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| Electric Vehicle Battery Recycling Market |
Electric vehicle battery recycling involves recovering materials
from lithium-ion batteries that have reached the end of their useful lives in
electric vehicles. The process helps recover valuable materials such as
lithium, cobalt, nickel, and other rare earth materials. With surging adoption
of electric vehicles, the amount of spent lithium-ion batteries from vehicles
is increasing substantially each year, generating the need for an established
recycling infrastructure.
The global Electric
Vehicle Battery Recycling Market is estimated to be valued at US$ 2.4 Bn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as
highlighted in a new report published by Coherent Market Insights.
Market key trends
Increasing battery waste from electric vehicles due to
rising EV sales and aging lithium-ion batteries is a key market trend driving
the electric vehicle battery recycling market. As electric vehicles gain more
popularity, their lithium-ion batteries eventually reach the end of their
useful lives and require replacement. Proper recycling helps recover over 90%
of the materials in these batteries such as cobalt, nickel, and lithium rather
than being disposed as waste. This recovers valuable and scarce materials and
promotes a circular economy. Recycled materials from spent EV batteries can be
reused in the production of new lithium-ion batteries.
Segment Analysis
The global Electric Vehicle Battery Recycling market is dominated by
lithium-ion battery chemistry segment. Lithium-ion batteries are extensively
used in electric vehicles, smartphones, laptops, and other consumer
electronics. Their recycling requires specialized process due to safety issues
involved in handling and recycling of lithium. As adoption of electric vehicles
continues to gain pace globally, lithium-ion batteries production is also
growing at a significant rate. This will subsequently boost the volume of waste
lithium-ion batteries, driving the need for effective recycling.
Key Takeaways
The global
Electric
Vehicle Battery Recycling Market Demand is expected to witness high
growth. The market is projected to grow at a CAGR of over 6.3% during the
forecast period of 2023 to 2030. By 2023 the market size is estimated to reach
US$ 2.4 Bn .
Regional analysis:
Asia Pacific region currently dominates the global market and is expected to
maintain its leading position over the forecast period. High availability of
recyclable batteries from e-mobility and consumer electronics sectors in
countries such as China, South Korea, and Japan is contributing to regional
market growth. Growing EV adoption in China and presence of leading battery
recyclers in the region also supports market growth.
Key players:
Key players operating in the Electric Vehicle Battery Recycling market are
Synutra Inc., Darling Ingredients Inc., Archer Daniels Midland Company, BASF
SE, Koninklijke DSM NV.
Koninklijke DSM NV is one of the largest producers of nutritional products and
industrial chemicals. The company has a strong product portfolio for
lithium-ion battery recycling through its specialty recycling materials.
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