New York, United States, June 13, 2022 (GLOBE NEWSWIRE) — A new report on the global battery recycling market has been added by Research Dive to its repository. According to the report, the global market is expected to reach $20,407.7 million by 2028, growing at an impressive CAGR of 9.3% from 2021 to 2028.. This report is an in-depth study offering a meticulous insight into the current status and future scope of the global industry. The report is authored by expert market analysts and guaranteed to be a reliable source of comprehensive market data and information for new market players, investors, dominating players, stakeholders, shareholders, etc. .
The report segments the global battery recycling market in chemistry, source, application and region.
lead acid battery Sub-segment to observe the highest growth
Among the chemicals segment, the lead-acid battery sub-segment is expected to dominate the market and exceed $13,882.8 million over the estimated time frame. This is mainly due to the growing demand and acceptance of lead acid batteries as they are reliable and low cost per watt.
Industrial Battery Sub-Segment to See Dominant Growth
Among the source segment, the industrial battery sub-segment is expected to grab the largest market share and exceed $10,327.2 million during the forecast period. The growth of this sub-segment is primarily driven by the rising demand for industrial batteries as they are widely used in industrial applications such as forklifts, backup power, UPS systems and heavy machinery, primarily due to of its main advantages such as the absence of maintenance. and at competitive prices.
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Transportation Sub-segment to witness maximum growth
Among the application segment, the transportation sub-segment is expected to grab the largest market share and garner $8,746.4 million over the estimated period. This is mainly due to the increasing adoption of electric vehicles in the transport sector due to the availability of advanced batteries and battery recycling solutions combined with the financial support offered by government bodies to environmentally friendly projects.
Asia-Pacific Battery Recycling Market to Witness Rapid Growth
The report analyzes the global battery recycling market across several regions such as North America, Europe, Asia-Pacific, and LAMEA. Among these, the Asia Pacific market is expected to observe remarkable growth with a CAGR of 9.8% during the forecast period. The region’s market growth is mainly due to increasing implementation of stringent environmental regulations, growing automotive sector, and declining labor costs involved in battery recycling in this region.
Impact of COVID-19 Pandemic on Battery Recycling Market:
The sharp rise of the COVID-19 pandemic in 2020 has had a negative impact on the growth of the global battery recycling market. The implementation of lockdown restrictions has brought many industries, such as automotive, to a halt and disrupted supply chains across the world. This has significantly reduced the demand for battery recycling worldwide. All these factors are significantly hampering the growth of the battery recycling market during the pandemic.
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Factors impacting the growth of the Battery Recycling market:
The major factors driving the growth of the global battery recycling market are the increasing acceptance of electric vehicles globally and the increasing adoption of portable electronics and grid-scale energy storage. Additionally, increasing technical developments in battery recycling methods and increasing shift from combustion fuels to electricity in various industrial sectors are expected to open doors for beneficial opportunities for market growth over the forecast period. . However, technical issues, such as lack of design for stress-free battery disassembly and reprocessing, are expected to hamper the market growth.
Key Players in the Battery Recycling Market:
The report lists some of the key players operating in the global industry including
- Fortum OYJ
- Call2Recycle, Inc.
- GEM Co., Ltd.
- Exide Technologies.
- Contemporary Amperex Technology Co., Limited.
- Johnson Controls International plc
- Aqua Metals, Inc.
The report also offers several cutting-edge tactics and approaches such as key strategic moves and developments, product/service mix, business performance, Porter’s Five Forces analysis, and SWOT analysis of major players operating in the global industry. For example, in January 2022, Stelco Holdings Inc., a Canadian steel company, signed a memorandum of understanding with Primobius GmbH, a battery recycling joint venture, to commercialize advanced electric vehicle battery recycling and processing techniques. in North America.
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