New York, USA, June 13, 2022 (GLOBE NEWSWIRE) -- A new report on the global battery recycling market has been added by Research Dive to its repository. According to the report, the global market is expected to hit $20,407.7 million by 2028, rising at a striking CAGR of 9.3% from 2021 to 2028. This report is an in-depth study offering meticulous insights into the present situation and future scope of the global industry. The report is drafted by expert market analysts and assures to be a reliable source of data and comprehensive market insights for new market players, investors, prevalent players, stakeholders, shareholders, etc.
The report segments the global battery recycling market into chemistry, source, application, and region.
Lead-Acid Battery Sub-Segment to Observe Highest Growth
Among the chemistry segment, the lead-acid battery sub-segment is projected to lead the market and surpass $13,882.8 million during the estimated timeframe. This is mostly because of the rising demand and acceptance for lead-acid battery as they are reliable and low-cost per watt.
Industrial Batteries Sub-Segment to Experience Dominant Growth
Among the source segment, the industrial batteries sub-segment is expected to grab highest market share and surpass $10,327.2 million during the forecast period. The growth of this sub-segment is mostly because of the rising demand for industrial batteries, as they are widely used in industrial applications such as forklifts, emergency power backup, UPS systems, and heavy machineries primarily owing to its major advantages like maintenance-free and cost-competitive.
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Transportation Sub-Segment to Witness Maximum Growth
Among the application segment, the transportation sub-segment is projected to grab foremost market share and garner $8,746.4 million during the estimated timeframe. This is mostly because of the growing adoption of EVs in the transportation sector owing to the availability of advanced batteries and battery recycling solutions combined with financial support offered by government bodies to environment-friendly projects.
Asia-Pacific Battery Recycling Market to Observe Rapid Growth
The report analyzes the global battery recycling market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the Asia-Pacific region market is estimated to observe remarkable growth with a CAGR of 9.8% in the forecast period. The growth of the region market is mainly because of the growing implementation of strict environmental regulations, developing automotive sector, and lower labor costs involved in battery recycling in this region.
Impact of COVID-19 Pandemic on the Battery recycling Market:
The abrupt rise of COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global battery recycling market. The implementation of lockdown restrictions has ceased the working of many industries, such as automotive, and disrupted the supply chains across the world. This has significantly dropped the demand for battery recycling worldwide. All these factors are greatly hampering the growth of the battery recycling market amidst the pandemic period.
Factors Impacting the Battery Recycling Market Growth:
The key factors boosting the growth of the global battery recycling market are the rising worldwide acceptance for electric vehicles and growing adoption of portable electronics and grid-scale energy storage. Moreover, growing technical developments in battery recycling methods and rising switch from combustion fuels to electricity in various industrial sectors are projected to open doors to beneficial opportunities for the growth of the market in the forecast period. However, technical problems, such as the dearth of design for stress-free disassembly and reprocessing of batteries is expected to obstruct the market growth.
Leading Players of Battery Recycling Market:
The report lists some of the foremost players operating in the global industry including
- Fortum OYJ
- Call2Recycle, Inc.
- GEM Co., Ltd.
- Battery Solutions
- LLC
- Exide Technologies.
- Umicore
- Contemporary Amperex Technology Co., Limited.
- Johnson Controls International plc
- Aqua Metals, Inc.
- ENERSYS
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. For instance, in January 2022, Stelco Holdings Inc., a Canadian steel company, signed a Memorandum of Understanding (MOU) with Primobius GmbH, a battery recycling joint venture, to commercialize advanced EV battery recycling and processing techniques in North America.
More about 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
