EV Battery Recycling Industry Report 2023: High Costs of Recycling EV Batteries Expected to Remain a Major Challenge - Global Forecasts to 2030

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Feb 05, 2024, 19:15 ET

DUBLIN, Feb. 5, 2024 /PRNewswire/ -- The "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 2030" report has been added to ResearchAndMarkets.com's offering.

The global EV battery recycling market is expected to reach $6.5 billion by 2030, at a CAGR of 37.1% during the forecast period of 2023-2030.

The growth of this market is driven by the increasing demand for electric vehicles, stringent regulatory frameworks for battery recycling, and increasing concerns over the depletion of raw material resources. However, safety issues related to the storage and transportation of used batteries restrain the growth of this market.

Increasing government incentives for battery recycling and innovations in battery recycling technologies are expected to generate market growth opportunities. However, the high costs of recycling EV batteries are a major challenge for the players operating in this market. Furthermore, increasing investments in battery recycling infrastructure in emerging economies is a key trend in the EV battery recycling market.

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 75.0% of the global EV battery recycling market. Factors such as the increasing adoption of electric vehicles, the rising need to recover valuable materials from Li-ion batteries to reduce the need for the mining and processing of new raw materials, and the growing need for high energy density and low self-discharge rate batteries for EVs contribute to the significant market share of this segment.

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 E-bikes segment is expected to account for the largest share of the global EV battery recycling market. The large market share of this segment is attributed to the rising adoption of e-bikes worldwide.

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 attributed to the growing need to remove organic material from Li-ion batteries and extract metals from ores with low metal content and the increasing demand for scalable, flexible, low-cost, and low environmental impact recycling 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 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 EV batteries.

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 attributed to 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 the mining of new resources.

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. 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 amount of battery waste generated, and the high adoption of electric mobility in the region.

Key Questions Answered in the Report:

Which are the high growth market segments in terms of battery type, battery source, recycling process, business model, and material?
What is the historical market for EV battery recycling across the globe?
What are the market forecasts and estimates from 2023-2030?
What are the major drivers, restraints, opportunities, and challenges in the global EV battery recycling market?
Who are the major players in the global EV battery recycling market, and what shares of the market do they hold?
Who are the major players in various countries, and what shares of the market do they hold?
What is the competitive landscape like?
What are the recent developments in the global EV battery recycling market?
What are the different strategies adopted by the major players in the global EV battery recycling market?
What are the geographical trends and high growth countries?
Who are the local emerging players in the global EV battery recycling market and how do they compete with the other players?

Market Insights

Factors Affecting Market Growth

Increasing Demand for Electric Vehicles Driving the Need to Recycle EV Batteries
Stringent Regulatory Frameworks Supporting Market Growth
Rapid Depletion of Raw Material Resources Raising Concerns
Safety Issues Related to the Storage and Transportation of Used Batteries Hampering Market Growth
Government Incentives for Battery Recycling Accelerating Market Growth
Innovations in Battery Recycling Technologies Generating Growth Opportunities for Market Players
High Costs of Recycling EV Batteries Expected to Remain a Major Challenge for Market Players

Trends

Increasing Investments in Battery Recycling Infrastructure in Emerging Economies

Case Studies

Redwood Materials, Inc. Helping Toyota Motor North America, Inc. Create a Circular Battery Supply Chain
Primobius Gmbh Technology Helping Mercedes-Benz Group AG in Battery Recycling
Lithion Recycling Inc. Helping Girardin Blue Bird Minimize the Environmental Footprint of its School Buses
Attero Recycling Pvt. Lyd. Helping Mg Motor India Pvt. Ltd. in the Recycling of EV Batteries
Redwood Materials, Inc. Helping Volkswagen Group of America, Inc. in Recycling EV Batteries of Volkswagen and Audi Electric Vehicles in the U.S.

Environmental Impact Analysis

Key Environmental Benefits of EV Battery Recycling
Key Environmental Concerns/Issues and Solutions

Company Profiles (Company Overview, Financial Overview, Product Portfolio, and Recent Developments)

Glencore plc
Fortum Corporation
Umicore NV
Li-Cycle Holdings Corp.
Lithion Recycling Inc.
Tata Chemicals Limited
SNAM S.A.S.
Ascend Elements Inc.
ACE Green Recycling Inc.
Redwood Materials Inc.
Primobius GmbH
Attero Recycling Pvt. Lyd.
ACCUREC Recycling GmbH
Trishulavel Eshan Pvt. Ltd.
BatX Energies Pvt. Ltd.
MTB GROUP
Duesenfeld GmbH

EV Battery Recycling Market Assessment - 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

For more information about this report visit https://www.researchandmarkets.com/r/p589g7

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