Meticulous Research® Projects EV Battery Recycling Market to Reach $10.1 Billion by 2031

 

Meticulous Research®, a premier global market research firm, has released its latest comprehensive report titled "EV Battery Recycling Market by Type (Li-ion, Ni-MH, SLA), Source (Commercial, Passenger, E-bikes), Process (Direct, Pyro, Hydro), Model (Contractual Services, Direct-to-Market), Material (Graphite, Lithium), and Geography - Global Forecast to 2031." This report forecasts the global electric vehicle (EV) battery recycling market to surge to $10.1 billion by 2031, registering a robust CAGR of 40.9% from 2024 to 2031.

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Key Market Drivers and Challenges

The burgeoning demand for electric vehicles, stringent regulatory frameworks, and escalating concerns over the depletion of raw materials are propelling the growth of the EV battery recycling market. Conversely, safety issues related to the storage and transportation of used batteries pose significant restraints. The high costs associated with EV battery recycling present a formidable challenge for market participants. However, government incentives and technological innovations in battery recycling are anticipated to unlock substantial growth opportunities.

Market Segmentation Insights

Battery Type:

  • Lithium-ion (Li-ion) Batteries: Expected to dominate the market in 2024, driven by the increasing adoption of EVs, the need to recover valuable materials, and the demand for high energy density and low self-discharge rate batteries. This segment is also projected to achieve the highest CAGR during the forecast period.
  • Other Batteries: Including sealed lead acid (SLA), nickel-metal hydride (Ni-MH), and ultracapacitors.

Battery Source:

  • E-bikes: Forecasted to hold the largest market share in 2024, supported by the global rise in e-bike adoption.
  • Commercial Vehicles: Anticipated to record the highest CAGR due to the demand for electric public transportation and logistics, alongside supportive government initiatives for zero-emission transportation.

Recycling Process:

  • Pyrometallurgical Process: Predicted to lead in market share in 2024, owing to its scalability and low environmental impact.
  • Hydrometallurgical Process: Expected to register the highest CAGR, driven by the need for selective material separation and low-energy consumption processes.

Business Model:

  • Contractual Recycling Services: Projected to dominate the market with the highest growth rate, attributed to government incentives, stringent recycling laws, and increasing revenue streams for companies involved in EV battery recycling.

Material:

  • Graphite: Estimated to hold the largest market share in 2024, influenced by the high recycling rate of SLA batteries and the need to recover valuable materials.
  • Lithium: Expected to exhibit the highest CAGR due to advancements in lithium-ion battery technology and regulatory support.

Geographic Market Analysis

Asia-Pacific: Anticipated to lead the global market in 2024, followed by Europe and North America. The region's dominance is driven by stringent environmental policies, high adoption of electric mobility, and increasing battery waste.

Leading Industry Players

Key market players include 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).

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About Meticulous Research®

Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.

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