Research Nester has released a report titled “Electric Vehicle Battery Recycling Market – Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the electric vehicle battery recycling market in terms of market segmentation by type, by recycling process type and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The electric vehicle battery (EVB) recycling market is segmented by type into lead acid, nickel metal hydride and lithium-ion batteries, out of which, the lithium-ion segment is anticipated to hold largest market share on account of factors such as compact size, greater flexibility and light weight of the batteries. Furthermore, lithium-ion batteries have longer life span, improved discharge and charge efficiency and also have the ability to deep cycle while maintaining power.
The market is also segmented by recycling process type into pyrometallurgical, hydrometallurgical and mechanical or physical recycling process. Among these segments, hydrometallurgical segment is anticipated to gain significant market share on account of greater efficiency of recycling process and also greater range and complexity of recovered materials. The hydrometallurgical process is also known to have higher future economic viability in comparison to other recycling process, thereby favoring entrepreneurs to invest more on such recycling processes.
The electric vehicle battery recycling market is anticipated to record a significant CAGR during the forecast period, i.e. 2019-2027. Growing demand for reuse and recycle of highly valuable and difficult to source elements coupled with rising electric vehicle sales is estimated to promote the demand for electric vehicle battery recycling throughout the forecast period.
Regionally, the electric vehicle battery recycling market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, Asia-Pacific is expected to have largest market share on the back of presence of nations, such as China, who have highest electric car stock and are leaders in the export of lithium-ion batteries worldwide. In the statistics provided by International Energy Agency (IEA), electric car stock reached 2306.3 thousand units from 0.48 thousand units in-between 2018 and 2009. Moreover, Europe is anticipated to gain significant market share on account of regulatory norms and actions taken by the government for growing environmental concerns generated from dumping of battery wastes.
High Cost Of Sourcing Of Highly Valuable Metals
In the statistics provided by International Monetary Fund (IMF), the primary commodity price of Cobalt peaked 72,911.24 USD from 32,088.12 USD in-between 2009 and 2018.
EVBs are usually composed of highly valuable elements such as lithium, cobalt, nickel and others. These elements are found in nations such as Cuba and Papua New Guinea among others. Sourcing of these metals are challenging for battery manufacturing organizations. Along with the growing demand for such metals, the prices of these metals are growing manifold.
Recycling of EVBs helps battery manufacturers procure these highly valuable metals at a lower cost as compared to metals procured from the mines. Furthermore, recycling of these valuable metals is also adding up to meet the proposed goals so as to preserve the natural resources as well as the limited stock of such elements. All of these factors are contributing significantly towards the growth of the market.
However, setting up an EVB recycling plant is a big concern owing to high costs associated with the various processes in the recycling of EVBs, which is expected to operate as key restraints to the growth of the electric vehicle battery recycling market during the forecast period.
This report also provides the existing competitive scenario of some of the key players of the electric vehicle battery recycling market, which includes company profiling of ACCUREC Recycling GmbH, American Manganese Inc. (CVE: AMY), Battery Solutions, LI-CYCLE CORP., G&P Service, Recupyl, Retriev Technologies, Veolia (EPA: VIE), SNAM (BIT: SRG) and Umicore (EBR: UMI). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the electric vehicle battery recycling market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.