REDDING, Calif., May 16, 2024 /PRNewswire/ --According to a new
market research report titled, 'EV Battery Recycling
Market by Type (Li-ion, Ni-MH, SLA), Source
(Commercial, Passenger, E-bikes), Process (Direct, Pyro,
Hydro), Model (Contractual Services, Direct-to-Market), Material
(Graphite, Lithium), and
Geography—Global Forecast to
2031,' the electric vehicles (EVs) battery
recycling market is expected to reach $10.1
billion by 2031, at a CAGR of 40.9% from 2024 to 2031.
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EV battery recycling is the process of recovering materials such
as graphite, nickel, cobalt, copper, manganese, lithium, aluminum,
and other valuable metals from used EV batteries. The need for
sustainable solutions for the disposal of used batteries due to the
popularity of electric vehicles continues to grow. Recycling helps
reduce the environmental impact of EV battery waste and reduce
waste, conserving resources. The valuable materials extracted from
EV batteries can be sold and used in new battery production,
reducing the need for mining and processing new materials.
The growth of this market is mainly driven by the stringent
government regulatory framework, growing demand for EVs, and rising
concerns regarding the depletion of raw materials required for EV
battery production. Additionally, the surging government incentives
for battery recycling and growing innovations in recycling
technologies are expected to create market growth
opportunities.
However, safety concerns due to the use of hazardous materials
in batteries may restrain the growth of this market. The high setup
cost of battery recycling plants and lower recovery rates through
battery recycling processes are major challenges for the players
operating in the electric vehicles battery recycling market.
The EV battery recycling market is segmented by battery type
(lithium-ion batteries (Li-ion), sealed lead acid batteries (SLA),
nickel-metal hydride batteries (Ni-MH), other batteries), battery
source (commercial vehicles (heavy commercial vehicles, light
commercial vehicles), passenger cars (battery electric vehicles,
pure hybrid electric vehicles, plug-in hybrid electric vehicles),
e-scooters & motorcycles, E-bikes), recycling process (direct
physical recycling process, pyrometallurgical process,
hydrometallurgical process, and other recycling processes),
business model (contractual recycling services and
direct-to-market), material (graphite, nickel, cobalt, copper,
manganese, lithium, aluminum, iron, plastics, and other materials),
and geography. The study also evaluates industry competitors
and analyses the market at the regional and country levels.
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Based on battery type, the global EV battery recycling
market is broadly segmented into lithium-ion batteries (Li-ion),
sealed lead acid batteries (SLA), nickel-metal hydride batteries
(Ni-MH), and other batteries. In 2024, the lithium-ion batteries
segment is expected to account for the largest share of
78.3% of the EV battery recycling market. The large market
share of this segment is mainly attributed to the rising need
to recover valuable materials from Li-ion batteries to reduce the
need for new mining and processing of raw materials, the increasing
adoption of electric vehicles, and the growing demand for high
energy density and low self-discharge rate batteries for EVs. This
segment is also projected to register the highest CAGR during the
forecast period.
Based on battery source, the global EV battery recycling
market is broadly segmented into commercial vehicles, passenger
cars, e-scooters & motorcycles, and E-bikes. In 2024, the
E-bikes segment is expected to account for the largest share of
64.8% of the EV battery recycling market. The large market
share of this segment is attributed to the rising adoption of
e-bikes worldwide. However, the commercial vehicles segment is
expected to record the highest CAGR during the forecast period.
Based on recycling process, the global EV battery
recycling market is broadly segmented into direct physical
recycling process, pyrometallurgical process, hydrometallurgical
process, and other recycling processes. In 2024, the
pyrometallurgical process segment is expected to account for the
largest share of the global EV battery recycling market. The large
market share of this segment is mainly attributed to the increasing
need to extract raw materials from battery waste, the rising need
for efficient and effective recycling processes, growing demand for
a scalable, flexible, and low environmental impact recycling
process. However, the hydrometallurgical process segment is
projected to register the highest CAGR during the forecast
period.
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Based on business model, the global EV battery recycling
market is broadly segmented into contractual recycling services and
direct-to-market. In 2024, the contractual recycling services
segment is expected to account for the larger share of 86%
of the EV battery recycling market. The large market share of this
segment is mainly attributed to the increasing government
incentives for battery recycling, stringent laws for the recycling
of EV batteries, the increasing revenue streams for companies
involved in the EV battery recycling market, and the growing need
to reduce the cost of raw materials for new Electric Vehicle
batteries. This segment is also projected to register the higher
CAGR during the forecast period.
Based on material, the global EV battery recycling market
is broadly segmented into graphite, nickel, cobalt, copper,
manganese, lithium, aluminum, iron, plastics, and other materials.
In 2024, the graphite segment is expected to account for the
largest share of the global EV battery recycling market. The large
market share of this segment is mainly attributed to the increasing
use of graphite in the anodes of batteries for electric vehicles,
the high recycling rate of sealed lead acid batteries (SLA), and
the increasing need to recover valuable materials from used EV
batteries to reduce the need for mining new raw materials. However,
the lithium segment is projected to register the highest CAGR
during the forecast period.
Based on geography, the global EV battery recycling
market is segmented into North
America, Europe,
Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the
largest share of the 69% of the EV battery recycling market,
followed by Europe and
North America. Asia-Pacific's significant market share is
mainly attributed to the growing implementation of policies and
initiatives to reduce the amount of EV battery waste and toxic
substances in the environment, the rising concerns regarding the
depletion of precious and rare earth metals, the growing demand for
lithium-ion batteries, the increasing, and the high adoption of
electric mobility in the region.
The report also includes an extensive assessment of the key
growth strategies adopted by the leading market participants in the
last three to four years. The key players operating in the EV
battery recycling market are Glencore plc (Switzerland), Fortum Corporation (Finland), Umicore NV (Belgium), Li-Cycle Holdings Corp.
(Canada), Lithion Recycling Inc.
(Canada), Tata Chemicals Limited
(India), SNAM S.A.S. (France), Ascend Elements, Inc. (U.S.), ACE
Green Recycling, Inc. (Singapore),
Redwood Materials, Inc. (U.S.), Primobius GmbH (Germany), Attero Recycling Pvt. Lyd.
(India), ACCUREC Recycling GmbH
(Germany), Trishulavel Eshan Pvt.
Ltd. (India), BatX Energies Pvt.
Ltd. (India), MTB GROUP
(France), and Duesenfeld GmbH
(Germany).
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Scope of the report:
EV Battery Recycling Market
Assessment—by Battery
Type
- Lithium-ion Batteries
- Sealed Lead Acid Batteries
- Nickel-Metal Hydride Batteries
- Other Batteries
EV Battery Recycling Market
Assessment—by Battery Source
- Commercial Vehicles
- Heavy Commercial Vehicles
- Light Commercial Vehicles
- Passenger Cars
- Battery Electric Vehicles
- Plug-In Hybrid Electric Vehicles
- Pure Hybrid Electric Vehicles
- E-Scooters & Motorcycles
- E-Bikes
EV Battery Recycling Market
Assessment—by Recycling Process
- Direct Physical Recycling Process
- Pyrometallurgical Process
- Hydrometallurgical Process
- Other Recycling Processes
EV Battery Recycling Market
Assessment—by Business Model
- Contractual Recycling Services
- Direct-to-Market
EV Battery Recycling Market
Assessment—by Material
- Graphite
- Nickel
- Cobalt
- Copper
- Manganese
- Lithium
- Aluminum
- Iron
- Plastics
- Other Materials
EV Battery Recycling Market
Assessment—by Geography
- North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Switzerland
- Belgium
- Norway
- Poland
- Finland
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- South Korea
- Singapore
- Australia & New Zealand
- Malaysia
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- UAE
- Saudi Arabia
- Rest of the Middle East &
Africa
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