Originally published on Technavio: Battery Recycling Market Analysis - APAC, Europe, North America, South America, Middle East, and Africa - US, China, Japan, Germany, UK - Size and Forecast 2023-2027 
Battery Recycling Market Forecast 2023-2027

The battery recycling market size is projected to increase by USD 9.20 billion between 2022 and 2027, growing at a CAGR of 10.46%. In 2017, China dominated the market share, anticipating an annual revenue of USD 17.59 billion.

Market Analysis 
The expansion of the market size is driven by increasing urbanization in emerging markets, particularly in Asia and Africa. As the world undergoes a wave of urbanization, significant economic, social, and environmental transformations are expected. A strong correlation exists between a country's economic growth and urbanization, leading to an upsurge in demand for automobiles, Electric Vehicles (EVs), and two-wheelers. The growing population and the migration trend from rural to urban areas are poised to further boost market growth during the forecast period.

Market Trends

Automotive Segment to Lead the Market
The automotive segment claimed the largest share, valued at USD 62.20 billion in 2017. This category encompasses Original Equipment Manufacturers (OEMs) and replacement lead-acid batteries used in passenger cars (Internal Combustion Engine (ICE) and EVs), commercial vehicles, and two-wheelers. Lead-acid batteries play a crucial role in start/stop functions for both conventional and electric vehicles, as well as starting, light, and ignition (SLI) in Internal Combustion Engine (ICE) vehicles. The steady expansion of the automotive market is anticipated, driven by the growing demand for automobiles, especially in emerging economies.

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Asia Pacific (APAC) is estimated to contribute 36% to the market growth during the forecast period. The region currently leads the global market due to the presence of numerous sizable battery manufacturers and factories producing battery-powered equipment. Both the population and the use of secondary batteries are highest in this region, attributed to improved disposable incomes and enhanced living standards. Key revenue contributors in APAC include China, South Korea, India, and Australia. China, with a focus on ecosystem improvement, is expected to reach 780,000 tons of decommissioned power batteries by 2025, boosting market growth in the region.

Company Overview  
The market is fragmented, with significant companies such as Accurec Recycling GmbH, Aqua Metals Inc., Battery Solutions LLC, Call2Recycle Inc., Contemporary Amperex Technology Co. Ltd.

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The market is influenced by EPA guidelines and government regulations & initiatives focused 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. 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. Key players in the ecosystem include Element Resources and Stena Recycling, with a focus on automotive and lead acid batteries in the Asia Pacific region.

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