New York, USA, March 29, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive report published by Research Dive, the global automotive battery recycling market is predicted to register a revenue of $19,222.3 million by 2028 and grow at 8.1% CAGR over the analysis period from 2021-2028. The extensive report provides a concise outlook of the automotive battery recycling market’s present scenario including chief aspects of the market such as growth elements, challenges, hindrances, and several opportunities during the projected period of 2021-2028. The report also provides all the market figures to help new participants analyze the market easily.
Dynamics of the Market
Drivers: Increasing demand for lithium-ion batteries in electric vehicles and deployment of commercial EVs across several countries is estimated to drive the global automotive battery recycling market by 2028. In addition, the fast-paced manufacturing, high-end designs, and the presence of some leading automakers is projected to further boost the market growth during the forecast period.
Opportunities: The many benefits that automotive battery recycling offers like reducing soil and land pollution, saving energy, limiting the production of toxic waste, and conserving natural and non-renewable minerals is predicted to offer ample growth opportunities for the global automotive battery recycling market during the forecast period.
Restraints: Improper handling of batteries during transportation and packaging can lead to explosions and fire, which is expected to be a major factor to impede the market growth.
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Covid-19 Impact on the Market
The outbreak of the coronavirus pandemic has had a negative impact on the global automotive battery recycling market due to strict lockdowns imposed by governments in almost all countries worldwide. This led to the closure of multiple manufacturing and recycling units worldwide. Meanwhile, the stringent travel restrictions worsened the import-export relations with China, which is the largest battery recycling manufacturing hub, thus leading to disruptions in both supply chains and availability of raw materials. However, significant precautionary initiatives by prominent automotive battery manufacturing organizations to ensure the health and safety of its employees is anticipated to revive the market growth in the near future.
Segments of the Market:
The detailed report has fragmented the global automotive battery recycling market into a few segments based on type, recycling process, and regional analysis.
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Type: Lead-acid Battery Sub-segment to be Most Dominant
The lead-acid battery sub-segment is estimated to hold a dominant market share and register a revenue of $13,303.8 million by 2028 due to their wide utilization in multiple automotive applications. Additionally, since these batteries are cheaper than lithium-ion batteries and can recharge multiple times, most automakers rely on them. Moreover, lead-acid batteries can also work efficiently at freezing temperatures, produce better output during the start of an engine, have large current capability, are heavily tolerant to overcharging, and are highly conventional for internal combustion engine in vehicles. All these factors are the leading drivers projected to augment the growth of the automotive battery recycling market’s sub-segment by 2028.
Recycling Process: Hydrometallurgical Process Sub-segment to be Highly Lucrative
The hydrometallurgical process of the global automotive battery recycling market is estimated to garner $14,436.0 million by 2028 due to its wide adoption for automotive battery recycling. Hydrometallurgical method can easily process low-grade, complex, and lean ores and also has great control over every single step of the whole processing. Moreover, this process can also be deployed at small scale and expanded later as per requirement. These factors are expected to uplift the growth of the sub-segment by 2028.
Region: Market in the Asia-Pacific Region to Witness Better Growth Opportunities
By regional analysis, the automotive battery recycling market in the Asia-Pacific region is predicted to have the fastest growth rate of 8.5% CAGR during the 2021-2028 timeframe. This immense growth is attributed to the growing investments and setup of battery recycling plants in the region. In addition, strategic partnerships and collaborations among key market players is also anticipated to boost the market growth in the Asia-Pacific region during the analysis timeframe.
Report Overview & TOC: https://www.researchdive.com/8564/automotive-battery-recycling-market
Key Market Players:
Some key automotive battery recycling market players are Envirostream Australia Pty Ltd, Retriev Technologies Inc., Raw Materials Company Inc., Neometals Ltd, Duesenfeld, Umicore, Contemporary Amperex Technology Co., Limited (CATL), American Manganese Inc., OnTo Technology LLC, Li-Cycle Corp., among others. These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth.
For example, in September 2021, Hydromet Solutions, an Indian hydrometallurgy, pyrometallurgy, and mineral processing solution provider, announced its new setup of lithium-ion recycling plant in Gujarat that would have a capacity of 1,000 tons per annum. This investment is aimed to uplift the overall automotive battery recycling market and further boost its expansion.
The report also sums up many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
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Related links:
Analyst Review: https://www.researchdive.com/8564/Anlyst-Review/automotive-battery-recycling-market
