Meticulous Research® Projects Explosive Growth in Global EV Battery Recycling Market

 

Meticulous Research®, a leading global market research company, has released a 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.”

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Market Forecast and Growth Drivers

According to the latest insights from Meticulous Research®, the global electric vehicles (EVs) battery recycling market is expected to soar to $10.1 billion by 2031, experiencing a remarkable CAGR of 40.9% from 2024 to 2031. This substantial growth is driven by several key factors:

  • Increasing Demand for Electric Vehicles: As the adoption of electric vehicles continues to rise, so does the need for efficient battery recycling solutions.
  • Stringent Regulatory Frameworks: Governments worldwide are implementing stringent regulations to ensure safe and environmentally friendly battery recycling.
  • Depletion of Raw Material Resources: Growing concerns over the depletion of raw materials are propelling the demand for effective recycling processes.

However, the market faces challenges, including safety issues related to the storage and transportation of used batteries and the high costs associated with recycling EV batteries.

Opportunities and Trends

Despite these challenges, the market presents significant opportunities:

  • Government Incentives and Innovations: Increasing government incentives for battery recycling and technological innovations are expected to drive market growth.
  • Investments in Emerging Economies: Growing investments in battery recycling infrastructure in emerging economies are emerging as a key trend.

Market Segmentation and Analysis

The global EV battery recycling market is segmented based on battery type, source, recycling process, business model, and material, with detailed analysis at the regional and country levels.

  • Battery Type: The market is segmented into Lithium-ion (Li-ion), sealed lead acid (SLA), nickel-metal hydride (Ni-MH), ultracapacitors, and others. The Li-ion batteries segment is anticipated to hold the largest market share in 2024 and exhibit the highest CAGR during the forecast period, driven by the increasing adoption of electric vehicles and the need to recover valuable materials.
  • Battery Source: Segmentation includes commercial vehicles, passenger cars, e-scooters & motorcycles, and e-bikes. The e-bikes segment is expected to dominate the market in 2024, while the commercial vehicles segment is projected to register the highest CAGR due to rising demand for electric public transportation and logistics services.
  • Recycling Process: The market is categorized into direct physical, pyrometallurgical, hydrometallurgical, and other processes. The pyrometallurgical process is expected to lead the market in 2024, while the hydrometallurgical process is forecasted to grow at the highest CAGR, driven by the need for selective material separation and low environmental impact.
  • Business Model: The market is divided into contractual recycling services and direct-to-market. The contractual recycling services segment is predicted to hold the larger market share in 2024 and register a higher CAGR, supported by government incentives and stringent recycling laws.
  • Material: Segmentation includes graphite, nickel, cobalt, copper, manganese, lithium, aluminum, iron, plastics, and others. The graphite segment is expected to dominate in 2024, while the lithium segment is projected to grow at the highest CAGR, driven by R&D initiatives and supportive government regulations.

Geographical Insights

Regionally, Asia-Pacific is expected to lead the global EV battery recycling market in 2024, followed by Europe and North America. The region's dominance is attributed to proactive policies, increasing battery waste, and the high adoption of electric mobility.

Key Players

Prominent players in the EV battery recycling market 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)
  • 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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Contact Sales- +1-646-781-8004
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