(MENAFN- Comserve) New York, United States, Nov 18, 2020, 06:36 /Comserve / -- Global battery recycling market is expected to account for a market value of around USD 17 billion at a CAGR of 24% till forecast period 2018-2027.
Global Battery Recycling Market Is Segmented By Chemistry: Others Lithium-Nickel Manganese Cobalt (Li-NMC), Lithium Iron Phosphate (LFP), Lithium-Manganese Oxide (LMO), Lithium-Titanate Oxide (LTO), Lithium-Nickel Cobalt Aluminum Oxide (NCA), Lithium-Cobalt Oxide (LCO)Market, by End-User Industry:Automotive, Marine, Industrial, Power)Global Demand Analysis & Opportunity Outlook 2027
Recycling and reusing of batteries is called battery recycling. Disposing of used batteries to municipal garbage solid waste house can led to soil and water contamination, which can adversely affect the ground water level.
Types of batteries that can be recycled are leadacid automotive batteries, button cells, Rechargeable nickelcadmium (Ni-Cd), nickel metal hydride (Ni-MH), lithium-ion (Li-ion) and nickelzinc (Ni-Zn).
Rechargeable batteries can be used in cars, toy, watches, medical devices, golf cart batteries, UPS batteries, industrial fork-lift batteries, motorcycle batteries, and commercial batteries.
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Market Forecast and trends
Global battery recycling market is expected to account for a market value of around USD 17 billion at a CAGR of 24% till forecast period 2018-2027. Rise in demand forbatteries on the back of increasing hybrid electric vehicles is expected to fuel the global battery recycling in value terms.
Europe is slated to account for largest market share for battery recycling market on the account of application of stringent initiatives for environmental protection and safety purpose by the governments in several countries such as Germany, the United Kingdom, France, Russia, and Italy to avoid soil and water contamination raised from toxic and chemicals of trashed batteries.
Additionally, Asia pacific is expected to showcase modest growth for battery recycling market in forecast period with rising competition and government initiatives for subsidies. Additionally, increased production of hybrid vehicles in countries such as China and India is expected to support the growth of market.
Growth Drivers
Directive initiatives by government of Europe region strictly drive the growth of battery recycling market . Additionally, safety of soil and water contamination to avoid disposing of trashed batteries in municipal garbage solid waste house is positively supporting the growth of market.
Moreover, increasing sales of hybrid vehicles directly impacts the demand for battery system, thereby driving the growth of battery recycling market during the forecast period.
Challenges
One of the challenging factors that hamper the growth of market is installing and processing of used battery, which can cause fire due to friction produced by old metals.
The report titled ' Global battery recyclingmarket: Global Demand Analysis & Opportunity Outlook 2025 delivers detailed overview of the global district cooling energy system in terms of market by region, by chemistry, by end-user industry.
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Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter's five force model.This report also provides the existing competitive scenario of some of the key players of the gl0bal battery recyclingmarket which includes company profiling of Battery Solutions LLC, Call2Recycle, Inc., Exide Technologies, Retriev Technologies, Inc., East Penn Manufacturing Company, EnerSys, G & P Batteries, Gravita India Ltd., Johnson Controls, Inc.and Umicore N.V. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of global battery recyclingmarket that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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