EV Recycled Battery Materials Market Size, Share, & Forecast | 2020-25
EV Recycled Battery Materials Market is Segmented by Source Type (Hybrid Electric Vehicle, Plug-in Hybrid Electric Vehicle, and Battery Electric Vehicle), by Battery Type (Lithium-ion Battery and Nickel Metal Hydride Battery), by Material Type (Aluminum, Copper, Nickel, Iron, Lithium, Cobalt , and Others), by Recycling Process Type (Pyrometallurgy, Hydrometallurgy, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World)
The electric vehicle recycled battery materials market size is projected to grow at an impressive rate over the next five years to reach US$ 300.8 million by 2025. A significant increase in the demand for electric vehicles, a large volume of batteries reaching their end-of-life, decreasing the life expectancy of EV batteries, and the scarcity of battery raw materials are likely to drive the EV recycled battery materials market. Along with these factors, government support and imposed regulations regarding EV adoption and battery recycling are expected to boost the recycling of batteries across all regions.
The market for EV recycled battery materials is at the nascent phase and is expected to undergo a huge development in years to come. Apart from the above-mentioned driving force, another major force behind the excellent growth of the market is the high price of some of the materials along with the meager presence of valuable metals, such as cobalt, nickel, and lithium, used in the battery manufacturing. In spite of the high price of nickel, its demand is still high due to the NMC 811 batteries being produced on a large scale.
Lithium is the pith of the lithium-ion batteries. It is estimated that batteries will form 80% of the total lithium demand by the year 2030. Similarly, cobalt is another expensive material used in batteries manufacturing. More than 60% of the cobalt comes from the Democratic Republic of Congo, which itself is prone to instability. Furthermore, in 2017, the average annual price of cobalt doubled because of its limited availability and high demand. Though EV battery recycling requires extensive technological know-how, increasing demand for these materials coupled with the scarcity of materials is compelling in various countries to increasingly recycle EV batteries.
The EV recycled battery materials market is consolidated with the presence of a few global and a good number of local players. Furthermore, the market recorded some M&A activities because of its emerging phase. Among the few M&A activities performed in the market, the most noticeable one is the acquisition of Guangdong Brunp Recycling Technology Co. Ltd by Contemporary Amperex Technology Co. Ltd. (CATL), one of the leading battery manufacturers for electric vehicles.
The EV recycled battery materials market is segmented based on the source of batteries as hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and battery electric vehicles (BEVs). BEV is likely to remain the growth engine of the market during the forecast period. The vehicle type witnessed the most impressive growth from 2013 as compared to HEV and PHEV.
Based on the battery type, the EV recycled battery materials market is segmented as lithium-ion battery and nickel-metal hydride battery. Lithium-ion is likely to remain the most dominant as well as the faster-growing segment over the next five years in terms of both value as well as volume. Lithium-ion batteries are already ruling the EV market, resulting in a large volume of batteries reaching end-of-life.
In terms of regions, Asia-Pacific is projected to remain the largest market during the forecast period driven by the huge pile of used batteries in China. Currently, China owns the largest EV fleet size as 99% of E-buses runs in China. Also, the country is the house of all the major EV battery recyclers such as GEM Co. Ltd and Guangdong Brunp Recycling Technology Co. Ltd.
Europe is likely to grow at the highest growth rate over the next five years, owing to the stringent regulations imposed by the European Union. The European Regulation has made it mandatory for battery manufacturers to finance the cost of collecting, treating, and recycling of all the collected batteries. In Europe, Germany and the UK are the growth engines of the EV recycled battery materials market.
The supply chain of this market comprises raw material suppliers, battery manufacturers, electric vehicle manufacturer/assembler, end user, and recyclers/recycling companies. Not all batteries undergo recycling, a considerable percentage of them go for second-life applications. It is anticipated that the market is likely to remain consolidated in years to come.
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