PUBLISHER: Orion Market Research | PRODUCT CODE: 1327657
PUBLISHER: Orion Market Research | PRODUCT CODE: 1327657
Title: Global Lead Acid Battery Recycling Market Size, Share & Trends Analysis Report by Type (Flooded Lead Acid Batteries and Sealed Lead Acid Batteries), by Method (Collection and separation, Hydrometallurgical process, Pyro-metallurgical process, and Neutralization of Acid), and by Product Type (Automotive Batteries, Industrial Batteries, and Consumer & Electronic Appliance Batteries),Forecast Period (2023-2030).
The global lead acid battery recycling market is anticipated to grow at a CAGR of 15.7% during the forecast period (2023-2030). Recycling lead-acid batteries is a common practice in many industries, including the automotive, industrial, and renewable energy sectors. The need for lead-acid battery recycling is rising quickly in response to the expansion of electric vehicles, renewable energy facilities, and other industrial applications. By making investments in lead battery recycling facilities, businesses can grow and access new markets. For Instance, in March 2023, In order to recycle lead batteries, Gravita India invests in the construction of a lead battery recycling plant in Oman. The plant, which will be planned and built in India, will be run by GNBV and have a first-phase capacity for recycling batteries of 6,000 tones per year.
The global lead acid battery recycling market is segmented by type, method, and product type. Based on the basis of type, the market is sub-segmented into flooded lead acid batteries and sealed lead acid batteries. Based on the method, the market is sub-segmented into collection and separation, hydrometallurgical process, pyro-metallurgical process, and neutralization of acid. Furthermore, on the basis of Product type, the market is sub-segmented into automotive batteries, industrial batteries, and consumer & electronic appliance batteries. Among the battery type, the flooded lead acid batteries sub-segment is anticipated to hold a considerable share of the market owing to the rise in the significant development of flooded absorbent glass mat (AGM) technology. Flooded AGM batteries have a higher energy density than traditional lead-acid batteries, as the electrolyte is absorbed into a fiberglass mat instead of being free-flowing.
Among the product type, the automotive batteries sub-segment is expected to hold a considerable share of the global lead acid battery recycling market. Due to their high demand, the growing number of vehicles on the road, and the requirement for dependable power sources in vehicles, passenger automobiles represent the greatest market for lead-acid batteries. Driven by the rise in vehicle demand and the necessity for dependable power systems in automobiles. In the upcoming years, the flooded lead-acid battery is anticipated to rule the automotive lead-acid battery market. Due to its low price and great energy density, this type of battery is frequently utilized in automobiles and has consistent performance, too. Lead-acid batteries that have been flooded are widely accessible and simple to replace. For Instance, in June 2023, The Schaeffler TruPower 2-Wheeler Batteries, a new product created specifically for two-wheeler applications and utilizing VRLA (Valve Regulated Lead Acid) technology to assure the trouble-free operation of the vehicle, were unveiled by Schaeffler India's automotive aftermarket division.
The global lead acid battery recycling market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America. Among these, Asia-pacific is anticipated to hold a prominent share of the market across the globe, owing to the high concentration of the market solution vendors including Pilot Industries Ltd., Exide Industries Ltd., GS Yuasa International Ltd., Neometals Ltd., Contemporary Amperex Technology Co., Ltd., and GEM Co., Ltd. and others.
Among all regions, the North American region is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to economic developments and technological enhancements. There is a thriving automotive industry in the area and many cars and significant demand for vehicles are on the road. The market in North America has expanded as a result of this demand, a robust automotive aftermarket, and the existence of significant battery producers. Due to factors including the high number of vehicles on the road, the sizeable automotive aftermarket, and the presence of major battery manufacturers, the United States is the largest market in North America for automotive lead-acid batteries. For Instance in May 2022, Recycling technology company, ACE Green Recycling (ACE) is announcing its plans to build and operate North America's largest emissions-free and sustainable battery recycling park in Texas, USA. The 400,000-square-foot facility will be able to recycle both lead-acid and lithium-ion batteries when fully operational. These batteries are key elements in the automotive, power storage, telecommunications industry, and portable devices like mobile phones and laptops.
Various countries collaborate and partner with a North American-based company for lead acid battery recycling. For Instance, in June 2023 The Israeli company Hakurnas Lead Works Ltd. agreed to use the GHG Emission-Free lead recycling technology from ACE Green Recycling. To gradually increase the capacity of lead battery recycling to 50,000 tons yearly, or roughly USD $60 million in lead metal sales, ACE will implement its unique zero-emission lead battery recycling technology at Israel's largest secondary lead manufacturer.
The major companies serving lead acid battery recycling include: Accurec Recycling GmbH, Exide Industries, Ganfeng Lithium Group Co., Ltd., G&P Batteries, Gravita India Ltd., Johnson Controls, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in December 2022, SungEel HiTech and SK Innovation collaborated to dominate the market for recycling battery metal. Both businesses made the decision to work together to recover lithium, nickel, cobalt, manganese, and other cathode materials from spent batteries, and they inked an agreement to create a joint venture at the SK Seorin Building in Seoul's Jongno-gu neighborhood.