Redding, California, March 23, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘EV Battery Recycling Market by Type (Li-ion, Ni-MH, SLA, Ultracapacitors), Source (Commercial, Passenger), Process (Direct, Pyro, Hydro), Model (Contractual Services, Direct-to-Market), Material (Lithium), End User, and Geography - Global Forecasts to 2030,’ the electric vehicles (EVs) battery recycling market is expected to reach $15.8 billion by 2030, at a CAGR of 32.1% from 2023 to 2030.
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.
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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), ultracapacitors, other batteries), battery source (commercial vehicles (heavy commercial vehicles, light commercial vehicles), passenger cars, 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), end user (passenger cars (battery electric vehicles, pure hybrid electric vehicles, plug-in hybrid electric vehicles), commercial vehicles (heavy commercial vehicles, light commercial vehicles), E-scooters & motorcycles, E-bikes), and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.
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), ultracapacitors, and other batteries. In 2023, the lithium-ion batteries 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 demand to recover valuable materials from Li-ion batteries to reduce the need for new mining and processing of raw materials, the growing adoption of electric vehicles (EVs) in emerging countries, and the rising need 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.
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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 2023, the commercial vehicles 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 demand for low-emission commuting, government support for zero-emission transportation for commercial EVs, and the high demand for electric public transportation and logistics services. This segment is also projected to register 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 2023, 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 due to the growing need to extract a wide range of materials, including copper, lithium, silver, nickel, and zinc, increasing need for selective separation of materials through chemicals, and rising demand for low energy consumption, less waste, and lower environmental impact processes.
Based on business model, the global EV battery recycling market is broadly segmented into contractual recycling services and direct-to-market. In 2023, the contractual recycling services segment is expected to account for the larger share of the global EV battery recycling market. The large market share of this segment is mainly attributed to the growing government incentives and regulatory compliance for the recycling of EV batteries, growing new revenue stream for companies involved in the EV battery recycling market, rising need to reduce the cost of raw materials for new EV batteries production, and revenue from the sale of recovered materials. This segment is also projected to register the higher CAGR during the forecast period.
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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 2023, 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’s unique properties and versatility 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 end user, the global EV battery recycling market is broadly segmented into passenger cars, commercial vehicles, E-scooters & motorcycles, and E-bikes. In 2023, the commercial vehicles 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 growing deployment of supportive government regulations and policies for empowering the EV sector, increasing government initiatives for the promotion of e-mobility, rising governments subsidies & tax rebates for using low-emission commuting vehicles, and increasing investments to develop advanced commercial EVs and charging infrastructure. This segment is also 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 2023, Asia-Pacific is expected to account for the largest share of the global EV battery recycling market, followed by Europe and North America. This market is also expected to witness rapid growth during the forecast period.
The large market share of Asia-Pacific is mainly attributed to the surging implementation of regulatory compliance, policies and initiatives to reduce the amount of battery waste and toxic substances in the environment, the increasing need to reduce the demand for new raw materials and provide a cost-effective source of materials for new battery production, rising concerns regarding the depletion of precious and rare earth metals, growing demand for lithium-ion batteries, and high adoption of electric mobility in Asia-Pacific 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 Li-Cycle Holdings Corp. (Canada), Attero Recycling Pvt. Lyd. (India), Lithion Recycling Inc. (Canada), Umicore SA (Belgium), Glencore plc (Switzerland), Fortum Corporation (Finland), MTB Recycling (France), Tata Chemicals Limited (India), Duesenfeld GmbH (Germany), Trishulavel Eshan Pvt Ltd (Li-Circle) (India), SNAM S.A.S (A subsidiary of Floridienne S.A) (France), Primobius GmbH (Germany), Redux Recycling GmbH (U.S.), Redwood Materials, Inc. (U.S.), OnTo Technology (U.S.), American Battery Technology Company (U.S.), and RecycLiCo Battery Materials Inc. (Canada).
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Scope of the report:
EV Battery Recycling Market, by Battery Type
- Lithium-ion Batteries
- Sealed Lead Acid Batteries
- Nickel-Metal Hydride Batteries
- Ultracapacitors
- Other Batteries
EV Battery Recycling Market, by Battery Source
- Commercial Vehicles
- Heavy Commercial Vehicles
- Light Commercial Vehicles
- Passenger Cars
- E-Scooters & Motorcycles
- E-Bikes
EV Battery Recycling Market, by Recycling Process
- Direct Physical Recycling Process
- Pyrometallurgical Process
- Hydrometallurgical Process
- Other Recycling Processes
EV Battery Recycling Market, by Business Model
- Contractual Recycling Services
- Direct-to-Market
EV Battery Recycling Market, by End User
- 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
EV Battery Recycling Market, by Material
- Graphite
- Nickel
- Cobalt
- Copper
- Manganese
- Lithium
- Aluminum
- Iron
- Plastics
- Other Materials
EV Battery Recycling Market, by Geography
- North America
- U.S.
- Canada
- 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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