Wilmington, Delaware, United States, April 05, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – Extensive adoption of prepaid recycling and disposal kits for automotive and industrial batteries is likely to offer significant revenues to companies in the global prepaid battery recycling market. Strict legislations that require stakeholders in the battery industry to enhance recycling efficiency and material recovery level, especially for lead acid and Li-ion batteries, are expected to offer lucrative business opportunities to companies in the market.
The prepaid battery recycling market was valued at US$ 2.7 Bn in 2022 and is projected to reach US$ 4.5 Bn by 2031.
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Recycling a significant portion of batteries allows recyclers to retrieve/recover useful metals, such as lithium, cobalt, nickel, lead, and manganese, which are subsequently reintroduced to produce new batteries. Pressing need to increase the share of recycled materials in the production of new batteries is expected to accelerate the prepaid battery recycling market development. Constant focus on reducing carbon footprint of the battery value chain has encouraged battery manufacturers to recover key raw materials and subsequently promote a circular economy.
Governments of countries in Asia Pacific and the European Union have drafted stringent regulations pertaining to environmental, social, and governance (ESG) impacts of the battery industry. A case in point is mandates on minimum percentage of recovery of materials from waste batteries. These regulations govern the entire value chain, from manufacture, design, and labelling of new batteries to sorting and collection of discarded batteries, and repair and reuse. Recyclers and battery manufacturers are collaborating to develop systems aimed at increasing the recycling efficiency and material recovery levels of a wide range automotive and industrial batteries.
Key Findings of Study
- Stringent Regulations to Reduce Carbon Footprint of Battery Industry to Boost Market Size: Implementation of regulations is estimated to encourage battery manufacturers to disclose requisite information on the environmental performance of the devices, their carbon footprint, and effective ways to collect and recycle/refurbish waste batteries after they are discarded. Manufacturers of batteries, especially exceeding 2KWh, mainly automotive batteries, are required to disclose information about handling of automotive batteries, their collection and sorting, and suitability for recycling or reuse.
- Rise in Adoption of Automotive Recycling Services: Recent market trends highlight the surge in electrification of vehicles in the transport sector worldwide. The trend has spurred the demand for electric vehicles and Li-ion batteries. This is anticipated to augment the market value. Rise in amount of discarded automotive batteries in the past few years has accelerated the prepaid battery recycling market development.
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Key Drivers
- Surge in amount of Li-ion batteries likely to reach end-of-life stage in the near future is anticipated to propel the prepaid battery recycling industry. Proliferating demand for non-rechargeable and rechargeable batteries stems from burgeoning need for consumer portable devices, power tools, home appliances, and industrial equipment.
- Growth in awareness about the carbon footprint of battery value chain is expected to broaden the market outlook. Rise in global initiatives to reduce the carbon footprint associated with the manufacture of batteries is poised to bolster the demand for prepaid battery recycling services in several countries.
Regional Growth Dynamics
- The market in Asia Pacific is anticipated to expand at a rapid pace from 2023 to 2031. Surge in adoption of smart devices, home appliances, and grid-scale energy storage systems in the region is anticipated to drive the demand for recycling/reuse of batteries in these devices. Surge in sale of electric vehicles, especially in China, is likely to bolster market growth in the region.
- Europe and North America are also projected to be lucrative markets for prepaid battery recycling during the forecast period. Implementation of stringent legislations related to recycling and reuse of batteries in the European Union is likely to spur the demand for prepaid battery recycling services.
Competition Landscape
Electronic waste recycling companies in the prepaid battery recycling market are striving to develop innovative products. Key players are significantly investing in R&D activities and engaging in partnerships to consolidate their market positions.
Key players operating in the market are Veolia, Umicore, Retriev Technologies, uRecycle, Gravita India Ltd, Battery Solutions, EnerSys, Call2Recycle, Cirba Solutions, and East Penn Manufacturing.
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Prepaid Battery Recycling Market Segmentation
Battery Type
- Lead Acid
- Nickel Cadmium
- Nickel Metal Hydride
- Lithium-ion
- Others
Capacity
- Up to 10-50 lbs
- > 50-100 lbs
- >100-200 lbs
- >200 lbs
End-use
- Automotive
- Consumer Electronics
- Healthcare
- Energy
- Marine
- Others
Region
- North America
- Europe
- Latin America
- Europe
- Middle East & Africa
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