Prepaid Battery Recycling Market Emerging Growth Factors and Forecast to 2031

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Prepaid Battery Recycling Market: Overview

• Battery recycling process can be defined as a reprocessing practice aimed to reduce the number of batteries being disposed as municipal solid waste
• Batteries contain several poisonous chemicals and heavy metals. Disposal of these batteries as regular trash deteriorates the ground water and causes contamination of the soil
• Battery recycling units sort batteries according to their type, chemistry, and size. They provide end-of-life management of batteries, from collection to recycling, in compliance with the environmental regulations.
• Prepaid battery recycling can be considered a prepaid service, wherein scrap batteries are recycled in prepaid recycling facilities. By-products derived from the battery recycling process are further used in different industries such as electric vehicles and mobile phone manufacturing.

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Key Drivers and Restraints of Prepaid Battery Recycling Market

• Lead acid batteries have been accounting for major share of the prepaid battery recycling market since the last few years. More than 50% of the lead supply comes from recycled batteries. Automotive industry contributes significantly to the battery recycling market, as lead is used in a number of car components including lead wheel weights, solder in electronics, and lead car batteries. Large quantity of lead is expected to be required due to the growth of the automobile sector. This is anticipated to drive the prepaid battery recycling market.
• The global drive to replace existing petrol and diesel vehicles with new electric vehicles (EV) has been experiencing significant growth since the last few years. According to a Canada-based battery recycling startup Li-Cycle, the transition toward electric vehicle could leave 11 million tons of spent lithium-ion batteries for recycling by the end of 2030. This is estimated to create ample opportunities for new entrants in the prepaid battery recycling market.
• Stringent environmental regulations imposed by local and national governments around the world for disposal and reuse of batteries are boosting the need for prepaid battery recycling
• Increase in extraction of raw materials such as iron, lead, copper manganese, nickel, and chromium is also boosting the demand for prepaid battery recycling services
• Many underdeveloped countries have opened dedicated recycling units of late. This has limited the supply of batteries for prepaid recycling in developed countries.
• Unorganized recycling of batteries through manual labor, lack of usage of personal protective equipment (PPE) while carrying lead, and lack of awareness about disposal methods are expected to hinder the prepaid battery recycling market

Global Prepaid Battery Recycling Market: Segmentation

• The global prepaid battery recycling market can be segmented based on product type, application, and source
• In terms of product type, the global prepaid battery recycling market can be divided into lead acid, lithium ion, nickel cadmium, nickel-metal hydride, and others. The lithium ion segment is expected to expand at a higher CAGR during the forecast period.
• In terms of application, the prepaid battery recycling market can be segregated into material extraction, reuse or second life, disposal, and others. The reuse or second life segment is estimated to hold major share of the global prepaid battery recycling market in the near future.
• In terms of source, the prepaid battery recycling market can be classified into consumer electronics, automotive, industrial, marine, and others. The automotive segment is anticipated to expand at a higher CAGR in the next few years.

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Global Prepaid Battery Recycling Market: Regional Segmentation

• In terms of region, the global prepaid battery recycling market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
• Asia Pacific continues to be the key region of the prepaid battery recycling market in terms of generation of scrap batteries. It is expected to offer lucrative opportunities for new entrants. China alone recycled over 60 tons of lithium-ion batteries procured from EV waste in 2019.
• Various industrial leaders such as Tata Chemicals and Mahindra Electric plan to enter the recycling market. These companies plan to set up recycling units in the near future. Most of the lead in India is imported from South Korea and the U.S. According to a recent market research report, India is estimated to account for recycled lithium-ion battery capacity of 23GWh by the end of 2030.
• Recycling is carried out as a waste disposal activity in North America and Europe. Companies are paid to recycle their own waste products.
• The prepaid battery recycling market in Middle East & Africa is expected to expand due to the expansion in automotive and industrial sectors in the region. Most OEM companies prefer branded batteries; however, unorganized players are predominant in the replacement market.