Increasing technical advances in battery recycling procedures are fueling the global battery recycling market growth. The COVID-19 pandemic has adversely impacted the market. The Asia Pacific region is likely to lead the market in the future.
NEW YORK, Aug. 15, 2022 /PRNewswire/ -- Research Dive has added a new report to its offerings titled, "Battery Recycling Market by Chemistry (Lead-acid Battery, Lithium-based Battery, Nickel-based Battery, and Others), Source (Automotive Batteries, Industrial Batteries, and Consumer & Electronic Appliance Batteries), Application (Transportation, Consumer Electronics, Industrial, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021-2028".
The global battery recycling market is expected to garner $20,407.7 million by 2028, growing at a CAGR of 9.3% from 2021 to 2028. The report delivers comprehensive insights into the current condition and future prospective of the industry by meticulously examining market drivers and restraints, opportunities, major segments, and regions.
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Key Segment Findings of the Battery Recycling Market
The market is segmented based on chemistry, source, application, and region.
- The lead-acid battery sub-segment of the type segment is estimated to witness leading growth by surpassing $13,882.8 million in the estimated period. This growth is mainly because of the growing demand for lead-acid battery, as it is reliable and affordable per watt.
- The industrial batteries sub-segment of the application segment is anticipated to observe highest growth and surpass $10,327.2 million in the estimated period. This growth is mainly because of the growing demand for industrial batteries, as they are commonly used in industrial equipment and systems such as emergency power backup, UPS systems, forklifts, and heavy machines.
- The transportation sub-segment of the end-use industry segment is anticipated to observe maximum growth and collect a revenue of $8,746.4 million in the estimated period. This growth is mainly because of the rising adoption of EVs in the transport sector owing to the availability of cutting-edge batteries and battery recycling solutions coupled with growing financial support given by government authorities for environment-friendly projects.
- Regionally, the Asia Pacific battery recycling market is projected to observe augmented growth with a CAGR of 9.8% in the estimated period. The growth of this region market is mostly owing to the rising implementation of stringent environmental rules, evolving automotive industry, and lower labor costs involved in battery recycling in this region.
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Battery Recycling Market Dynamics
The key factors fueling the growth of the global battery recycling market are a significant rise in the use of electric vehicles as well as surge in the adoption of portable electronics & grid-scale energy storage systems. In addition, increasing technical advances in battery recycling procedures and rising switch from combustion fuels to electricity in many industrial sectors are projected to open doors to innovative opportunities for the market growth in the projected period. However, technical glitches, for instance, inability in the development of suitable design for efficient recycling and disassembling of batteries is projected to deter the market growth during the forecast period.
Impact of the COVID-19 Pandemic on the Battery Recycling Market
The COVID-19 pandemic has made a negative impact on the growth of the global battery recycling market in 2020. The implementation of lockdown restrictions has stopped the working of numerous industries, such as automotive, and disturbed the supply chains worldwide. As a result, the demand for batteries has greatly dropped. All these factors are hindering the market growth amidst the pandemic period. However, as the pandemic is relaxing since the end of 2021, several industries have recommenced their normal processing; which is obliquely aiding the global battery recycling market to make headway.
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Top Players of the Market
The major players of the global battery recycling market are
- Aqua Metals, Inc.
- Call2Recycle, Inc.
- ENERSYS.
- Fortum OYJ
- Battery Solutions
- LLC
- Exide Technologies.
- Umicore
- Contemporary Amperex Technology Co.
- Limited.
- GEM Co., Ltd.
- Johnson Controls International plc
Numerous business strategies, such as acquisitions, mergers, R&D activities, new product developments, and much more, are implemented by these players to attain a robust position in the global market. For instance, in May 2022, Hydrovolt, an EV battery recycling joint venture among Northvolt (Swedish battery developer & producer) and Hydro (foremost industrial firm aimed toward building a sustainable future), commercially launched Europe's largest EV battery recycling plant in Fredrikstad, Norway. With this launch, Hydrovolt is aiming to make a strong foothold in the global battery recycling market.
Moreover, the report offers other key details such as business tactics, financial performance, and product/service range of the leading players along with Porter's five forces analysis and SWOT analysis.
More about COIVD-19 Impact on Battery Recycling Market:
- Why does Battery Recycling Become an Inevitable Step for Protecting Humans and the Environment from Innumerable Hazards?
- Business Expansion and Partnerships among Key Players to Fuel the Growth of the Global Battery Recycling Market by 2028
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