Published By : 05 Aug 2016 | Published By : QYRESEARCH
The latest trends state rising awareness for the conservation of environment and benefits of recycling. These trends are likely to fuel the growth of global battery recycling services market. Moreover, the growing cognizance of battery manufacturers regarding the health and environmental hazards of used batteries coupled with rising strictness of government regulations related to reducing the emission of greenhouse gases has given a great push to the demands of battery recycling services.
Growing Awareness of Environmental Hazards to Play an Imperative Role
The various toxics present in a battery are cadmium, lithium, lead, mercury, manganese, nickel, and zinc can potentially contaminate the market if not disposed of properly. The hazardous environmental and health conditions pertaining to the critical nature of these batteries have compelled manufacturers and governments to frame various schemes for battery recycling.
Large Number of Spent Batteries Disposed from Automotive Industry to Fuel Action
Batteries are used in various sectors such as automotive, appliances, and electronics. The high yield of disposed lead acid batteries from vehicles has fuelled the demand for battery recycling services. Also, the extraction of these batteries is operationally easier. As a result, the automotive sector is the leading segment in terms of sourcing the global battery recycling market.
High Participation of Government Organizations to Propel Battery Recycling Services
Europe is one of the most lucrative markets due to the growing demand for battery recycling services. Common masses in the region strongly support the recycling and proper disposal of the used batteries, thereby encouraging the growth of battery recycling market. The growth of this market is further supported by government organizations that are working towards the reduction of hazardous emissions from the batteries.
North America and Asia Pacific are the two rapidly growing regions in the global battery recycling market owing to stringent environmental regulations by several government institutions. In addition, the increased applications of batteries can also be attributed as one of the factors bolstering the growth of the global battery recycling market.