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The secondary battery recycling market size is estimated to grow at a CAGR of 19% between 2023 and 2028. The market size is forecast to increase by USD 22,055.41 million. The growth of the market depends on several factors such as the self-sustainability of battery raw materials, low availability and rising prices of primary metal and rising environmental concerns due to improper disposal of secondary batteries.
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Rising electric vehicle adoption is an emerging trend shaping the market growth. The sales of EVs are increasing because of growing environmental concerns and the shift toward a sustainable ecosystem in the automotive industry. Various countries have set policies to reduce pollution levels and vehicle emissions. To reduce emissions and the carbon footprint, the automotive sector is shifting focus toward electrified cars. EVs are powered by batteries and are considered a green solution that will make a major contribution to the decarbonization of the transport sector. EVs mainly use lithium-ion batteries due to their superior performance over other battery chemistries, such as lead acid.
Further, the need for recycling lithium-ion batteries will also rise due to their growing demand and limited metal production. Therefore, the increasing adoption of EVs will provide high growth opportunities for the global secondary battery recycling market during the forecast period.
The lead-acid segment is estimated to witness significant growth during the forecast period. The lead-acid battery segment dominates the global secondary battery recycling market due to its mature technology. Lead-acid batteries are extensively used in stationary, automotive, and deep-cycle batteries. They are increasingly used in energy storage installations, including automotive, telecom, and material handling equipment.
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The lead-acid battery contains lead, sulfuric acid, and other lead compounds, which are toxic. There have been several cases of lead poisoning due to the leaching of lead into the environment during the manufacturing or recycling of these batteries, causing environmental impacts. Such factors have resulted in high rates of lead-acid battery recycling globally, which will thereby drive the growth of the secondary battery recycling market by the lead-acid battery type during the forecast period.
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APAC is estimated to contribute 44% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
APAC dominates the market due to the presence of several large battery manufacturers and manufacturing units of battery-powered equipment and automobiles in the region. The region has the highest population in the world and is the highest secondary battery consumer as well. The increased consumption is attributed to the rising disposable income and improving living standards of the region.
In addition, India and Australia are also taking various approaches to curb the environmental impacts of the batteries that are unrecycled. India is planning to formulate a consortium-led solution for addressing the battery recycling issues and to create an end-to-end solution for reusing the recovered materials from recycling batteries. On the other hand, Australia is trying to place a stewardship program in the country for the effective recycling of batteries. These factors drive the market growth in APAC during the forecast period.
In 2020, the outbreak of COVID-19 negatively impacted the secondary battery recycling market in APAC. However, in 2021, vaccination campaigns conducted by governments across the region played a pivotal role in stabilizing economies and restoring business operations. The high demand for secondary battery recycling will be driven by sustainability concerns, resource conservation, regulatory compliance, and economic incentives. Such factors are expected to drive the growth of the regional secondary battery recycling market during the forecast period.
Self-sustainability of battery raw materials is notably driving the market growth. The supply of critical raw materials for manufacturing batteries in any country could be ensured in three ways, which include sourcing from other countries, developing domestic sourcing, or promoting the recycling of used batteries. The reserves for raw materials required for manufacturing secondary batteries, such as natural graphite, manganese, and nickel, are highly concentrated in a few countries. The high production rates of these countries provide them control over the global market, making other countries heavily dependent on these countries for the supply of raw materials. Consequently, to decrease the dependency on other countries, promoting the recycling of used secondary batteries remains the best option for countries with high battery consumption.
As a result, numerous countries, especially in Europe, are meeting a large number of their secondary metal demands through recycling the used batteries. It has been achieved by setting multiple regulations and policies by the member nations of the EU. Therefore, to attain self-sustainability, the recycling of used batteries remains necessary. Such factors are expected to drive market growth during the forecast period.
Low awareness regarding battery recycling is a significant challenge hindering the market growth. Battery recycling is a niche business; however, it is gaining immense potential. Lead-acid batteries are mostly recycled as the recycling technology has matured and provides a high yield. Secondary batteries used in products like consumer electronics and other non-industrial and automotive applications end up in landfills and garbage. This is because of the low awareness regarding recycling among the end-users. The lack of knowledge among the small-scale end-users affects the market significantly. To address this issue, governments and battery manufacturers are taking initiatives to educate consumers about the advantages associated with recycling batteries.
For instance, Call2Recycle launched the Avoid the Spark initiative in California, US, in May 2018. The campaign was aimed at raising awareness of the need for recycling secondary batteries after the batteries reach their end-of-life. Such initiatives are required to raise end-user participation in the battery recycling value chain and will contribute to the growth of the market in the future. However, low awareness remains a major challenge, especially in developing countries, thus limiting the growth of the secondary battery recycling market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Secondary Battery Recycling Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Accurec Recycling GmbH - The company offers secondary battery recycling solutions for nickel-cadmium batteries, alkaline batteries and mixed batteries and accumulators.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The secondary battery recycling market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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Secondary Battery Recycling Market Scope |
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Report Coverage |
Details |
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Page number |
165 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 19% |
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Market growth 2024-2028 |
USD 22055.41 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
18.23 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 44% |
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Key countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Accurec Recycling GmbH, ACE Green Recycling Inc., American Battery Technology Co., Aqua Metals Inc., Attero Recycling Pvt. Lyd., Battery Solutions LLC, Call2Recycle Inc., Duesenfeld GmbH, East Penn Manufacturing Co. Inc., Ecobat LLC, EnerSys, Exide Industries Ltd., Fortum Oyj, Gravita India Ltd., Li Cycle Holdings Corp., Lohum Cleantech Pvt. Ltd., RecycLiCo Battery Materials Inc, Umicore SA, Ziptrax, and LG Energy Solution Ltd. |
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Market dynamics |
Parent market analysis, 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 forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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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 Battery Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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