Lead Acid Battery Segment to Dominate Asia Pacific Battery Recycling Market during 2021-2028
According to The Insight Partners market research study on “Asia Pacific Battery Recycling Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast – by Type, Battery Source and Country,” is expected to reach US$ 20,046.46 million by 2028 from US$ 7,905.16 million in 2021. The market is estimated to grow at a CAGR of 14.2% from 2021 to 2028. The report provides trends prevailing in the Asia Pacific battery recycling market along with the drivers and restraints pertaining to the market growth. Heightening demand for recycled products & recovery of valuable metals and favourable government regulations for battery disposal and recycling are major factors driving the growth of the Asia Pacific battery recycling market. However, technical and economic challenges involved in battery recycling may hinder the growth of Asia Pacific battery recycling market.
The COVID-19 pandemic has caused a significant economic loss in Asia Pacific. The uncertainty regarding the future outbreak, especially in countries such as India and a few other Asian countries, has altered the status of several industrial sectors. However, the market is expected to witness an increase in investment by existing players along with penetration of new players to tap the prevailing opportunities and cater to expanding investment in advanced battery recycling facilities in post-pandemic times.
The market for Asia Pacific battery recycling is segmented into type, battery source and country. Based on type, the market is segmented into lead acid battery, lithium-based battery, nickel-based battery, and others. In 2020, the lead acid battery segment held the largest share in Asia Pacific battery recycling market. Based on battery source, the Asia Pacific battery recycling market is divided into automotive, industrial, household, consumer electronics, and forklift. The automotive segment is expected to be the fastest growing segment over the forecast period. Based on country, the Asia Pacific battery recycling market is divided into Australia, China, India, Japan, South Korea and others. In 2020, China held the largest share in Asia Pacific battery recycling market. Furthermore, in this present scenario of COVID 19 pandemic, the Asia Pacific battery recycling market has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the Asia Pacific countries have been experiencing low production and a weak supply chain. Thereby, impacting the market for battery recycling.
Aqua Metals, Inc.; Clarios; Contemporary Amperex Technology Co. Limited; East Penn Manufacturing Company; Exide Industries Limited; and G P Batteries International Limited are some of the leading companies in the Asia Pacific battery recycling market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.