New York, USA, Feb. 21, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global automotive battery recycling market is anticipated to garner $19,476.4 million and grow at a CAGR of 6.0% throughout the analysis timeframe from 2022 to 2031.
As per our analysts, individuals all across the globe are rapidly adopting electric vehicles due to their eco-friendliness which is expected to bolster the growth of the automotive battery recycling market during the forecast timeframe. Besides, the strategic partnerships among the top automakers and the rising production of electric vehicles with premium designs are the major factors expected to fortify the growth of the market in the coming period. Moreover, the various initiatives implemented by automotive recycling companies are predicted to offer numerous growth opportunities to the market over the analysis period. Additionally, the leading market players are making strategic collaborations to create a new circular business for lithium-ion batteries to control e-waste which is expected to propel the growth of the market throughout the forecast period. However, the high investments in setting up battery recycling plants may hinder the growth of the market during the estimated timeframe.
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Segments of the Automotive Battery Recycling Market
The report has divided the market into segments based on type, recycling process, and region.
Type: Lithium-ion Battery Sub-Segment to be Most Productive
The lithium-ion battery is expected to grow at the fastest CAGR during the forecast timeframe. This is mainly because the presence of hazardous and heavy metals in lithium-ion batteries is low. In addition, the high energy density, high voltage capacity, and low self-discharge rate of lithium-ion batteries make them more powerful than nickel-based batteries which are expected to amplify the growth of the market sub-segment during the analysis period.
Recycling Process: Hydrometallurgical Process Sub-Segment to be Most Profitable
The hydrometallurgical process sub-segment is projected to hold the largest share of the market over the estimated timeframe. This is mainly due to the increasing use of the hydrometallurgical process for recycling vehicle batteries. Moreover, this process avoids using coke, and various other chemicals to lessen environmental pollution which is predicted to fuel the growth of the market sub-segment throughout the forecast period.
Asia-Pacific Region to Have Extensive Growth Opportunities
The Asia-Pacific region of the automotive battery recycling market is expected to predicted to grow at a CAGR of 6.4% throughout the analysis timeframe. This is majorly due to the increasing demand for electric vehicles and the rising environmental regulations in this region. Moreover, the strong presence of leading market players in this region and their strategic partnerships with e-waste recycling is expected to thrive the regional growth of the market over the forecast period.
Covid-19 Impact on the Automotive Battery Recycling Market
The outbreak of the Covid-19 pandemic has harshly impacted the automotive battery recycling market. This is mainly due to the sudden closure of manufacturing and recycling units all across the globe due to strict lockdowns. Furthermore, the import-export restrictions have affected the supply chain of raw materials which has caused disturbances in battery recycling. All these factors have declined the growth of the market over the crisis period.
Key Players of the Automotive Battery Recycling Market
The major players of the automotive battery recycling market include
- Envirostream Australia Pty Ltd.
- Contemporary Amperex Technology Co. Limited (CATL)
- Raw Materials Company Inc.
- American Manganese Inc.
- Neometals Ltd.
- Umicore
- Duesenfeld
- Retriev Technologies Inc.
- OnTo Technology LLC
- Li-Cycle Corp.
These players are widely working on the development of new business strategies and tactics such as mergers and acquisitions, partnerships and collaborations, and product development to attain a leading position in the global industry.
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For instance, in July 2022, Volkswagen, a leading German motor vehicle manufacturer, announced its partnership with Tesla, an American multinational automotive, AI, and clean energy company to recycle electric vehicle batteries. With this partnership, Tesla co-founder JB Straubel’s company Redwood will recycle EV batteries from Volkswagen and Audi in the United States- Inquire here to grab full report
Further, the report also summarizes other vital aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic development.
More about Automotive Battery Recycling Market:
- Why there is an Immediate Need for Automotive Battery Recycling Today?
- Automotive Battery Recycling Market to Observe Significant Growth by 2031 Due to Technological Advancements and Joint Ventures by Market Players, such as Umicore, Primobius GmbH, and Others
