New York, USA, Feb. 01, 2023 (GLOBE NEWSWIRE) -- As per Research Dive’s latest report, the global automotive battery recycling market is expected to garner a revenue of $19,222.3 million by 2028 and grow with a stunning CAGR of 8.1% in the 2021-2028 timeframe. This latest report, published by Research Dive, provides a brief outlook of the contemporary architecture of the automotive battery recycling market including its major characteristics like growth drivers, growth opportunities, restraints, and hindrances during the analysis period of 2021-2028. All the important market figures are also provided in this report to help new entrants gain insights about the market easily.
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Dynamics of the Market
Drivers: Increase in demand for lithium-ion battery (LIB) in electric vehicles and energy storage is predicted to boost the automotive battery recycling market in the forecast period. Along with this, the intense growth of passenger electric vehicles (EVs) is predicted to help the market grow in the forecast period.
Opportunities: Different initiatives kick started by automotive battery recycling companies are anticipated to offer numerous growth opportunities for the market in the forecast period. Additionally, the deployment of commercial EVs across various countries is expected to be the major factor behind the growth of the market in the forecast period.
Restraints: However, despite the various growth opportunities, high cost of setting up a battery recycling plant is predicted to be a major restraint in the full-fledged growth of the automotive battery recycling market.
Impact of Covid-19 on the Market
The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. The automotive battery recycling market has been no exception to this phenomenon. The three main factors which played a huge role in slowing down the growth rate of the market are the closure of battery manufacturing and recycling plants, curtailing of consumer spending, and disruptions in supply chains leading to a shortage of raw materials like lithium, cobalt, lead, etc.
Segments of the Market
The report has divided the automotive battery recycling market into certain segments based on type, recycling process, and region.
Type: Lead Acid Battery Sub-segment to be the Most Dominant
By type, the lead acid battery sub-segment is predicted to have a dominant market share and register a revenue of $13,303.8 million by 2028. The widespread use of lead-acid batteries in automotive applications due to their cheaper pricing as compared to lithium-ion batteries is expected to help the market grow in the forecast period.
Recycling Process: Hydrometallurgical Automotive Battery Recycling Sub-segment to be the Most Lucrative
By recycling process, the hydrometallurgical automotive battery recycling sub-segment is anticipated to have the most dominant market share and garner $14,436.0 million by 2028. Since hydrometallurgical automotive battery recycling involves a great control over each step of processing, it ultimately results in easy material handling. This advantage of hydrometallurgical automotive battery recycling is predicted to help in propelling the sub-segment forward.
Region: Market in Asia-Pacific Region to be the Most Profitable
By regional analysis, the automotive battery recycling market in Asia-Pacific region is expected to be the most profitable and rise with a CAGR of 8.5%. The increasing investments and increase in the number of battery recycling plants are predicted to be the two main growth drivers of the market in the forecast period.
Prominent Market Players
Some leading market players of the automotive battery recycling market are
- Li-Cycle Corp.
- Envirostream Australia Pty Ltd
- Neometals Ltd
- Retriev Technologies Inc.
- Raw Materials Company Inc.
- Duesenfeld
- Umicore
- Contemporary Amperex Technology Co. Limited (CATL)
- OnTo Technology LLC
- American Manganese Inc.
These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a leading position in the global market- Inquire here to grab full report
For instance, in March 2022, Clarios, an advanced battery technology company, announced the acquisition of Metalúrgica de Medina, a Spain-based battery recycling company. The acquisition by Clarios is aimed at increasing its footprint in the market and consolidating its position as the leader of the industry.
Finally, the Research Dive report also summarizes many crucial aspects of the global market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
More about Automotive Battery Recycling Market:
- Why there is an Immediate Need for Automotive Battery Recycling Today?
- Global Automotive Battery Recycling Market to Reach Newer Heights with Rising Popularity of EVs
