Lead Chemistry Segment is Expected to Dominate the Global Commercial Battery Recycling Market
Lithium-ion
batteries are used in a variety of applications, including electric vehicles,
renewable energy storage systems, and portable electronics. The demand for
lithium-ion batteries is growing rapidly, due to the increasing popularity of
electric vehicles and the growing adoption of renewable energy.
According
to TechSci Research report, “Global Commercial Battery Recycling Market
- By Country, Competition, Forecast & Opportunities, 2028”. The Global Commercial Battery Recycling
Market is anticipated to project robust growth in the forecast period with a
CAGR of 5.16% 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 Commercial 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 Commercial Battery recycling.
These regulations are driving the demand for Commercial Battery recycling
services.
There
are a number of new recycling technologies being developed to improve the
efficiency and sustainability of Commercial Battery recycling. These
technologies are expected to drive the growth of the market in the coming
years. Commercial Battery manufacturers are increasingly focusing on
sustainable Commercial 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 Commercial 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 Commercial Battery recycling and the lack of
collection infrastructure. The availability of recycled Commercial 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 Commercial 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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Commercial
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 Commercial Battery recycling
vary from country to country. However, most countries have regulations that
require the collection and recycling of used batteries. Overall, the global Commercial
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 Commercial 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 Commercial Battery Recycling
Market include:
- Umicore
- Retriev Technologies
- American Commercial Battery Technology
Company (ABTC)
- Li-Cycle
- Aqua Metals
- Commercial 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 Commercial Battery recycling
market. However, improper separation of harmful materials used in battery,
improper dismantling, and improper shredding are expected to hamper the Commercial
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.
Commercial Battery Recycling Market – Global Industry
Size, Share, Trends, Opportunity, and Forecast Segmented By Chemistry (Lead, Nickel, Cobalt,
Lithium, and other Metals), By Battery Type (Lead-Acid Batteries,
Nickel-Cadmium Batteries, Nickel Metal Hydride Batteries, and Lithium-Ion
Batteries), By Region, Competition 2018-2028 has evaluated the future growth potential of Portable Commercial
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
Commercial Battery Recycling Market.
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