Electric vehicle battery recycling involves recovering materials from lithium-ion batteries that have reached the end of their lifecycle and are no longer suitable for use in vehicles. The recycled materials are then repurposed and reused in new battery manufacturing processes. This helps reduce dependency on raw material extraction and lowers production costs.
Market key trends:
One of the major trends in the electric vehicle battery recycling market is the adoption of new and advanced recycling technologies. Currently, pyrometallurgy and hydrometallurgy are commonly used recycling methods. However, companies are investing in innovative recycling technologies such as direct recycling, which can achieve higher material recovery rates and lower energy consumption compared to conventional methods. Direct recycling processes the battery as a whole without disassembling or dismantling it first. This enables recovery of more valuable materials like cobalt, nickel, and lithium directly from the scrapped batteries.
The global Electric Vehicle Battery Recycling Market Demand is estimated to be valued at US$ 2.4 Bn in 2023 and is expected to exhibit a CAGR of 28% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Strength: Electric vehicle battery recycling can help reduce reliance on mining new materials and lower costs of materials. It is also beneficial for the environment by reducing waste.
Weakness: Setting up battery recycling infrastructure requires large investments. Collection logistics can be challenging due to the low volume of waste electric vehicle batteries currently.
Opportunity: With rising sales of electric vehicles, the market for recycled battery materials is expected to grow tremendously creating business opportunities. Government support and policies can boost electric vehicle battery recycling.
Threats: Technologies may change rapidly which can reduce the lifespan of collected batteries. Competing chemical recycling processes can emerge as threat.
The global electric vehicle battery recycling market is expected to witness high growth, exhibiting CAGR of 28.% over the forecast period, due to increasing demand for recycled battery materials from electric vehicle manufacturers and battery makers. Stringent government regulations regarding waste battery disposal and recycling are also fueling the market growth.
Regional analysis: Asia Pacific is expected to dominate the global electric vehicle battery recycling market owing to the large production of electric vehicles in countries such as China. Europe and North America are also regarded as high growth markets due to stringent environment norms and rising sales of electric vehicles.
Key players operating in the electric vehicle battery recycling market are Accurec Recycling GmbH, American Manganese Inc., Battery Solutions, Li-Cycle Corp., G & P Batteries, Recupyl, Retriev Technologies, Sitrasa, Floridienne, and Umicore. The key players are focused on adopting latest recycling technologies to recover more material from lithium-ion batteries. Strategic partnerships for collection and recycling network expansion is also witnessed in the market.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it