12:19 PMWhat is the future of Battery Material Recycling Market? Know Covid Impact on Size, Share & Forecasts
May 31,2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Battery Material Recycling Market.
It was estimated prior to this unanticipated outbreak that the Battery Material Recycling Market was expected to grow at a CAGR of 10.0% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Battery recycling is a recycling process which is performed to minimize the number of batteries being disposed as municipal solid waste, as these batteries contain various heavy metals and toxic chemicals which can contaminate the soil and cause water pollution if disposed as regular household waste.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the material type, the market is segmented as iron, manganese, nickel, lithium, cobalt, lead, electrolytes, plastics, and others. Lead is projected to account for the largest share of the market during the forecast period owing to its ease of production without causing any reduction in quality. These are majorly extracted from car batteries, industrial fork-lift batteries, UPS batteries, and commercial batteries. Europe and Asia-Pacific are registered as the leading regions in lead recycling. Further, Iron was the second-most recycled material in 2019, which is mainly extracted from nickel cadmium batteries. On the other hand, lithium accounted for a comparatively low share of the battery materials recycling market during the forecast period owing to low weight composition of lithium in Li-ion batteries.
Based on the end-user type, the market is segmented as automotive, consumer goods and electronics, building & construction, aerospace & defense, packaging, textile industry, and others. Consumer goods and electronics is anticipated to account for a significant share of the market during the forecast period. Further, lead being the most recycled material in the process of battery recycling as it is reused in providing backup power in electronic equipment and automobiles for producing new batteries with high energy efficiency and reliability features is expected to fuel the segment’s growth over the forecast period.
In terms of regions, Asia-Pacific is estimated to account for the largest share of the market with China and India being the growth engines of the regional market during the forecast period. Factors such as China holding the first position with growing battery production and India holding the second position with ramping battery production to meet the demand for elevating domestic motor vehicle production in the regional market are expected to accelerate the battery material recycling market growth over the forecast period. Europe and North America are also expected to offer substantial growth opportunities during the forecast period.
Some of the key players in the battery material recycling market are-
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Battery Material Recycling Market analysis report discusses the following heads in great detail:
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