Pune, March 10, 2021 (GLOBE NEWSWIRE) -- Electric Vehicle Battery Recycling Market Overview
Electric vehicle battery recycling is likely to be lucrative segment owing to the shift towards electric-driven vehicles. Limited life of these batteries is likely to lead to an uptick in investments in scope of recycling. This is attributed to environmental effects caused by lithium-ion batteries. The global electric vehicle battery recycling market is anticipated to reach a value of USD 3 billion by 2025, according to the latest report by Market Research Future (MRFR). It can exhibit 19% CAGR over the forecast period (2019-2025). Pyrometallurgy and hydrometallurgy are two major methods of recycling used by key manufacturers.
Establishment of charging infrastructure and plans to rollout electric vehicles (EVs) in U.S., India, China, Japan, Germany, and South Korea are major drivers of the market. Energy-efficient battery-powered devices, demand for thermal cooling, and stringent emission and fuel regulations can spur the market demand. Huge production of EVs and efforts for reducing dependence on fossil fuels may assist the market in its venture.
However, lack of battery recycling facilities and high capital required for its setup are major deterrents of the market. In addition, the safety risks comprising collection to disposal of batteries while keeping emission levels under control can impede the market.
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COVID-19 Impact:
The COVID-19 pandemic has negatively affected the global market owing to shutdown of production lines and a plunge in EVs. Quarantines and movement restriction orders had barred workers from operating recycling facilities. Economic uncertainty and decline in customer spending are likely to affect the market growth. Government economic stimulus policies and improvements in battery recycling techniques can revive the market. Moreover, the intense demand for cobalt and lithium owing to restrictions on mining can hamper the market expansion plans.
Industry Trends:
Battery recycling units are being manufactured close to the production site of EVs for saving on logistic expenses. Moreover, battery experts are utilizing direct recovery for salvaging the cathode material without destroying its nanostructure. Government departments are selecting in-house agencies for working on viable solutions of recycling. For instance, the U.S. Department of Energy has selected Argonne National Laboratory for being the leader in lithium-ion recycling techniques. The center is looking to scale up its techniques to keep up with the increasing demand of electronic waste.
Segmentation:
On the basis of type, the global market has been segmented into lead acid, lithium-ion, and others. The lead acid segment is bound to capture a large market share owing to huge demand from battery electric vehicle (BEV) and hybrid electric vehicle (HEV) manufacturers.
On the basis of process, the global market has been segmented into pyrometallurgical, hydrometallurgical, and others. The hydrometallurgical segment is projected to capture the largest market share over the forecast period. The use of chemical treatment process for gaining raw materials such as lithium for reproduction of EV batteries may favor the segment. On the other hand, the pyrometallurgical segment is deemed to capture a significant market demand till the end of the forecast period. This is attributed to the use of burning of EV batteries for eliminating uwanted plastics and organic materials. It is used in recovering sparse amounts of copper, nickel, or cobalt.
On the basis of application, the global market has been segmented into passenger car and commercial vehicle. The commercial vehicle segment is anticipated to register a stellar growth rate over the forecast period owing to demand for electric trucks and buses.
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Regional Segmentation:
The electric vehicle battery recycling market covers regions of North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
APAC is expected to dominate the global market owing to rising production of electric vehicles and electric car battery cooling systems. Investments by public and private players for leveraging on electronic waste and recycling it for raw materials for production of new EV batteries may facilitate market growth. China is estimated to be the key contributor to the market owing to a large customer base and awareness of benefits of battery disposal. EV manufacturers in India have partnered with battery disposal firms as evident with the partnership between MG Motors and Umicore.
North America is expected to enjoy a steady demand owing to government support for EV battery recycling, investments in research and development, and demand for environment-friendly vehicles. Policies and incentives for ensuring the recycling and reuse of EV batteries can bode well for the market. Moreover, annual demand for battery materials as well as efforts to lower mine to wheel life emission rates can lead to establishment of recycling units. Recycling companies such as Redwood Materials in the U.S. has used a combination of pyrometallurgy and hydrometallurgy to recover special materials.
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The European electric vehicle battery recycling market is poised for tremendous growth due to regulations on vehicle emissions in France, the U.K., Germany, and other countries. Policies like the European Union Batteries Directive that has outlined policies for accumulating and disposal is likely to augur favorably for the regional market. Germany, in particular, has put the prerogative of collection of EV batteries on manufacturers from their customers and deposit them in assigned containers.
Competitive Analysis:
The electric vehicle battery recycling market is likely to witness innovation in recycling methods and partnerships to counter the huge amount of EVs globally. Key players involved in the market are Battery Solutions, Australian Battery Recycling Initiative, Recupyl, Snam S.p.A., Li-Cycle Corp., Retriev Technologies, G & P Batteries, ACCUREC Recycling GmbH, American Manganese Inc., and Umicore N.V.
Industry News
eBikeGo, an Indian EV manufacturer, has launched a drive for recycling EV batteries made of lithium and lead acid. It is attempting to tie up with solar plant manufacturers for extending the lifecycle of batteries.
Government Tax Breaks to Influence Global Electric Vehicle Battery Recycling Market Demand
The global electric vehicle battery recycling market is set to recharge itself to a stupendous value in the coming years owing to increasing dependence on lithium-ion batteries, according to Market Research Future (MRFR). Anti-dumping regulations of EV batteries in developed countries may support this niche market. Government incentives and environmental credits that adhere to sustainability may facilitate market growth.
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