Consumer Electronics Segment to Dominate Middle East and Africa Battery Recycling Market during 2021-2028
According to The Insight Partners market research study on “Middle East and Africa Battery Recycling Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast – by Type, Battery Source and Country,” is expected to reach US$ 1,598.74 million by 2028 from US$ 791.20 million in 2021. The market is estimated to grow at a CAGR of 10.6% from 2021 to 2028. The report provides trends prevailing in the Middle East and Africa battery recycling market along with the drivers and restraints pertaining to the market growth. Incrementing need for recycled products & recovery of valuable metals and an upsurge in government regulations for battery disposal & recycling are major factors driving the growth of the Middle East and Africa battery recycling market. However, technical and economic challenges pertaining to battery recycling may hinder the growth of Middle East and Africa battery recycling market.
In the Middle East and Africa, the ongoing pandemic has drastically altered the status of the electronics sector and negatively impacted the growth of the battery recycling market. The operations of several industries such as electronics, automotive, and power have been impacted during the pandemic, which has impacted the delivery cycle and increased import-export tariff of recycled batteries. The market has been impacted by the distortion in operational efficiencies and disruptions in the value chains attributable to the sudden closure of national and international borders. Disruptions in terms of sourcing of raw materials from suppliers and temporary closure of manufacturing bases due to lockdowns and quarantines have impacted the growth of the market during the pandemic. However, as the economies are planning to revive their operations, the demand for battery recycling is expected to rise in the Middle East and Africa. The expanding demand for battery recycling across automotive, industrial, household, consumer electronics, and other industries, along with significant investment by prominent manufacturers, is expected to drive the growth of the battery recycling market.
The market for Middle East and Africa 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 Middle East and Africa battery recycling market. Based on battery source, the Middle East and Africa 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 Middle East and Africa battery recycling market is divided into South Africa, Saudi Arabia, UAE and rest of Middle East and Africa. In 2020, the UAE held the largest share in Middle East and Africa battery recycling market. Furthermore, in this present scenario of COVID 19 pandemic, the Middle East and Africa battery recycling market has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the Middle East and Africa countries have been experiencing low production and a weak supply chain. Thereby, impacting the market for battery recycling.
Clarios; East Penn Manufacturing Company; Exide Industries Limited; G P Batteries International Limited; and Aqua Metals, Inc. are some of the leading companies in the Middle East and Africa 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.