Abstract
Summary
The EV Battery Recycling Market is projected to grow from USD 9.0 billion in 2023 to USD 56.3 billion by 2031, at a CAGR of 25.8 % during the forecast period. The growing demand for batteries in energy storage devices, coupled with increased research and development in EV Battery, is one of the key driver that is boosting the EV Battery Recycling Market.
“,Lithium Iron Phosphate by battery chemistry, is estimated to account for the second largest share during the forecast period”
The Lithium Iron Phosphate battery chemistry segment is projected to secure the second-largest share in the forecast period, primarily fueled by its extensive application in the automotive.As they are among the safest batteries, with a low risk of overheating and fire. These batteries are environmentally sustainable, being non-toxic and recyclable, devoid of harmful materials like lead or cadmium.This broader utilization is expected to contribute to the sustained growth of the Lithium Iron Phosphate battery chemistry segment in the EV Battery Recycling Market.
“By source, commercial segment is accounted for the second largest share during the forecast period”
lithium-ion batteries are well-known for powering commercial vehicles. The combination of increasing demand for commercial electric vehicles, regulatory support, and the need for recycling valuable materials contributes to the projection that the commercial segment will be the important and ongrowing source in the EV battery recycling market during the specified period. Therefore, the use of lithium-ion battery in commercial vehicles will increase and it is expected to drive the EV Battery Recycling Market.
“Europe region is estimated to account for the second largest share during 2023-2031”
Europe is expected to be the second-largest market for EV battery recycling market. Germany is among the key player in the region, which is driven by automobile sector, with a rise in the demand for electric vehicles. As a major contributor to the automotive industry, Germany emerges as a favorable market for various batteries, particularly those using lithium-ion recycling technology. Additionally, the ongoing transition to renewable energy sources in the country is expected to boost the market further, contributing to the overall growth of the European EV Battery Recycling Market.
Profile break-up of primary participants for the report:
• By Company Type: Tier 1 – 35%, Tier 2 – 35%, and Tier 3 – 30%
• By Designation: C-level– 45%, Director Level– 35%, and Others – 20%
• By Region: North America – 28%, Europe – 20%, Asia Pacific – 52%
Contemporary Amperex Technology Co., Limited. (China), Glencore (Switzerland), GEM Co., Ltd. (China), ERAMET (France), Li-Cycle Corp (Canada), Umicore (Belgium) are some of the major players operating in the EV Battery Recycling Market. These players have adopted strategies such as acquisitions, expansions, and partnerships, and expansions in order to increase their market share business revenue.
Research Coverage:
The report defines, segments, and projects the EV Battery Recycling Market based on material, battery type, end-use, and region. It provides detailed information regarding the major factors influencing the growth of the market, such as drivers, restraints, opportunities, and challenges. It strategically profiles, EV battery recycling manufacturers and comprehensively analyses their market shares and core competencies as well as tracks and analyzes competitive developments, such as expansions, joint ventures, agreements, and acquisitions, undertaken by them in the market.
Reasons to Buy the Report:
The report is expected to help the market leaders/new entrants in the market by providing them the closest approximations of revenue numbers of the EV Battery Recycling Market and its segments. This report is also expected to help stakeholders obtain an improved understanding of the competitive landscape of the market, gain insights to improve the position of their businesses, and make suitable go-to-market strategies. It also enables stakeholders to understand the pulse of the market and provide them information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
• Analysis of key drivers (increasing adoption of lithium-ion batteries in automobiles, growing adoption of EVs and plug-in vehicles, limited minerals), restraints (Safety issues related batteries,low availablity of lithium and cobalt), opportunities (subsidies by goverment, growing r&d for battery chemistry), and challenges (high cost of recycling ecosystem) influencing the growth of the EV Battery Recycling Market.
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities in the EV Battery Recycling Market.
• Market Development: Comprehensive information about lucrative markets – the report analyses the EV Battery Recycling Market across varied regions.
• Market Diversification: Exhaustive information about new products, various types, untapped geographies, recent developments, and investments in the EV Battery Recycling Market.
• Competitive Assessment: In-depth assessment of market shares, growth strategies and product offerings of leading players such as Contemporary Amperex Technology Co., Limited. (China), Glencore (Switzerland), GEM Co., Ltd. (China), ERAMET (France), Li-Cycle Corp (Canada), Umicore (Belgium) ,Accurec-Recycling GMBH (Germany), Fortum (Finland) ,Cirba solutions (US) ,Neometals Ltd.(Australia),Redwood Materials Inc. (US),Ecobat (US),Stena Recycling (Sweden) ,TES (Singapore),Ace Green Recycling, Inc. (USA), ,Shenzhen Highpower Technology Co., Ltd (China) and others in the EV Battery Recycling Market.
Table of Contents
1 INTRODUCTION 22
1.1 STUDY OBJECTIVES 22
1.2 MARKET DEFINITION 22
1.2.1 INCLUSIONS AND EXCLUSIONS 23
1.3 MARKET SCOPE 23
1.3.1 REGIONAL SCOPE 24
1.3.2 YEARS CONSIDERED 24
1.4 CURRENCY CONSIDERED 25
1.5 UNITS CONSIDERED 25
1.6 LIMITATIONS 25
1.7 STAKEHOLDERS 25
2 RESEARCH METHODOLOGY 26
2.1 RESEARCH DATA 26
2.1.1 SECONDARY DATA 27
- 2.1.1.1 Key data from secondary sources 27
2.1.2 PRIMARY DATA 27
- 2.1.2.1 Key data from primary sources 27
- 2.1.2.2 Key industry insights 28
- 2.1.2.3 Participating companies for primary research 28
- 2.1.2.4 Breakdown of primary interviews 28
2.2 MATRIX CONSIDERED FOR DEMAND SIDE 29
2.3 MARKET SIZE ESTIMATION (1/2) 29
2.3.1 BOTTOM-UP APPROACH 30
2.3.2 TOP-DOWN APPROACH 30
2.4 MARKET SIZE ESTIMATION (2/2) 31
2.4.1 CALCULATION BASED ON DEMAND-SIDE ANALYSIS 31
2.5 METHODOLOGY FOR SUPPLY-SIDE SIZING OF ELECTRIC VEHICLE BATTERY RECYCLING MARKET (1/2) 31
2.6 METHODOLOGY FOR SUPPLY-SIDE SIZING OF ELECTRIC VEHICLE BATTERY RECYCLING MARKET (2/2) 32
2.6.1 CALCULATIONS BASED ON SUPPLY-SIDE ANALYSIS 32
2.6.2 FORECAST 33
2.6.3 GROWTH RATE ASSUMPTIONS/GROWTH FORECAST 33
2.7 MARKET BREAKDOWN AND DATA TRIANGULATION 33
2.8 IMPACT OF RECESSION 34
2.9 RESEARCH ASSUMPTIONS 35
2.9.1 RESEARCH LIMITATIONS 35
2.9.2 RISK ANALYSIS 35
3 EXECUTIVE SUMMARY 36
4 PREMIUM INSIGHTS 39
4.1 ATTRACTIVE OPPORTUNITIES IN ELECTRIC VEHICLE BATTERY RECYCLING MARKET 39
4.2 ELECTRIC VEHICLE BATTERY RECYCLING MARKET, BY REGION 39
4.3 ELECTRIC VEHICLE BATTERY RECYCLING MARKET, BY BATTERY CHEMISTRY 40
5 MARKET OVERVIEW 41
5.1 MARKET DYNAMICS 41
5.1.1 DRIVERS 42
- 5.1.1.1 High demand for electric vehicles 42
- 5.1.1.2 Stringent government regulations related to lithium-ion battery recycling 42
- 5.1.1.3 Increase in demand for recycled products and materials 43
- 5.1.1.4 Scarcity related to availability of earth metals 44
5.1.2 RESTRAINTS 44
- 5.1.2.1 Safety issues related to storage and transportation of spent batteries 44
5.1.3 OPPORTUNITIES 44
- 5.1.3.1 Rising adoption of lithium-ion batteries due to decline in prices 44
5.1.4 CHALLENGES 45
- 5.1.4.1 High recycling costs and dearth of technologies 45
5.2 PORTER'S FIVE FORCES ANALYSIS 46
5.2.1 BARGAINING POWER OF SUPPLIERS 47
5.2.2 THREAT OF NEW ENTRANTS 47
5.2.3 THREAT OF SUBSTITUTES 47
5.2.4 BARGAINING POWER OF BUYERS 47
5.2.5 INTENSITY OF COMPETITIVE RIVALRY 47
5.3 VALUE CHAIN ANALYSIS 48
5.4 ECOSYSTEM/MARKET MAP 49
5.5 TECHNOLOGY ANALYSIS 50
5.5.1 INTRODUCTION 50
5.5.2 TECHNOLOGY 50
- 5.5.2.1 Pyrometallurgy 51
- 5.5.2.2 Hydrometallurgy 51
- 5.5.2.3 Pyrolysis 52
- 5.5.2.4 Mechanical thermodynamic recycling 52
- 5.5.2.5 Comparative analysis 52
5.6 TARIFF AND REGULATORY LANDSCAPE 53
5.6.1 TARIFF RELATED TO ELECTRIC VEHICLE BATTERY RECYCLING 53
5.6.2 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 54
- 5.6.2.1 North America battery recycling regulations 54
- 5.6.2.2 Europe battery recycling regulations 56
- 5.6.2.3 Asia Pacific battery recycling regulations 57
5.7 CASE STUDY ANALYSIS 57
5.7.1 ATTERO RECYCLING 57
- 5.7.1.1 Key highlights: 58
5.8 KEY CONFERENCES AND EVENTS (2024) 59
5.9 TRADE DATA 59
5.9.1 IMPORT DATA 59
5.9.2 EXPORT DATA 60
5.10 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 60
5.11 PRICING ANALYSIS 61
5.11.1 AVERAGE SELLING PRICE, BY REGION 61
5.11.2 AVERAGE SELLING PRICE OF LITHIUM-ION BATTERY, BY CHEMISTRY 62
5.12 KEY STAKEHOLDERS AND BUYING CRITERIA 62
5.12.1 KEY STAKEHOLDERS IN BUYING PROCESS 62
5.12.2 BUYING CRITERIA 63
6 ELECTRIC VEHICLES BATTERY RECYCLING MARKET, BY SOURCE 64
6.1 INTRODUCTION 65
6.2 COMMERCIAL 66
6.2.1 WIDESPREAD USE OF LITHIUM-ION BATTERIES TO DRIVE DEMAND 66
6.3 PASSENGER 66
6.3.1 RAPID ADOPTION OF PASSENGER ELECTRIC VEHICLES TO DRIVE DEMAND 66
6.4 E-BIKES 66
6.4.1 GOVERNMENT INITIATIVES TO ENCOURAGE RECYCLING OF LITHIUM-ION BATTERIES TO DRIVE DEMAND 66
7 ELECTRIC VEHICLE BATTERY RECYCLING MARKET, BY BATTERY CHEMISTRY 67
7.1 INTRODUCTION 68
7.2 LITHIUM-NICKEL MANGANESE COBALT (LI-NMC) 69
7.2.1 LITHIUM-NICKEL MANGANESE COBALT (LI-NMC) SEGMENT TO ACCOUNT FOR LARGEST MARKET SHARE 69
7.3 LITHIUM-IRON PHOSPHATE (LFP) 71
7.3.1 LONG LIFE CYCLE, HIGH CURRENT RATING, AND HIGH THERMAL STABILITY TO DRIVE MARKET 71
7.4 LITHIUM-MANGANESE OXIDE (LMO) 73
7.4.1 LOWER INTERNAL RESISTANCE, HIGH THERMAL STABILITY, AND IMPROVED HANDLING OF CURRENT TO DRIVE DEMAND 73
7.5 LITHIUM-TITANATE OXIDE (LTO) 74
7.5.1 INCREASED USE OF LTO BATTERIES IN ELECTRIC POWER TRAINS TO DRIVE MARKET 74
7.6 LITHIUM-NICKEL COBALT ALUMINUM OXIDE (NCA) 76
7.6.1 HIGHER CAPACITY AND HIGH ENERGY DENSITY OF NCA BATTERIES TO DRIVE HIGH DEMAND IN AUTOMOTIVE INDUSTRY 76
8 ELECTRIC VEHICLE BATTERY RECYCLING MARKET, BY RECYCLING PROCESS 78
8.1 INTRODUCTION 78
8.2 HYDROMETALLURGICAL PROCESS 79
8.3 PYROMETALLURGY PROCESS 79
8.4 PHYSICAL/MECHANICAL PROCESS 80
8.5 MATERIALS PRESENT IN BATTERIES FOR RECYCLING 81
9 ELECTRIC VEHICLE BATTERY RECYCLING MARKET, BY REGION 83
9.1 INTRODUCTION 84
9.2 ASIA PACIFIC 86
9.2.1 IMPACT OF RECESSION 86
9.2.2 CHINA 90
- 9.2.2.1 Growing sale of electric vehicles to drive market for electric vehicle battery recycling 90
9.2.3 JAPAN 91
- 9.2.3.1 Government initiatives related to battery recycling to boost market growth 91
9.2.4 SOUTH KOREA 92
- 9.2.4.1 Substantial growth in automotive sector to positively impact growth 92
9.2.5 INDIA 93
- 9.2.5.1 Government initiatives toward cleaner energy to drive market 93
9.2.6 AUSTRALIA 93
- 9.2.6.1 Supportive government policies to enhance electric battery recycling 93
9.2.7 NEW ZEALAND 94
- 9.2.7.1 Government initiatives to incentivize EV adoption to support recycling of lithium batteries 94
9.2.8 THAILAND 95
- 9.2.8.1 Rapid growth in electrification of vehicles to drive market 95
9.2.9 SINGAPORE 96
- 9.2.9.1 Continuous advancements in battery technologies and recycling methods to drive market 96
9.2.10 REST OF ASIA PACIFIC 97
9.3 NORTH AMERICA 98
9.3.1 IMPACT OF RECESSION 99
9.3.2 US 101
- 9.3.2.1 Dominant electric vehicle battery recycling market in North America 101
9.3.3 CANADA 102
- 9.3.3.1 Stringent implementation of Canadian Environmental Protection Act supporting market growth 102
- 9.3.3.2 Mexico 103
- 9.3.3.2.1 Government initiatives to drive EV battery recycling market 103
9.4 EUROPE 104
9.4.1 IMPACT OF RECESSION 105
9.4.2 FRANCE 109
- 9.4.2.1 Development in battery recycling technologies to fuel market growth 109
9.4.3 GERMANY 110
- 9.4.3.1 Shift toward renewable energy to drive market 110
9.4.4 NETHERLANDS 111
- 9.4.4.1 Growth in EV industry to propel battery recycling market 111
9.4.5 UK 112
- 9.4.5.1 Surge in sales of electric vehicles to fuel EV battery recycling market 112
9.4.6 ITALY 113
- 9.4.6.1 Increasing capacity to recycle batteries and electric vehicle sales to drive market 113
9.4.7 SPAIN 113
- 9.4.7.1 Robust growth in adoption of plug-in hybrid and battery electric vehicles to support market 113
9.4.8 NORWAY 114
- 9.4.8.1 Replacement of internal combustion engine vehicles with advanced EVs to drive market 114
9.4.9 SWEDEN 115
- 9.4.9.1 Increasing adoption of EVs and environment consciousness to fuel market growth 115
9.4.10 REST OF EUROPE 116
10 COMPETITIVE LANDSCAPE 117
10.1 INTRODUCTION 117
10.2 KEY PLAYERS STRATEGIES/RIGHT TO WIN 117
10.2.1 OVERVIEW OF STRATEGIES ADOPTED BY ELECTRIC VEHICLE BATTERY RECYCLING COMPANIES 117
10.3 REVENUE ANALYSIS 119
10.4 MARKET SHARE ANALYSIS 120
10.4.1 RANKING OF KEY MARKET PLAYERS 120
10.4.2 MARKET SHARE OF KEY PLAYERS 120
- 10.4.2.1 Contemporary Amperex Technology Co., Limited 121
- 10.4.2.2 Glencore 122
- 10.4.2.3 GEM Co., Ltd 122
- 10.4.2.4 ERAMET 122
- 10.4.2.5 Li-Cycle Corp 122
- 10.4.2.6 Umicore 123
- 10.4.2.7 BATX Energies 123
- 10.4.2.8 Cirba Solutions 123
- 10.4.2.9 ACCUREC-Recycling GmbH 124
- 10.4.2.10 Fortum 124
- 10.4.2.11 RecycLiCo Battery Materials, Inc 124
10.5 COMPANY EVALUATION MATRIX (TIER 1) 125
10.5.1 STARS 125
10.5.2 EMERGING LEADERS 125
10.5.3 PERVASIVE PLAYERS 125
10.5.4 PARTICIPANTS 125
10.6 COMPANY FOOTPRINT 127
10.7 STARTUP/SME EVALUATION MATRIX 130
10.7.1 PROGRESSIVE COMPANIES 130
10.7.2 RESPONSIVE COMPANIES 130
10.7.3 DYNAMIC COMPANIES 130
10.7.4 STARTING BLOCKS 130
10.8 COMPETITIVE BENCHMARKING 132
10.9 COMPETITIVE SCENARIO AND TRENDS 133
10.9.1 DEALS 133
10.9.2 OTHER DEVELOPMENTS 134
11 COMPANY PROFILES 135
11.1 KEY PLAYERS 135
11.1.1 UMICORE 135
11.1.2 NEOMETALS LTD 140
11.1.3 LI-CYCLE CORP 142
11.1.4 RECYCLICO BATTERY MATERIALS INC 145
11.1.5 ACCUREC-RECYCLING GMBH 148
11.1.6 FORTUM 150
11.1.7 CIRBA SOLUTIONS 154
11.1.8 CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED 157
11.1.9 ECOBAT 161
11.1.10 TES 163
11.1.11 STENA RECYCLING 166
11.1.12 SHENZHEN HIGHPOWER TECHNOLOGY CO., LTD 168
11.1.13 REDWOOD MATERIALS INC 169
11.1.14 GEM CO., LTD 172
11.1.15 ASCEND ELEMENTS, INC 174
11.1.16 BATX ENERGIES 176
11.1.17 GLENCORE 177
11.1.18 AUSTRALIAN BATTERY RECYCLING INITIATIVE 181
11.1.19 ACE GREEN RECYCLING 182
11.1.20 PRIMOBIUS GMBH 184
11.1.21 ATTERO RECYCLING PVT. LTD 186
11.1.22 TRISHULAVEL ESHAN PVT. LTD. (LI-CIRCLE) 188
11.1.23 ERAMET 189
11.2 OTHER PLAYERS 192
11.2.1 ENVIROSTREAM AUSTRALIA PTY LTD 192
11.2.2 DUESENFELD GMBH 193
11.2.3 LITHION TECHNOLOGIES 194
11.2.4 BATREC INDUSTRIE 195
11.2.5 SITRASA 196
11.2.6 TATA CHEMICALS LIMITED 197
11.2.7 EXIGO RECYCLING PVT. LTD 198
11.2.8 ZIPTRAX 199
11.2.9 JX NIPPON 200
12 ADJACENT AND RELATED MARKETS 201
12.1 INTRODUCTION 201
12.2 LIMITATIONS 201
12.3 ELECTRIC VEHICLE BATTERY RECYCLING INTERCONNECTED MARKETS 201
12.4 BATTERY RECYCLING MARKET 201
12.4.1 MARKET DEFINITION 201
12.4.2 MARKET OVERVIEW 202
12.4.3 LUBRICANTS MARKET, BY CHEMISTRY 202
13 APPENDIX 206
13.1 DISCUSSION GUIDE 206
13.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 208
13.3 CUSTOMIZATION OPTIONS 210
13.4 RELATED REPORTS 210
13.5 AUTHOR DETAILS 211