Redding, California - September 11, 2024
EV Battery Recycling Market to Reach $10.1 Billion by 2031
EV Battery Recycling Market Size, Share, Forecast, & Trends Analysis by Type (Li-ion), Source (Commercial, Passenger), Process (Pyro, Hydro), Model (Contractual, Direct-to-market), Material (Graphite, Lithium), and Geography - Global Forecast to 2031
Meticulous Research®—a leading global market research company, published a research report titled ‘EV Battery Recycling Market—Global Opportunity Analysis and Industry Forecast (2024-2031)’. According to this latest publication from Meticulous Research®, the EV battery recycling market is expected to reach $10.1 billion by 2031, at a CAGR of 40.9% from 2024 to 2031.
The growth of this market is driven by the increasing adoption of electric vehicles, strict regulatory frameworks for battery recycling, and increasing concerns over depleting raw material resources. However, safety issues in the storage and transport 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 countries is a key trend in the EV battery recycling market.
Key Players
The EV battery recycling market is moderately competitive due to the presence of many large- and small-sized global, regional, and local players. 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. Ltd. (India), ACCUREC Recycling GmbH (Germany), Trishulavel Eshan Pvt. Ltd. (India), BatX Energies Pvt. Ltd. (India), MTB GROUP (France), and Duesenfeld GmbH (Germany).
The EV battery recycling market is segmented based on battery type, battery source, recycling process, business model, and material. The report also evaluates industry competitors and analyzes the EV battery recycling market at the regional and country levels.
By battery type, in 2024, the lithium-ion batteries segment is expected to account for the largest share of 78.3% of the EV battery recycling market. This segment’s large market share is attributed to the growing demand for electric vehicles, a surge in the need to manage the disposal of used batteries, the rapid depletion of raw material resources, and stringent regulatory frameworks for battery recycling. Additionally, increasing government mandates for battery recycling and declining battery prices due to technological advancements are expected to support the growth of this segment in the coming years.
By battery source, in 2024, the e-bikes segment is expected to account for the largest share of 64.8% of the EV battery recycling market. This segment’s large market share is primarily attributed to the increasing adoption of e-bikes as a convenient and efficient alternative for short-distance commuting, growing awareness about environmental issues, a shift toward greener transportation, and increasing government incentives and subsidies for e-bike purchases.
By recycling process, in 2024, the pyrometallurgical process segment is expected to account for the largest share of 42.6% of the EV battery recycling market. This segment’s large market share is primarily attributed to the high recycling rates supported by the pyrometallurgical process, the increasing need to remove organic material from Li-ion batteries, the rising demand for efficient and cost-effective recycling methods, the increasing need to recover valuable materials from used Li-ion batteries to reduce the need for new mining, stringent environmental regulations, and the growing need for more scalable and flexible recycling processes.
By business model, in 2024, the contractual recycling services segment is expected to account for the larger share of over 86.0% of the EV battery recycling market. This segment’s large market share is primarily attributed to the growing government incentives and regulatory compliance for battery recycling, the increasing need to manage the disposal of used batteries, the rising demand for more efficient and effective recycling technologies through contractual partnerships, companies’ growing need to manage and mitigate liabilities related to the handling, processing, and disposal of hazardous materials, and the rising need to reduce the cost of raw materials for new batteries.
By material, in 2024, the graphite segment is expected to account for the largest share of 18.5% of the EV battery recycling market. This segment’s large market share is primarily driven by the high recycling rates of sealed lead acid (SLA) batteries, the widespread use of graphite as a key component in battery anodes, combined with ongoing research to improve the material’s recyclability, the increasing demand for graphite in lithium-ion battery production, and the material's critical role in enhancing battery performance and longevity. Additionally, the growing focus on sustainable and efficient recycling processes, coupled with advancements in graphite recovery technologies, further supports this segment's dominance.
Geographic Review
This research report analyzes major geographies and provides a comprehensive analysis of the EV battery recycling market in Asia-Pacific (Japan, China, India, South Korea, Singapore, Australia & New Zealand, Malaysia, and Rest of Asia-Pacific), North America (U.S. and Canada), Europe (Germany, U.K., Italy, France, Spain, Switzerland, Belgium, Norway, Poland, Finland, and Rest of Europe), Latin America (Brazil, Mexico, and Rest of Latin America), and the Middle East & Africa (UAE, Saudi Arabia, and Rest of the Middle East & Africa).
By geography, in 2024, Asia-Pacific is expected to account for the largest share of 69.1% of the EV battery recycling market. This region’s large market share is primarily attributed to increasing investments in advanced recycling technologies and processes in China, South Korea, and Japan to recover valuable metals and materials from used EV batteries, the high adoption of electric mobility, rising concerns regarding depleting precious and rare-earth metals, and the increasing implementation of new policies and regulations to promote the recycling of lithium-ion batteries and reduce environmental pollution.
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Key Questions Answered in the Report:
- What is the revenue generated in the EV battery recycling market?
- At what rate is the global demand for EV battery recycling projected to grow over the next five to seven years?
- What is the historical market size and growth rate for the EV battery recycling market?
- What are the major factors impacting the growth of this market at the global and regional levels?
- What are the major opportunities for existing players and new entrants in the market?
- Which battery type, battery source, recycling process, business model, and material segments are creating major traction for the players in this market?
- What are the key geographic trends in this market? Which regions/countries are expected to offer significant growth opportunities for the players operating in the EV battery recycling market?
- Who are the major players in the EV battery recycling market? What are their offerings in this market?
- What are the recent key developments in the EV battery recycling market? What are the impacts of these strategic developments?
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