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The battery recycling market size is forecast to increase by USD 9.20 billion between 2022 and 2027, accelerating at a CAGR of 10.46%. In 2017, China held the largest market share, projecting an annual revenue of USD 17.59 billion.
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Increasing urbanization in emerging markets is propelling the broadening of the Market size. The world has been experiencing a wave of urbanization. Much of this urbanization will take place in Asia and Africa, resulting in massive economic, social, and environmental transformations. There exists a powerful link between a country's economic growth and urbanization. Thus, there will be an increase in demand for automobiles, EVs, and two-wheelers. The growing population and the trend of population migration from rural to urban areas will further propel the market growth during the forecast period.
Market Trends
Automotive segment to lead the Market
The Automotive segment.was the largest segment and valued at USD 62.20 billion in 2017. Original equipment manufacturers (OEMs) and replacement lead-acid batteries are included in the automotive category. Lead-acid batteries are used in passenger cars (ICE and EVs), commercial vehicles, and two-wheelers. Lead-acid batteries are needed by the automobile industry for start/stop functions in both conventional and electric vehicles as well as starting, light, and ignition (SLI) in internal combustion engine (ICE) vehicles. The growing demand for automobiles, particularly in emerging economies, is likely to fuel steady expansion in the automotive market over the forecast period.
APAC is estimated to contribute 36% to the market growth during the forecast period. Due to the existence of numerous sizable battery manufacturers as well as factories that produce cars and other battery-powered equipment in the area, Asia Pacific (APAC) currently leads the world market. Both the population and the use of secondary batteries are highest in this part of the world. improved disposable incomes and improved living standards in the area are blamed for the rising use of cars and consumer goods.
Countries such as China, South Korea, India, and Australia are the major revenue contributors in APAC. China is focusing on improving the ecosystem in the country. The country's total amount of decommissioned power batteries reached 200,000 tons in 2020 and is expected to reach 780,000 by 2025. Hence all these factors will boost the market growth in the region during the forecast period.
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The Market is fragmented in nature. Some significant companies include Accurec Recycling GmbH, Aqua Metals Inc., Battery Solutions LLC, Call2Recycle Inc., Contemporary Amperex Technology Co. Ltd.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Ecobat LLC, EnerSys, ENGITEC TECHNOLOGIES SPA, Exide Industries Ltd., GEM Co. Ltd., Gopher Resource LLC, Gravita India Ltd., SungEel Hi-Tech Co. Ltd., Terrapure Environmental, Umicore SA, East Penn Manufacturing Co. Inc., Fortum Oyj, Li Cycle Holdings Corp., Onto Technology LLC, and Raw Materials Co. Inc.
The Market is influenced by EPA guidelines and government regulations & initiatives, focusing on pollution control and energy efficiency. Dynamics include increased demand for electric vehicles, renewable energy storage, and safety concerns regarding the storage and transportation of spent batteries containing hazardous materials like acids, heavy metals, and mercury.
The market sees rising demand from the renewable energy sector, particularly for lithium-ion, lead acid, and sodium-sulfur batteries used in solar and wind power. Challenges include the high cost of recycling, technological limitations, and scarcity of materials like nickel, cobalt, and rare earth metals. Element Resources and Stena Recycling are key players in the ecosystem, with a focus on automotive and lead acid batteries in the Asia Pacific region.
The market analysis report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 - 2027.
Market Scope |
|
Report Coverage |
Details |
Page number |
167 |
Base year |
2022 |
Historic period |
2017 - 2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 10.46% |
Market growth 2023-2027 |
USD 9.20 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
9.5 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 36% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Accurec Recycling GmbH, Aqua Metals Inc., Battery Solutions LLC, Call2Recycle Inc., Contemporary Amperex Technology Co. Ltd., Ecobat LLC, EnerSys, ENGITEC TECHNOLOGIES SPA, Exide Industries Ltd., GEM Co. Ltd., Gopher Resource LLC, Gravita India Ltd., SungEel Hi-Tech Co. Ltd., Terrapure Environmental, Umicore SA, East Penn Manufacturing Co. Inc., Fortum Oyj, Li Cycle Holdings Corp., Onto Technology LLC, and Raw Materials Co. Inc. |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Source
7 Market Segmentation by Battery Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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