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Battery Recycling August 23, 2021 09:30:40 AM

Rising Demand of Recycled Products Expected to Enhance Battery Recycling Market

Anil Mathews
ScrapMonster Author
Global battery recycling market is expected to witness a noteworthy growth during the forecast period, 2021-2028. The lead-acid battery sub-segment is expected to be the most lucrative. The industrial battery and transportation sub-segments are expected to be the most profitable ones. Europe is expected to lead the market by 2028

Rising Demand of Recycled Products Expected to Enhance  Battery Recycling Market

According to a report published by Research Dive, the global battery recycling market is anticipated to generate a revenue of $20,407.7 million at a CAGR of 9.3% during the analysis period, increasing from $9,748.7 million in 2020.

Dynamics of the Market

Drivers: The demand of battery technology is always prevailing in modern lifestyle. Battery is an essential component of each and every aspect of daily life from portable electronic devices to grid-scale energy storage and transportation. The demand of batteries is rising, so is the quantity of used batteries. This is one of the main factors enhancing the growth of the global battery recycling market.

Restraint: Technical difficulties of recycling process is expected to restrain the growth of the battery recycling market during the forecast period.

Opportunity: Industrial manufacturers are shifting from the application of combustion fuels to electricity in order to meet the global goals of reducing carbon footprint and save the environment. This factor is expected to create many opportunities for the market in the upcoming years.

Lead-acid Battery Sub-Segment Expected to be the Most Lucrative

The lead-acid battery sub-segment is predicted to garner a revenue of $13,882.8 million by 2028, surging from $6,613.2 million in 2020. The traditional lead-acid batteries are used in different industries such as marine, automobile, electric vehicles, forklifts, and uninterruptible power supplies because of their manifold features. Lead-acid batteries come with medium life span and affordability. These are the factors expected to enhance the growth of the sub-segment during the forecast period.

 Industrial Battery Sub-Segment Expected to be the Most Profitable

The industrial batteries sub-segment is expected to generate a maximum revenue of $10,327.2 million by 2028, increasing from $5,010.7 million in 2020. Lead-acid batteries are used extensively in the industrial applications such as forklift, emergency power backup, UPS systems and heavy machinery. This type of battery has many advantages such as affordability and no maintenance. This is the main factor behind the growth of the market segment during the forecast period.

Transportation Sub-Segment Expected to be the Most Significant

The transportation sub-segment is predicted to garner a revenue of $8,746.4 million by 2028, surging from $4,248.1 million in 2020. With the rising advancements of transport industry and the growing popularity of electric cars, the demand for batteries also has increased more than ever. This is expected to be the major factor behind the growth of the sub-segment.

Europe Expected to Dominate the Market

The Europe regional market recorded a revenue of $3,493.0 million in 2020 and is further predicted to surpass $7,210.0 million by 2028. This rise is mainly because of the increasing adoption of sustainable battery recycling for generating power. Moreover, the presence of leading electric vehicle manufactures such as Tesla, Renault, and Volkswagen across the European countries is another reason behind the growth of the market.

Recent development

In August 2019, American Battery Solutions, Inc. (ABS), an advanced battery systems company, announced the completion of its acquisition of high-voltage manufacturing and testing assets from Robert Bosch Battery Systems, an oil & energy company specializing in staffing services. ABS brings electrified mobility battery systems to emerging industrial, transportation, and commercial markets by leveraging the team's expertise and vast experience in the automotive battery system development, testing, and manufacturing.

Courtesy : https://www.researchdive.com/11/battery-recycling-market

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