Electric Vehicle Battery Recycling Market is Expected to Surpass USD 10.45 Billion by 2030 at a CAGR of 32.46%; Rising Scarcity of Costly Critical Metals to Make EV Battery Recycling an Attractive and Cost-Effective Option
SkyQuest’s report on the electric vehicle battery recycling market is an excellent resource for individuals interested in gaining insight into this rapidly growing industry. Additionally, the report is written clearly and concisely, making it accessible to various audiences, from industry experts to casual readers. Finally, it gives readers an in-depth understanding of the primary and secondary market drivers, giving them a comprehensive outlook of the current market situation and future projections.
Westford USA, March 10, 2023 (GLOBE NEWSWIRE) — The electric vehicle battery recycling market is expected to experience significant growth in North America and Asia Pacific regions. Several factors, including the increasing demand for electric vehicles, stringent government regulations, and concerns regarding the depletion of materials, drive this growth. In addition, the market is set for strong growth ahead due to growing innovations in recycling technologies and surging government incentives for battery recycling, offering significant growth opportunities. Advancements in EV battery recycling technology have made it possible to recover valuable materials such as cobalt, nickel, and lithium, which can be reused to produce new batteries.
As per SkyQuest’s latest global research findings, the global electric car market is on a steady rise and is projected to reach a value of USD 353.64 billion by 2028. This positive outlook for the electric vehicle market indicates growth potential for related industries, including the electric vehicle battery recycling market. As the popularity of EVs continues to increase, the demand for electric vehicle batteries will also rise. With this comes the need for effective and sustainable battery recycling solutions.
Browse in-depth TOC on “Electric Vehicle Battery Recycling Market”
- Pages – 242
- Tables – 92
- Figures – 74
Recycling electric vehicle batteries are crucial for reducing the environmental impact of EVs. These batteries contain valuable metals like lithium, cobalt, and nickel, which can be recovered and reused in producing new batteries. Recycling also helps to prevent toxic materials from ending up polluting the environment. By recovering valuable metals and reducing waste, recycling helps minimize EVs’ environmental impact and move towards a cleaner and more sustainable future.
Prominent Players in Electric Vehicle Battery Recycling Market
- Accurec Recycling GmbH
- Battery Solutions
- Retriev Technologies
- Snam S.p.A.
- Tata Chemicals Ltd.
- American Manganese Inc.
- Li-Cycle Corp.
- Australian Battery Recycling Initiative
- Recupyl
- G & P Batteries
- FORTUM
- SITRASA
- Glencore
- ECOBOAT
- Duesenfeld GmbH
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Lithium-Ion Batteries Segment to Drive Higher Sales as These Batteries are Mostly Used in EVs for Their Long Cycle Life and Fast Charging Capabilities
According to a recent analysis, the lithium-ion batteries segment emerged as a significant contributor to the rapid development of the electric vehicle battery recycling market in 2021. This trend is expected to continue from 2022 to 2030 as the segment retains its dominance in the market. As more people switch to EVs, the electric vehicle battery recycling services demand is expected to rise significantly. SkyQuest, a market research firm, has reported that the United States government is taking significant steps toward promoting electric vehicles (EVs) in the country. The government has announced a plan to invest USD 3.1 billion in the manufacturing of domestic EV batteries. In addition to this, the government will also provide grants for the development of battery recycling facilities.
According to research analysis, North America is set to become a dominant player in the electric vehicle battery recycling market from 2022 to 2030. Several factors, including the increasing presence of major global players, the rising disposable income of consumers, and supportive government initiatives, are fueling this growth. SkyQuest has reported that in the first quarter of 2022 alone, over 165,000 units of battery EVs were sold in the United States, marking a year-over-year increase of approximately 72 percent compared to the same period in 2021. This surge in sales indicates a positive outlook for North America’s market.
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Pyrometallurgical Process Segment to Exhibit Strong Growth due to its High Efficiency in Extracting Valuable Metals from Used Batteries
The pyrometallurgical process segment emerged as the dominant method in the electric vehicle battery recycling market in 2021, and it is projected to maintain its lead from 2022 to 2030. Its large market share is the increasing need to eliminate organic materials from Li-ion batteries and extract metals from ores with low metal content. Additionally, a growing demand for a cost-effective, flexible, scalable, low-cost, and environmentally friendly recycling process is growing. With the growing demand for EVs and the subsequent rise in batteries requiring recycling, a pyrometallurgical process is an attractive option due to its cost-effectiveness and scalability.
The Asia Pacific region became a major force in the electric vehicle battery recycling market and is expected to maintain its leading position by 2030. This growth can be attributed to the high rate of production and increased sales of electric vehicles in the region. In addition, according to SkyQuest, the Chinese government has set a target for 20% of all vehicle sales to be electric by 2025, which includes the adoption of next-generation government vehicles such as NEVs. This positive outlook bodes well for the region’s electric vehicle battery recycling industry.
A recent report on the electric vehicle battery recycling market has comprehensively analyzed the industry’s major players. The report covers various aspects such as collaborations, mergers, innovative business policies, and strategies, offering valuable insights into the key trends and major breakthroughs in the market. The report also examines the market share of the top segments and provides a detailed geographic analysis. Finally, the report highlights the major players in the industry and their efforts to develop innovative solutions to meet this demand.
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Key Developments in Electric Vehicle Battery Recycling Market
- Durapower, a top lithium-ion cell technology innovator, has partnered with TES, a recycling leader, to collaborate on the lifecycle management of electric vehicle batteries. Companies plan to work together to achieve optimal outcomes for second-life deployment and end-of-life management of lithium-ion batteries. The partnership between Durapower and TES will also focus on second-life deployment, where used batteries are repurposed for other applications.
- Cirba Solutions, the top-tier provider of battery management and material processing services for end-of-life batteries and manufacturing scrap, has recently announced its partnership with Jacobs, a renowned professional services firm specializing in engineering design and facility construction. The collaboration aims to enhance the production capabilities of electric vehicle battery materials across North America. In addition, by partnering with Jacobs, the company is planning to scale up its production and distribution network.
- Mitsubishi Materials, a Japanese multinational conglomerate, has announced its plans to commence electric vehicle (EV) battery recycling using a new rare-earth metal extraction technology. This move marks the company’s effort to contribute to creating a circular economy and reducing environmental impact. The technology can extract neodymium, a rare-earth metal used in producing EV motors, with high purity.
Key Questions Answered in Electric Vehicle Battery Recycling Market Report
- What are the specific drivers of growth that are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
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