EV Battery Recycling Market to be Worth $10.1 Billion by 2031 - Exclusive Report by Meticulous Research®

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May 16, 2024, 10:46 ET

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
- 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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