Lead Chemistry Segment is Expected to Dominate the Global Industrial 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 Industrial Battery Recycling Market - By Country,
Competition, Forecast & Opportunities, 2028”. The Global Industrial Battery Recycling Market is
anticipated to project robust growth in the forecast period with a CAGR of 7.25%
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 Industrial Battery recycling.
These regulations are driving the demand for Industrial Battery recycling
services.
There are a number of
new recycling technologies being developed to improve the efficiency and
sustainability of Industrial Battery recycling. These technologies are expected
to drive the growth of the market in the coming years. Industrial Battery manufacturers
are increasingly focusing on sustainable Industrial 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 Industrial
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 Industrial Battery recycling and the lack of collection infrastructure. The
availability of recycled Industrial 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 Industrial 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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Industrial Battery Recycling Market.”
Industrial 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 Industrial Battery recycling
vary from country to country. However, most countries have regulations that
require the collection and recycling of used batteries. Overall, the global Industrial
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 Industrial 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 Industrial Battery Recycling Market include:
- Umicore
- Retriev Technologies
- American Industrial Battery Technology Company (ABTC)
- Li-Cycle
- Aqua Metals
- Industrial 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 Industrial Battery recycling market.
However, improper separation of harmful materials used in battery, improper
dismantling, and improper shredding are expected to hamper the Industrial
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.
Industrial 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 Industrial 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 Industrial
Battery Recycling Market.
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