2020-24 The compound annual growth rate of the global secondary battery recycling market is nearly 7%

According to a report released by Technavio, an international market research organization, the global secondary battery recycling market is likely to rise by US$5 billion from 2020 to 2024. During the forecast period, the compound annual growth rate of the market is about 7%. In 2019, the Asia-Pacific region is the largest regional market for secondary battery recycling. During the forecast period, this region will provide some opportunities for market suppliers to increase. The high consumption of batteries in consumer electronics, automobiles, and energy storage, as well as environmental concerns caused by incorrect battery disposal, will greatly promote the rise of the secondary battery recycling market in the region during the forecast period. By 2024, 69% of the market’s rise will not come from the Asia-Pacific region. my country and South Korea are important markets for the recycling and disposal of secondary batteries in the Asia-Pacific region. The market in this region will rise faster than the market in other regions. Due to the mature technology of lead-acid batteries, it occupies an important position in the global battery market. Lead-acid batteries are widely used in stationary, automotive and deep cycle batteries. They are increasingly used in energy storage devices, including automobiles, telecommunications and material handling equipment. Lead-acid batteries are the most commonly used battery type in the automotive sector, including passenger cars, commercial vehicles, two-wheelers and hybrid vehicles. Therefore, during the forecast period, the market share of secondary battery recycling for lead-acid batteries will continue to increase significantly. The self-sustainability of battery raw materials is a key factor driving the rise of the secondary battery recycling market. The raw material reserves (such as natural graphite, manganese and nickel) needed to manufacture secondary batteries are highly concentrated in a few countries, which gives them a complete monopoly on the market. Therefore, in order to reduce dependence on these countries and achieve self-sustainability, it is necessary to promote the recycling of used secondary batteries. The adoption rate of electric vehicles (EV) continues to rise, which is a key secondary battery recycling market trend and will also affect the market rise. Rising environmental issues and the shift towards a sustainable ecosystem in the automotive industry are encouraging the sales of electric vehicles. Because electric vehicles urgently use lithium batteries due to their superior performance, their high absorption rate places strong demands on battery recycling. Moreover, improper disposal of lithium batteries will cause environmental degradation, which will increase the demand for recycling, which will lead to an increase in the market. Therefore, during the forecast period, the self-sustainability demand related to battery raw material procurement, coupled with the popularization of electric vehicles, will promote the secondary battery recycling market at a compound annual growth rate of close to 7%. Disclaimer: Some pictures and content of articles published on this site are from the Internet. If there is any infringement, please contact to delete.