What Has Been the Growth of the EV Battery Recycling Market So Far?
The ev battery recycling market has seen considerable growth due to a variety of factors.
• Recent years have seen the EV battery recycling market size mushrooming significantly. It is predicted to surge from $2.98 billion in 2024 to $3.86 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 29.5%.
This expansion during the past period is a result of environmental consciousness, enhanced supply chain security, a surge in electric vehicle sales, innovative growth and investment in research and development, along with circular economy strategies.
What Is The Projected Growth Of The EV Battery Recycling Market?
The ev battery recycling market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for EV battery recycling is anticipated to witness a dramatic acceleration in the upcoming years, reaching a massive $10.35 billion by 2029, given it's compound annual growth rate (CAGR) of 28.0%.
This growth during the projected period can be credited to a concentration on research and development, comprehension of environmental impacts, objectives for sustainability, financial input in recycling infrastructure, and the market's demand for recycled materials. Significant trends for this future period involve closed-cycle recycling systems, progression in recycling technologies, breakthroughs in lithium-ion batteries, cooperation within the industrial environment, and a priority towards material recovery and purity.
What Key Factors and Trends are Driving the Growth of the EV Battery Recycling Market?
The EV battery recycling market is anticipated to expand due to the predicted surge in electric vehicle (EV) sales. EVs, partially or wholly propelled by electricity, comprise a battery that activates an electric motor. The batteries utilized in EVs consist of pivotal minerals that can be recouped while recycling these expired EV batteries. These salvaged materials are then used to produce new batteries for EVs. As outlined by the International Energy Agency (IEA), a self-governing intergovernmental organization based in France, in their Global Electric Vehicle (EV) Outlook 2023, the sum total of EVs is expected to swell from roughly 30 million in 2022 to an estimated 240 million in 2030. It signifies a standard yearly growth rate of around 30%. The sales of EVs will comprise over 20 million total vehicles in 2025 and over 40 million in 2030, equating to over 20% and 30% of all vehicle sales successively. Consequently, the escalating sales of electric vehicles are stimulating the demand for growth in the EV battery recycling market.
What Are The Principal Market Segments In The Global EV Battery Recycling Healthcare Industry?
The EV battery recycling market covered in this report is segmented –
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
Subsegments:
1) By Lead-Acid Battery: Flooded Lead-Acid Batteries, Valve-Regulated Lead-Acid (VRLA) Batteries
2) By Lithium-Based Battery: Lithium-Ion Batteries, Lithium Polymer Batteries, Lithium Iron Phosphate (LiFePO4) Batteries
3) By Other Battery Types: Nickel-Metal Hydride (NiMH) Batteries, Solid-State Batteries, Other Emerging Battery Technologies
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Which Emerging Market Trends Are Altering The EV Battery Recycling
A notable trend that stands out in the EV battery recycling market is the introduction of novel methods. Top corporations within this sector are coming up with innovative ways to salvage precious minerals from batteries. To illustrate, in March 2022, Koura and Ascend Elements, both American manufacturers of fluor products and advanced battery materials respectively, joined forces to devise a technique known as Hydro-to-Anode. This process is capable of extracting graphite of 99.9% purity from spent batteries. The graphite retrieved is identical in quality to brand-new graphite, and it can be reapplied in battery production. This technique is cost-efficient, promoting economic recycling of lithium-ion (Li-ion) batteries, while simultaneously reducing the demand for fresh mining.
Who Are the Key Players in the EV Battery Recycling Market?
Major companies operating in the EV battery recycling market include:
• Glencore International AG
• Veolia Environnement Société Anonyme
• Ganfeng Lithium Co. Ltd.
• Umicore NV
• Viridor Waste Management
• Gravita India Limited
• Ziptrax Cleantech
• Redwood Materials Incorporated
• Retriev Technologies
• 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
• CleanCycle
What are the Regional Insights into the EV Battery Recycling Market?
Asia-Pacific was the largest region in the EV battery recycling market in 2024. The regions covered in the EV battery recycling market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
