Lead-acid Batteries is Expected to Dominate the Global Battery Recycling Market.
The industry is
expected to grow rapidly during the forecast period owing to the increasing
popularity of Electric Vehicles (EVs) and renewable energy storage systems
leading to a higher demand for batteries, and, in turn, driving the need for
recycling.
According to
TechSci Research report, “Global Battery Recycling Market - By Country,
Competition, Forecast & Opportunities, 2028”. The Global Battery Recycling Market is anticipated to
project robust growth in the forecast period with a CAGR of 12.05% through 2028.
The demand for batteries is increasing due to the growing use of electronic
devices, such as smartphones, laptops, and tablets. The demand for batteries is
also increasing in the automotive and industrial sectors. There is a growing
concern about the environmental impact of batteries. Batteries contain harmful
chemicals, such as lead, mercury, and cadmium, which can pollute the
environment if they are not recycled properly. Governments around the world are
imposing regulations to promote battery recycling. These regulations are
driving the demand for battery recycling services.
There are a
number of new recycling technologies being developed to improve the efficiency
and sustainability of battery recycling. These technologies are expected to
drive the growth of the market in the coming years. Battery manufacturers are
increasingly focusing on sustainable battery manufacturing. This includes using
recycled materials and reducing the use of harmful chemicals. The demand for
recycled batteries is increasing due to the increasing environmental concerns.
Recycled batteries are a more sustainable option than virgin batteries.
The cost of
battery recycling is high compared to other recycling streams. This is due to
the complex nature of batteries and the need for specialized equipment. The
collection rates for batteries are low. This is due to the lack of awareness
about battery recycling and the lack of collection infrastructure. The
availability of recycled battery materials is limited. This is due to the low
collection rates and the fact that batteries are not easily recyclable. Lockdowns
imposed due to the outbreak of COVID-19 pandemic resulted in temporary ban on
import & export and manufacturing & processing activities across
various industries, which decreased demand for batteries from various
automotive and non-automotive end users. This resulted in decline in the market
growth in the second, third, and fourth quarters of 2020. However, the battery
recycling market is expected to recover by the 2nd quarter of 2021 as COVID-19
vaccination has started in various economies across the globe, which is
expected to improve the global economy.
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market data Figures spread through 180 Pages and an in-depth TOC on " Global Battery Recycling Market"
Battery
recycling is the process of recovering materials from used batteries. The
recovered materials can be used to make new batteries or other products. The
environmental concerns related to batteries include the pollution caused by the
mining of raw materials, the production of batteries, and the disposal of used
batteries. The government regulations related to battery recycling vary from
country to country. However, most countries have regulations that require the
collection and recycling of used batteries. Overall, the global battery
recycling market is expected to grow in the coming years. The market is
expected to be driven by the increasing demand for batteries, the growing
environmental concerns, and the government regulations.
Based on application,
the transportation segment garnered the highest battery recycling market share
in 2020. This is attributed to the growing adoption of electric & hybrid
vehicles and increasing efforts to promote electrification in the overall
automotive industry. In addition, rapid growth of EV industry across the
developing economies is anticipated to fuel the market growth in the coming
years.
Key market
players in the Global Battery Recycling Market include:
- Umicore
- Retriev Technologies
- American Battery Technology Company (ABTC)
- Li-Cycle
- Aqua Metals
- Battery Solutions
- Recupyl
- Gopher Resource
- Glencore Recycling
- Retech Recycling Technology AB
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“Factors such
as government regulations, environmental safety, and awareness among people are
expected to drive growth of the global battery recycling market. However,
improper separation of harmful materials used in battery, improper dismantling,
and improper shredding are expected to hamper the battery recycling market
growth during the forecast period. Factors such as aesthetic design of battery,
accessible installation of batteries, and provision of protective layers to
mitigate risk of fire and short circuiting are anticipated to make way for
different growth opportunities in the global market.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based global management
consulting firm.
Battery Recycling Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Chemistry (Lithium-ion, Lead Acid, Nickel), By
Application (Transportation, Consumer Electronics, Industrial, and Others), By
Source (Industrial Batteries, Automotive Batteries, and Customer &
Electronic Appliances Batteries), By Region, Competition 2018-2028
has
evaluated the future growth potential of Portable Battery Recycling Market and
provides statistics and information on market structure, size, share, and
future growth. The report is intended to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities present in the Portable Battery
Recycling Market.
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