Battery Recycling market likely to reach $25 billion by 2026
NEW YORK (Scrap Register): The global battery recycling market was valued at around $ 10 billion in 2017 and is anticipated to expand at a CAGR of nearly 11% from 2018 to 2026, according to a new report by Transparency Market Research (TMR).
Increase in environmental concerns about potential threats from unsafe disposal of used batteries is expected to be a key driver of the battery recycling market. Major raw materials used in batteries such as lead, cadmium, nickel, and mercury are highly hazardous and can cause severe damage to the ecosystem.
Battery manufacturing companies have recognized these potential hazards. Several government and non-profit organizations have taken steps toward battery recycling by spreading awareness about it or by entering into agreements with consumers for spent batteries.
Raw materials used for manufacturing batteries are of high commercial value. The recycling process can yield these raw materials in a cost effective way vis-à-vis their fresh counterparts.
Using recycled products for manufacturing can lower manufacturing costs of various products, thereby making the manufacturing process more economical and environment friendly.
Battery recycling prevents used batteries from ending up in municipal wastes and landfills. It enables the reuse of battery materials. Almost every type of battery such as household batteries, laptop batteries, mobile phone batteries, power tool batteries, and car batteries can be recycled.
Batteries are manufactured from hazardous metals and heavy metals such as lead, mercury, nickel, zinc, and cadmium. These metals may leach into the soil if not disposed properly, thus contaminating the soil and polluting underwater and surface water sources.
Battery recycling ensures the continuous flow of hazardous materials and prevents them from entering the environment, thereby protecting the environment from degradation. Battery recycling activities also help prevent potential health hazards.