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Battery Recycling Market Future Growth and Demand Analysis | Call2Recycle, Inc., Battery Solutions, LLC, Exide Technologies, Umicore
Battery Recycling Market
As society's awareness of environmental issues continues to expand, there is a heightened emphasis on sustainable resource utilization. Concerns regarding the hazardous nature of metals and other components also resonate with the public, encompassing all varieties of batteries. Notably, European (and potentially global) regulations designate all batteries as hazardous waste, necessitating proper treatment prior to disposal.
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Battery Recycling Market Competitive Landscape:
Call2Recycle, Inc. (US)
Battery Solutions, LLC (US)
Exide Technologies (US)
Umicore (Belgium)
Exide Industries Ltd. (India)
GEM Co., Ltd. (China)
EnerSys (US)
Johnson Controls International plc (US)
Aqua Metals, Inc. (US)
Retriev Technologies Inc. (US)
Gravita India Limited (India)
ECOBAT Logistics (UK)
Fortum Oyj (Finland)
Teck Resources Limited (Canada)
American Manganese Inc. (Canada)
Glencore International AG (Switzerland)
TES-AMM Singapore Pte Ltd (Singapore)
RSR Corporation (US)
COM2 Recycling Solutions (US)
East Penn Manufacturing Company, Inc. (US)
The Doe Run Company (US)
Raw Materials Company Inc. (RMC) (Canada)
Neometals Ltd (Australia)
Terrapure Environmental (Canada)
Gopher Resource LLC (US)
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Battery Recycling Market Drivers:
The industry is experiencing rapid growth due to the increasing demand for batteries driven by the widespread adoption of renewable energy storage systems and electric vehicles (EVs). This surge in demand also underscores the necessity for effective recycling practices. Governments worldwide are enacting legislation to promote battery recycling and mitigate its environmental impact, thereby fueling industry expansion.
In the United States, the adoption of favorable federal laws such as the Responsible Battery Recycling Act of 2022 in California, coupled with the presence of key industry players, is expected to drive increased demand for batteries, particularly in response to the escalating sales of EVs. The Responsible Battery Recycling Act mandates that California battery retailers establish collection systems for used rechargeable batteries to facilitate their recycling and reuse.
The proliferation of large-scale lithium-ion (li-ion) recycling facilities across the US has further propelled the growth of the li-ion battery recycling sector. Notably, Li-cycle Corp. recently launched a state-of-the-art lithium-ion recycling plant encompassing a 120,000-square-foot facility. With the capacity to process 10,000 tons of battery material annually, this plant is capable of recycling up to 60,000 electric car batteries.
As the market increasingly embraces electric vehicles and demands higher UPS system requirements, lithium emerges as a critical component of EV batteries, necessitating the production of lithium-ion batteries. Recycling lithium proves to be a cost-effective alternative to mining, further underlining its significance in sustainable battery production.
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Market Restraints:
The growth of the battery recycling sector may be hampered in the upcoming years by issues like incorrect shredding, incorrect disassembly, and inappropriate separation of hazardous compounds utilized in batteries.
Battery Recycling Market Segmentation
Based on chemistry, the global market has been divided into lead-acid, nickel-based, lithium-based, and other categories.
Based on application, the battery recycling market is split into four segments: consumer electronics, transportation, industrial, and others.
Based on the source, three segments comprise the global market for battery recycling: automotive, industrial, and consumer electronic appliance batteries.
Regional Insights
Asia Pacific is the leading market because the nations in the area are focusing a lot on battery recycling to reduce pollution in the soil and water. Due to the increasing demand for electric vehicles, China held the largest market share in the Asia-Pacific region in 2018.
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https://renewableenergyandpower.wordpress.com/2024/03/08/carbon-offset-and-carbon-credit-market-to-reach-usd-4994-3-billion-growing-cagr-of-32-0-during-the-appraisal-period-from-2023-to-2032/
https://market-research-report-energy.blogspot.com/2024/03/sustainable-growth-strategies-in-uae.html
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