various electronic components, such as machinery, tools, and more.
Two major restraints are the lack of consumer awareness and the lack of sufficient recycling opportunities for several countries from around the globe, resulting in less efficient market growth. However, the compound annual growth rate is 7.12% from 2021 to 2030, which is a considerable increase in market size.
Regional analyses indicate that the Asia-Pacific region is showing the most potential for market growth since there has been a major increase in household income alongside a greater demand in the automotive industry. Recycling options and strategies are improving substantially in the European Union, which is devising policies for handling batteries made of lead-acid and nickel-cadmium. North America is very efficient at recycling lead-acid batteries and effectively manages to recover 99% of lead, which is highly profitable for the battery recycling industry. Some major companies in the United States involved in the recycling mission are Call2Recycle, Enersys, and Battery Solutions.
The BRM has three crucial aspects: chemistry, use, and location. Thus far, the recycling of lead-acid batteries has contributed most heavily to the overall market. Additionally, batteries are used mainly in three industries: electronics, manufacturing, and transportation, where the latter dominates all market activities.
Analyzing market trends has revealed that the Asia-Pacific region will continue to dominate the industry in the coming years. This is due to the market demand for consumer electronics, which is playing its part in expanding the industry beyond its current scope.
As people are experiencing increases in their salaries, they are investing in top-quality electronics to improve their standard of living. Many electronics utilize batteries, which are eventually disposed of and contribute to the global waste in tonnage each year, resulting in emerging companies that seek to recycle batteries to reduce the environmental impact.
The industry is seeing numerous growth opportunities for these reasons, and governments are supporting the movement by creating new infrastructure, accelerating recycling initiatives, and leading to market growth across various domains.
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