EV Battery Recycling Market to be Worth $15.8 Billion by 2030

Meticulous Research®-a leading global market research company, published a 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.'

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According to this latest publication from Meticulous Research®, the global electric vehicles (EVs) battery recycling market is projected to reach $15.8 billion by 2030, at a CAGR of 32.1% from 2023 to 2030. The growth of this market is driven by the stringent government regulatory framework, increasing demand for EVs, and rising concerns regarding the depletion of materials. 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 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 this market.

Advancements in EV battery recycling processes are a prominent trend in the EV battery recycling market.

The global EV battery recycling market is segmented by battery type, battery source, recycling process, business model, material, and end user. The study also evaluates industry competitors and analyzes the market at the region/country level.

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 attributed to the increasing adoption of electric vehicles, increasing demand to recover valuable materials from Li-ion batteries to reduce the need for new mining and processing of raw materials, and the growing 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 attributed to the high demand for electric public transportation and logistics services, the surging need to manage the disposal of used batteries, the increasing demand for low-emission commuting, and support from governments for zero-emission transportation for commercial EVs including heavy commercial vehicles and light commercial vehicles.

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, the increasing demand for less expensive, scalable, flexible, low-cost recycling processes, and low environmental impact recycling processes.

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 for battery recycling, rising regulatory compliance for the recycling of EV batteries, surging new revenue streams for companies involved in the EV battery recycling market, increasing need to reduce the cost of raw materials for new EV batteries, and generating 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 attributed to the high recycling rate of sealed lead acid batteries (SLA), the increasing need to recover valuable materials from used EVs batteries to reduce the need for new mining, increasing use of graphite's unique properties, and versatility in the anodes of batteries for electric vehicles.

However, the lithium segment is projected to register the highest CAGR during the forecast period. The growth of this market is driven by the increasing R&D initiatives and innovations in lithium-ion batteries, the growing need to address the shortage of critical raw materials for EV battery production, and the growing deployment of supportive government regulations and policies for empowering the EV sector.

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 growth of this market is attributed to the increasing government initiatives for the promotion of e-mobility, limited lifespan of batteries, rising government 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. The region is also expected to witness rapid growth during the forecast period.

The large market share of Asia-Pacific 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, rising concerns regarding the depletion of precious and rare earth metals, growing demand for lithium-ion batteries, the increasing amount of battery waste generated, and high adoption of electric mobility in the region.

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Key Players:

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).

Key questions answered in the report-

1 Which are the high-growth market segments based on battery type, battery source, recycling process, business model, material, end user, and geography?
2 What was the historical market for EV battery recycling market?
3 What are the market forecasts and estimates for the period 2023-2030?
4 What are the major drivers, restraints, opportunities, and challenges in the EV battery recycling market?
5 Who are the major players, and what shares do they hold in the EV battery recycling market?
6 How is the competitive landscape in the EV battery recycling market?
7 What are the recent developments in the EV battery recycling market?
8 What are the different strategies adopted by the major players in the EV battery recycling market?
9 What are the key geographic trends, and which are the high-growth countries?
10 Who are the local emerging players in the global EV battery recycling market, and how do they compete with the other players?

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