Global Automotive Battery Recycling Market Anticipated to Register $19,222.3 Million and Grow at 8.1% CAGR in the 2021-2028 Timeframe [179-Pages] | Declared by Research Dive
Automotive battery recycling market is expected to grow immensely by 2028 due to rapid growth of passenger EVs & their worldwide deployment. The Asia-Pacific region to grow at fastest rate during the forecast period.
NEW YORK, June 23, 2022 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Automotive Battery Recycling Market by Type (Lead-acid Battery, Lithium-ion Battery, and Others), Recycling Process (Hydrometallurgical Process, Pyrometallurgy Process, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028".
According to the report, the automotive battery recycling market is predicted to garner a revenue of $19,222.3 million by 2028, growing at a CAGR of 8.1% during the forecast period 2021-2028.
Dynamics of the Automotive Battery Recycling Market
Drivers: Growing demand for lithium-ion batteries in electric vehicles and deployment of commercial EVs across various countries is anticipated to boost the global automotive battery recycling market growth during the 2021-2028 forecast timeframe. In addition, fast-paced manufacturing, high-end designs, and the existence of some renowned automakers is expected to further bolster the market growth by 2028.
Opportunities: Several benefits that automotive battery recycling offers like limiting the production of toxic waste, saving energy, reducing soil and land pollution, and conserving natural and non-renewable minerals is projected to offer abundant growth opportunities for the global automotive battery recycling market by 2028.
Restraints: Improper handling of batteries during transportation and packaging that can lead to explosions and fire, is anticipated to be a major factor to hinder the market growth.
Covid-19 Impact on the Automotive Battery Recycling Market
The onset of the Covid-19 pandemic has had an adverse impact on the global automotive battery recycling market due to strict lockdowns imposed by governments in almost all countries. This led to the closure of multiple manufacturing and recycling units worldwide. Meanwhile, stringent travel restrictions worsened the import-export relations with China, which is the largest battery recycling manufacturing hub, thus leading to disruptions in both supply chains and availability of raw materials. However, the significant precautionary initiatives by prominent automotive battery manufacturing organizations to ensure the health and safety of its employees is anticipated to revive the market growth.
Segments of the Automotive Battery Recycling Market
The detailed report has fragmented the global automotive battery recycling market into a few segments based on type, recycling process, and regional analysis.
- By type, the lithium-ion battery sub-segment is predicted to witness the fastest growth and garner a revenue of $4,209.3 million by 2028 due to their growing use in EVs and the superior quality they possess. Lithium-ion batteries contain low toxic and heavy metals, and are also compact and lightweight, thus being the highly preferred type for automakers. Moreover, these batteries have low self-discharge rate, high voltage capacity, and energy density. These factors are expected to augment the sub-segment's growth by 2028.
- By recycling process, the hydrometallurgical process of the global automotive battery recycling market is estimated to surpass $14,436.0 million by 2028 due to its wide adoption for automotive battery recycling. Hydrometallurgical method can easily process low-grade, complex, and lean ores and also has great control over every single step of the whole processing. Moreover, this process can also be deployed small scale and expanded later as per requirement. These factors are expected to uplift the growth of the sub-segment by 2028.
- By regional analysis, the automotive battery recycling market in the Asia-Pacific region is predicted to have the fastest growth rate of 8.5% CAGR during the 2021-2028 timeframe. This immense growth is attributed to the growing investments and setup of battery recycling plants in the region. In addition, strategic partnerships and collaborations among key market players is also anticipated to boost the market growth in the Asia-Pacific region during the analysis timeframe.
Prominent Market Players
Some prominent automotive battery recycling market players are
- Neometals Ltd
- Envirostream Australia Pty Ltd
- Contemporary Amperex Technology Co.
- Limited (CATL)
- Raw Materials Company Inc.
- Umicore
- Duesenfeld
- Retriev Technologies Inc
- OnTo Technology LLC
- American Manganese Inc
- Li-Cycle Corp
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth.
For example, in February 2022, Ford and Volvo, the leading automobile and luxurious vehicles manufacturer, announced their collaboration with Redwood Materials, an EV battery recycling startup, to gather end-of-life batteries from hybrid vehicles and recover materials to use them in new automobile batteries. The startup would be directly working with manufacturers and dealers to ease the whole process.
The report also sums up many important facets including financial performance of the key players of the automotive battery recycling market, SWOT analysis, product portfolio, and the latest strategic developments.
More about Automotive Battery Recycling Market:
- Why there is an Immediate Need for Automotive Battery Recycling Today?
- Global Automotive Battery Recycling Market to Reach Newer Heights with Rising Popularity of EVs
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