EV Battery Recycling Global Market Report 2024

EV battery recycling involves the process of recycling batteries from electric vehicles, primarily lithium-ion batteries. The recycling aims to reclaim essential minerals such as lithium, cobalt, manganese, and nickel for use in producing new batteries.

The primary types of electric vehicle (EV) battery recycling encompass lead-acid batteries, lithium-based batteries, and other categories. Lead-acid batteries are rechargeable batteries characterized by a small energy-to-volume ratio and a low energy-to-weight ratio. They exhibit low energy density, possess a long lifespan, and are cost-effective. The recycling process for lead-acid batteries involves the extraction of lead metal and is a thorough and intricate procedure. Advanced high-power lead-acid batteries are currently under development for use in commercial electric vehicles. The recycling methods for these batteries include pyrometallurgical, hydrometallurgical, and other processes, catering to various vehicle types such as passenger cars and commercial vehicles. These recycled batteries find applications in diverse areas, including electric cars, electric buses, energy storage systems, and other relevant sectors.

The EV battery recycling market research report is one of a series of new reports from The Business Research Company that provides EV battery recycling market statistics, including EV battery recycling industry global market size, regional shares, competitors with an EV battery recycling market share, detailed EV battery recycling market segments, market trends and opportunities, and any further data you may need to thrive in the EV battery recycling industry. This EV battery recycling market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The ev battery recycling market size has grown exponentially in recent years. It will grow from $2.32 billion in 2023 to $3.02 billion in 2024 at a compound annual growth rate (CAGR) of 30.3%. The growth observed in the historical period can be attributed to factors such as environmental concerns, a focus on supply chain security, the increase in electric vehicle sales, efforts in innovation and research and development (R&D), and initiatives promoting a circular economy.

The ev battery recycling market size is expected to see exponential growth in the next few years. It will grow to $8.29 billion in 2028 at a compound annual growth rate (CAGR) of 28.7%. The anticipated growth in the forecast period can be attributed to a focus on research and development, increased environmental awareness, sustainability goals, investments in recycling infrastructure, and market demand for recycled materials. Major trends expected in the forecast period include the adoption of closed-loop recycling systems, advancements in recycling technologies, innovations in lithium-ion batteries, collaboration within the industry ecosystem, and a heightened focus on material recovery and purity.

The anticipated growth in the sales of electric vehicles (EVs) is poised to drive the expansion of the EV battery recycling market. Electric vehicles, whether partially or fully powered by electricity, are equipped with batteries that play a crucial role in powering electric motors. These EV batteries contain essential minerals that can be recovered through the recycling of end-of-life EV batteries, providing a sustainable source for manufacturing new batteries used in electric vehicles. For example, data from the International Energy Agency, an autonomous intergovernmental organization based in France, indicates that global sales of EVs, encompassing both fully electric and plug-in hybrids, reached 6.6 million units in 2021. Additionally, the total number of EVs on roads worldwide amounted to 16.5 million in the same year. This surge in EV sales underscores the increasing demand for the growth of the EV battery recycling market, driven by the need for sustainable practices in handling end-of-life EV batteries.

The anticipated growth in the EV battery recycling market is expected to be propelled by increasing battery costs. Rising battery costs refer to the upward trend in expenses associated with the production of batteries utilized in electric vehicles (EVs). This increase is primarily attributed to the escalating costs of crucial materials such as lithium, nickel, and cobalt, which play essential roles in the manufacturing of EV batteries. Recycling existing batteries emerges as a significant solution to mitigate these increasing costs, as it substantially reduces the reliance on virgin materials, consequently lowering the overall expense of battery production. For instance, data from the International Energy Agency, an autonomous intergovernmental organization based in France, indicates that in 2023, the average battery price reached USD 150 per kWh. During this period, pack manufacturing costs experienced a 5% increase due to the upward trajectory of material and electricity prices. Specifically, lithium iron phosphate (LFP) batteries saw a 25% price hike, while nickel-manganese-cobalt (NMC) batteries increased by less than 15%. This underlines how the surge in battery costs is contributing to the demand for the growth of the EV battery recycling market.

The adoption of new processes is a prominent trend gaining traction in the EV battery recycling market. Key players in the EV battery recycling sector are actively developing innovative processes to efficiently recover valuable battery minerals. As an illustration, in March 2022, Ascend Elements, a US-based manufacturer of advanced battery materials, and Koura, a US-based manufacturer of fluor products, collaborated to introduce a novel process known as Hydro-to-Anode. This innovative process can recover 99.9% pure graphite from used batteries. The quality of the recovered graphite is comparable to virgin graphite, making it suitable for the production of new batteries. Notably, the Hydro-to-Anode process proves to be cost-effective, facilitating economical recycling of lithium-ion (Li-ion) batteries. Additionally, it contributes to minimizing the necessity for new material mining, aligning with sustainable and environmentally friendly practices in the EV battery recycling market.

Major companies in the EV battery recycling market are emphasizing strategic collaborations to deliver reliable services to customers. Strategic collaboration involves mutually beneficial partnerships between independent entities that work together to achieve shared goals aligned with their individual strategic objectives. An example of this is evident in the collaboration between Li-Cycle Private Limited, a Canada-based global lithium-ion battery resource recovery company, and Eve Energy Co., Ltd., a China-based leading primary lithium battery manufacturer. In July 2023, they entered into a memorandum of understanding (MOU) to explore lithium-ion battery recycling solutions. The scope of the partnership will extend to recycling battery manufacturing scrap from EVE's upcoming facilities in Malaysia and Hungary. This initiative is in alignment with EVE's environmental goals and Li-Cycle's commitment to providing efficient, low-emission recycling solutions for lithium-ion batteries.

In March 2022, Retriev Technologies, a lithium battery recycling and management company based in the United States, acquired Battery Solutions for an undisclosed amount. This acquisition is anticipated to enhance Retriev Technologies' proficiency in battery-centric logistics networks, cross-chemistry collection, and end-of-life battery sorting services. Furthermore, it positions Retriev Technologies to broaden its current offerings and expand its presence in the US market. Battery Solutions is a US-based company specializing in battery recycling management.

Major companies operating in the ev battery recycling market report are Glencore International AG, Veolia Environnement Societe Anonyme, SNAM Societe par Actions Simplifiee, Ganfeng Lithium Co. Ltd., Umicore NV, Benchmark Minerals Incorporated, Viridor Waste Management, Gravita India Limited, Sitrasa Societa per Azioni, Ziptrax Cleantech, Redwood Materials Incorporated, Retriev Technologies, G & P Batteries Incorporated, Belithium Corporation, Cirba Solutions, Accurec Recycling GmbH, Li-Cycle Corp., Lithion Recycling Incorporated, Recytech, Lohum Cleantech, Recupyl, Attero Recycling, Australian Battery Recycling Initiatives, American Manganese Incorporated, ACE Green Recycling Incorporated, Call2Recycle, TES-Amm, Envirostream, Floridienne Societe Anonyme, CleanCycle

Asia-Pacific was the largest region in the EV battery recycling market in 2023. The regions covered in the ev battery recycling market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the ev battery recycling market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The EV battery recycling market includes revenues earned by entities by nickel-metal hydride batteries and ultracapacitors. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

EV Battery Recycling Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on ev battery recycling market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for ev battery recycling ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The ev battery recycling market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Battery Type: Lead-Acid Battery; Lithium-Based Battery; Other Battery Types
• 2) By Process: Pyrometallurgical; Hydrometallurgical; Other Processes
• 3) By Vehicle Type: Passenger Cars; Commercial Vehicles
• 4) By Application: Electric Cars; Electric Buses; Energy Storage Systems; Other Applications
• Companies Mentioned: Glencore International AG; Veolia Environnement Societe Anonyme; SNAM Societe par Actions Simplifiee; Ganfeng Lithium Co. Ltd.; Umicore NV
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.