Battery Recycling Market Growth Must Triple Due to Technology Innovation
Battery recycling was previously considered as a legislative activity, however, it is now more profitable way to recover metals through recycling. Currently, no patented recycling methods are available in the market. Therefore, battery recycling is done by melting and through traditional separation methods.
Currently, lead and lithium-ion batteries are gaining increased traction, as their sale is high and are recycled on a large scale. Conversely, nickel batteries, which blended with cobalt, are gaining popularity. Moreover, favorable government policies to support battery recycling infrastructure is driving the growth of this market. On the contrary, complications related to lithium-ion batteries acts as a growth barrier of the global market.
Depending on the battery type, the lead-acid battery segment emerged as the global leader in the market. This is attributed to the fact that lead-acid battery is highly profitable in terms of recycling, has low cost over other battery types, and witnesses higher adoption as it is the first commercial battery in energy storage applications. However, the lithium-ion battery recycling segment is expected to gain significant growth, in response to increase in efforts to develop patented lithium recycling methods.
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