NEW YORK , Nov. 27, 2024 /PRNewswire/ -- Report with market evolution powered by AI - The global battery recycling market size is estimated to grow by USD 11.35 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 11.53% during the forecast period. Widening lithium supply-demand gap is driving market growth, with a trend towards rising stewardship collaboration for battery recycling. However, lead contamination in environment poses a challenge.Key market players include Accurec Recycling GmbH, Aqua Metals Inc., Battery Solutions LLC, Call2Recycle Inc., Contemporary Amperex Technology Co. Ltd., East Penn Manufacturing Co. Inc., Ecobat LLC, EnerSys, ENGITEC TECHNOLOGIES SPA, Exide Industries Ltd., Fortum Oyj, GEM Co. Ltd., Gopher Resource LLC, Gravita India Ltd., Li Cycle Holdings Corp., Onto Technology LLC, Raw Materials Co. Inc., SungEel Hi-Tech Co. Ltd., Terrapure Environmental, and Umicore SA. AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View Free Sample Report PDF Forecast period 2024-2028 Base Year 2023 Historic Data 2018 - 2022 Segment Covered Source (Automotive, Electronic appliance, and Others), Battery Type (Lead-acid, Lithium, and Others), and Geography (APAC, Europe, North America, South America, and Middle East and Africa) Region Covered APAC, Europe, North America, South America, and Middle East and Africa Key companies profiled Accurec Recycling GmbH, Aqua Metals Inc., Battery Solutions LLC, Call2Recycle Inc., Contemporary Amperex Technology Co. Ltd., East Penn Manufacturing Co. Inc., Ecobat LLC, EnerSys, ENGITEC TECHNOLOGIES SPA, Exide Industries Ltd., Fortum Oyj, GEM Co. Ltd., Gopher Resource LLC, Gravita India Ltd., Li Cycle Holdings Corp., Onto Technology LLC, Raw Materials Co. Inc., SungEel Hi-Tech Co. Ltd., Terrapure Environmental, and Umicore SA Key Market Trends Fueling Growth The battery recycling market is experiencing significant growth due to increasing trends in electric vehicles and renewable energy sectors. EPA guidelines are driving the need for safe and efficient battery recycling, particularly for lithium-ion batteries used in electric cars and PHEVs. Battery technologies, including lithium-ion, acid, sodium-sulfur, and hydride batteries, require innovative solutions to address energy density, charging capabilities, and maintenance requirements. Spent batteries contain hazardous materials like acids, heavy metals such as nickel, cobalt, lithium, and toxic substances like mercury and lead. Proper recycling prevents chemical leakage and toxic substance release, reducing environmental impact. Regulations are essential to ensure safe battery disposal and recycling. Renewable energy industries, such as solar and wind power, rely on battery storage systems like UPS systems, which also need recycling. Technological innovations in extrusion, nickel metal hydride, and lithium-iron phosphate batteries are crucial to improving yield and reducing logistics costs. Key players in the market include Element Resources, Umicore, and Redwood Materials. The automotive industry, particularly the demand for automobile batteries and lead-acid batteries, also contributes to the market growth. Industries must address the challenges of urbanization and electronic gadgets' battery waste disposal to minimize costs and ensure a sustainable supply chain. The depletion of metal reserves and environmental concerns necessitate the recycling of batteries, with both primary and secondary batteries requiring attention. This responsibility should not solely rest with governments; instead, all stakeholders, including battery manufacturers, businesses, public agencies, and consumers, must collaborate. One such trend gaining traction is stewardship collaboration. Through this approach, all parties work together on a level playing field for end-of-life battery management. Manufacturers are expected to provide consumers with convenient and accessible ways, known as Extended Producer Responsibility (EPR) programs, to return used batteries. Insights on how AI is driving innovation, efficiency, and market growth- Request Sample! Market Challenges The battery recycling market faces several challenges in the context of evolving battery technologies and increasing demand for energy storage in various sectors. EPA guidelines require strict regulations for handling spent batteries containing hazardous materials like acids, heavy metals, mercury, lead, and toxic substances. The rise of electric vehicles and renewable energy sectors, particularly solar and wind power, increases the generation of spent batteries, especially lithium-ion, acid, and sodium-sulfur types. The scarcity of technologies and high costs for recycling these batteries pose a significant challenge. Nickel, cobalt, lithium, and other essential minerals are in high demand for battery production, making battery waste disposal a critical issue. Regulations and infrastructure development are essential to mitigate these challenges. Companies like Element Resources, Umicore, Redwood Materials, LOHUM Cleantech, BEEAH, ACE Green Recycling, and Criba are leading the way in battery recycling, focusing on technological innovations and improving yield. However, logistics costs, emissions, and the complexity of battery chemistries, plastics, and extrusion processes remain obstacles. The energy storage market's growth depends on addressing these challenges and ensuring a sustainable supply chain. The lead-acid battery chemistry is currently the most profitable in the battery recycling market. However, the toxic nature of lead poses environmental concerns. Improper disposal of lead-acid batteries can lead to significant pollution of soil and water. A single battery incorrectly disposed of in a municipal solid waste (MSW) collection system can contaminate up to 25 tons of waste. Therefore, it's crucial to collect and recycle these batteries in an eco-friendly manner as soon as they become inoperative. Ensuring proper disposal and recycling not only reduces environmental harm but also maximizes the potential revenue from these batteries. Insights into how AI is reshaping industries and driving growth- Download a Sample Report Segment Overview This battery recycling market report extensively covers market segmentation by Source 1.1 Automotive 1.2 Electronic appliance 1.3 Others Battery Type 2.1 Lead-acid 2.2 Lithium 2.3 Others Geography 3.1 APAC 3.2 Europe 3.3 North America 3.4 South America 3.5 Middle East and Africa 1.1 Automotive- The automotive segment of the battery recycling market is driven by the increasing demand for automobiles, particularly in emerging economies. Lead-acid batteries, which are the primary type used in the automotive industry for starting, lighting, and ignition (SLI) in internal combustion engine (ICE) vehicles and start-stop applications in conventional and electric vehicles, are in high demand. The growing popularity of electric vehicles (EVs) and e-bikes, fueled by environmental concerns and government initiatives, is further boosting the market. In the automotive industry, batteries provide electric energy to vehicles, enabling the starting of motors, lighting, and ignition systems. Passenger vehicles typically use one battery, while heavy-duty vehicles require two batteries to complete a 24-volt system. The expanding automobile industry, driven by economic growth, industrialization, and rising consumer confidence, is expected to increase the demand for battery recycling during the forecast period. Additionally, the growing adoption of e-bikes in Asian countries and the increasing demand for EVs in Europe and other regions are expected to significantly contribute to the growth of the automotive battery recycling market. Download complimentary Sample Report to gain insights into AI's impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 - 2022) Research Analysis The Battery Recycling Market is witnessing significant growth due to increasing environmental concerns and the need for sustainable energy solutions. EPA guidelines mandate proper disposal of spent batteries, which contain hazardous materials such as acids, heavy metals like nickel, manganese, mercury, and lead. These batteries, used in electric vehicles, UPS systems, and other applications, have high energy density and charging capabilities, but require minimal maintenance. Battery recycling is crucial to mitigate chemical leakage and toxic substance release. Li-ion batteries, a key technology, pose unique challenges due to their chemistry and plastics composition. Extraction processes like nickel metal hydride and manganese-nickel oxide hydroxide are commonly used. Redwood Materials and other companies are innovating to improve yield and reduce costs in the battery waste disposal supply chain. Technological innovations, such as advanced pyrometallurgical and hydrometallurgical processes, are also driving market growth. Market Research Overview The battery recycling market is experiencing significant growth due to the increasing demand for electric vehicles (EVs) and the expansion of renewable energy sectors such as solar and wind power. Battery technologies, including lithium-ion, acid, sodium-sulfur, and hydride batteries, are in high demand for energy storage solutions. However, spent batteries pose challenges due to hazardous materials like acids, heavy metals, mercury, lead, and toxic substances. EPA guidelines aim to mitigate environmental risks by regulating battery disposal. The federal government is investing in research and development to address the dearth of technologies for recycling essential minerals like nickel, cobalt, lithium, and manganese. Battery recycling is crucial for reducing logistics costs, emissions, and the demand for new batteries. Companies are exploring technological innovations to improve yield and minimize chemical leakage. Renewable energy industries, including solar, wind, UPS systems, and electric cars, are major consumers of batteries, driving the market forward. Battery recycling is essential for the circular economy, particularly in industries undergoing industrialization and urbanization, such as automotive and electronic gadgets. Companies like Redwood Materials, LOHUM Cleantech, Criba, BEEAH, ACE Green Recycling, and others are leading the way in battery recycling, extracting valuable materials from battery waste through processes like extrusion and nickel metal hydride technology. However, challenges remain, including the complexity of battery chemistries and the need for supply chain to ensure the efficient collection and processing of batteries. The costs of battery recycling must be competitive with primary production to make it a viable and sustainable solution. The future of battery recycling lies in technological innovations that can improve yield, reduce costs, and minimize environmental impact. Table of Contents: 1 Executive Summary 2 Market Landscape 3 Market Sizing 4 Historic Market Size 5 Five Forces Analysis 6 Market Segmentation Source Automotive Electronic Appliance Others Battery Type Lead-acid Lithium Others Geography APAC Europe North America South America Middle East And Africa 7 Customer Landscape 8 Geographic Landscape 9 Drivers, Challenges, and Trends 10 Company Landscape 11 Company Analysis 12 Appendix About Technavio Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Contacts Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: media@technavio.com Website: www.technavio.com/ View original content to download multimedia: https://www.prnewswire.com/news-releases/battery-recycling-market-to-grow-by-usd-11-35-billion-from-2024-2028--driven-by-lithium-supply-demand-gap-report-on-ais-role-in-transforming-the-market---technavio-302316588.html SOURCE Technavio © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.LAHORE: Chief of Jamaat-e-Islami Hafiz Naeem-ur-Rehman has criticized the government’s policies, calling them detrimental to the people. Addressing a press conference at Mansoorah on Saturday, following a consultative meeting with Punjab’s leadership; he said the rule of fraudulent elements that came to power through fake Form 47 cannot resolve the nation’s problems. JI Chief said that the Prime Minister’s claims about reducing inflation are a pack of lies, he asserted, pointing to a staggering 319% increase in gas prices as evidence. “The government itself spreads fake news,” he said, adding that it imposed internet restrictions and suppressed dissent. “Dictatorship and censorship will not be accepted,” he asserted. In response to a question regarding the issue of madrasah registration, Rehman said Jamaat-e-Islami supports the process of registration but stressed the need to involve all stakeholders (boards of religious seminaries) to resolve the matter. He criticized the political practices of the Pakistan Democratic Movement (PDM), citing the 26th Amendment as a lesson for the nation. He highlighted that Jamaat-e-Islami’s “Haq Do Awam Ko” (give the people their rights) movement is ongoing, with plans for marches in Lahore and other major cities of Punjab to address farmers’ grievances. The JI chief strongly condemned former U.S. President Donald Trump’s threats to Gulf countries, calling them equivalent to genocide. He also denounced Israel’s atrocities in Gaza, carried out with U.S. support, and demanded an immediate ceasefire. He announced a Million March in Islamabad on December 29 in solidarity with the Palestinian people. Rehman demanded the formation of an independent and empowered commission to investigate the killing of PTI protestors in Islamabad. He condemned the arrests of Pashtuns in the federal capital, calling it an attempt to foster division and prejudice. He said the government is lying about casualties during the protests, saying that Jamaat-e-Islami itself is aware of six to seven deaths. He announced the establishment of a legal assistance cell in Islamabad to aid those facing police harassment or other grievances. In response to another question regarding the deteriorating economic situation, Rehman criticized the government for failing to control soaring prices of electricity, petrol, gas, and essential commodities. He stated that 100 million people now live below the poverty line, with the poor and middle class struggling to survive. He condemned the government’s actions, such as slowing internet speeds, which he said are destroying the livelihoods of millions. “Such tactics are unacceptable,” he declared. He called on the government to end privileges for the ruling elite and urged them to pay taxes instead of burdening the poor and salaried class. He criticized the lack of fair prices for farmers’ produce, particularly sugarcane, and questioned why the government cannot provide agricultural subsidies while failing to tax feudal landlords. When asked, Rehman said that Jamaat-e-Islami will stage protests for farmers’ rights in Vehari, Mandi Bahauddin, Jhang, and later in Lahore. He called for the benefits of Independent Power Producer (IPP) agreements to be used for reducing electricity prices. “The movement for public issues will continue,” he said, adding that grassroots public committees will be formed in urban and rural areas. He reiterated Jamaat-e-Islami’s commitment to fighting for democracy, the rule of law, and the rights of the people, while vowing to end the dominance of the ruling elite. Copyright Business Recorder, 2024
Opposition leader Peter Dutton has announced the long-awaited costings of the Coalition's nuclear energy transition. The Coalition claims its "reliable" energy mix, which includes converting seven end-of-life coal-fired plants into nuclear reactors, will reduce energy bills by 44 per cent. "This will make electricity reliable, it will make it more consistent, cheaper, for Australians and it will help us decarbonise as a trading economy, as we must," Dutton told reporters on Friday. However the government's Energy Minister Chris Bowen says the plan has "three fatal errors". Frontier Economics modelled the Coalition's plan at $331 billion, $263 billion less than Labor's renewable transition, however, the figure is at odds with industry experts. Hidden costs? Cheaper energy? 'Farcical' locations? Debunking the hype around nuclear Bowen says the costings incorrectly assumed Australia will need less energy in 2050. He said Dutton had "rejected the work of the CSIRO and the Australian Energy Market Operator, and fatally assumed there would be savings due to fewer transmission lines. "After months of talking about what nuclear would mean for energy bills, they couldn't even put a price on the impact of their plan on the average bills of Australians," Bowen said. He also disputed figures within the Coalition's plan, quoting the government's policy at $600 billion. Bowen argued the government plan would cost $122 billion, citing a forecast by the national energy grid operator. The Opposition's energy spokesperson Ted O'Brien defended the independent costings, stating that any exclusions were based on "what Labor has been modelling". "So people say something that been excluded like the cost of EVs and home batteries, well, that is because Labor's modelling excludes that and in order for us to compare their model to our model we had to adopt some of those basic assumptions," he said. Dutton said Labor's support for nuclear submarines meant there were "no safety concerns around nuclear", as he pushed for reversing Australia's nuclear energy ban. Power bill impact: The energy price decision affecting a million households Labor's plan is to boost renewables to 80 per cent of the grid by 2030 and increase the figure to 90 per cent by 2050, with the remainder made up of storage and gas. A crucial difference between the two proposals is energy output, with the Coalition's preferred plan producing 311TwH whereas Labor's Step Change plans to deliver 450Twh. CSIRO report casts doubt over Coalition costings A report released just ahead of Dutton unveiling the Coalition's modelling found deferring coal power station closures would increase Australia's carbon emissions in the medium term. For the seventh straight year, the GenCost 2024-25 report found renewable energy sources are the lowest-cost of any new-build electricity-generating technology. Nuclear energy generation would be 1.5 to two times more expensive than large-scale solar, according to the analysis by the national science agency CSIRO and the Australian Energy Market Operator. Will nuclear lead to cheaper energy prices? Experts weigh in Experts have said energy market operators will need to establish new connection points to safely supply the national electricity grid. Frontier Economics cost Labor's transition around $600 billion. Energy Minister Chris Bowen has rubbished this number, saying the government's plan would cost $122 billion, citing a forecast made by the national energy grid operator. "They're making it up as they go along," Bowen told ABC TV of the Coalition's costings on Friday. Bowen said preliminary reports of the Coalition's plan ahead of Friday's full announcement that nuclear would need fewer transmission lines — therefore bringing down the estimated cost — was incorrect. Source: AAP "I'm not sure how they'll get the nuclear power into the grid, maybe by carrier pigeon if they're going to assert if somehow you'll need less transmission," he said. "They have had to make some very heroic assumptions here, and they have had to really stretch the truth to try to get some very dodgy figures." Keeping coal-fired power plants open beyond their lifespan was a threat to energy reliability, with outages and breakdowns happening on a daily basis, Bowen said. 'Misleading': Reaction to Coalition's nuclear plan The Coalition is pushing for an end to Australia's nuclear ban but has faced opposition from states who strongly support the government's renewable transition. The reaction from experts has been swift, with climate councillor and economist Nicki Hutley stating that the Coalition has "knowingly mislead Australians on true costs of nuclear". The Climate Council identified four ways the Coalition was "cooking the books", including underestimating costs, the timeline of reactors, not factoring the costs of keeping coal-fired generators operational and excluding costs such as a managing nuclear waste from their figures. 'Economic insanity' or 'cheaper electricity'? Peter Dutton reveals nuclear power locations Nuclear power doesn't stack up for Australian families or businesses, iron ore company Fortescue's executive chairman Andrew Forrest said on Friday. "As our national science agency has shown, 'firmed' solar and wind are the cheapest new electricity options for all Australians," he said in a statement. Forrest, who is a big player in the non-fossil fuels energy market, said that without continued action on "low-cost, high-efficiency renewable energy", Australians will be left with "pricier power and crumbling coal stations".West Virginia knocks off No. 3 Gonzaga 86-78 in overtime in the Battle 4 Atlantis