New York, Sept. 09, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "EV Battery Recycling Global Market Report 2022" - https://www.reportlinker.com/p06318560/?utm_source=GNW
A.S.), Redwood Materials, Attero Recycling, Australian Battery Recycling Initiatives, TES-Amm, Gravita India Ltd., Ziptrax Cleantech, Lohum Cleantech, and ACE Green Recycling Inc.
The global EV battery recycling market is expected to grow from $1.31 billion in 2021 to $1.77 billion in 2022 at a compound annual growth rate (CAGR) of 35.5%. The EV battery recycling market is expected to grow to $5.30 billion in 2026 at a CAGR of 31.6%.
The EV battery recycling market consists of sales of EV battery recycling products and services by entities (organizations, sole traders, and partnerships) that are used for recycling the batteries of electric vehicles.Lithium-ion batteries are the common type of batteries that are used in electric vehicles (EVs), and recycling of these batteries is done to reclaim the crucial minerals such as lithium, cobalt, manganese, and nickel.
These minerals are further used for the production of new batteries. This involves the use of mechanical and hydrometallurgical recycling technologies, and these processes for battery treatment have been improved for high safety, sustainability, and a high recovery rate.
The main types of EV battery recycling are lead-acid batteries, lithium-based batteries, and others.The lead-acid battery refers to rechargeable batteries that have a small energy-to-volume ratio and a very low energy-to-weight ratio.
They have a low energy density, a long life, and are cost-effective.The recycling of these batteries involves the extraction of lead metal from the batteries and is a rigorous process.
Advanced high-power lead-acid batteries are being developed for use in commercial electric vehicles.The various processes include pyrometallurgical, hydrometallurgical, and others, which are used in various vehicle types such as passenger cars and commercial vehicles.
The various applications include electric cars, electric buses, energy storage systems, and others.
Asia Pacific was the largest region in the EV battery recycling market in 2021. The regions covered in the EV battery recycling market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The EV battery recycling market research report is one of a series of new reports that provides EV battery recycling market statistics, including EV battery recycling industry global market size, regional shares, competitors with an EV battery recycling market share, detailed EV battery recycling market segments, market trends and opportunities, and any further data you may need to thrive in the EV battery recycling industry. This EV battery recycling market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
An increase in the sales of electric vehicles (EV) is expected to propel the growth of the EV battery recycling market going forward.EVs are vehicles that are either partially or fully powered by electricity and contain a battery that powers an electric motor.
EV batteries contain critical minerals that can be reclaimed through recycling of end-of-life EV batteries and used for manufacturing new batteries that are used in electric vehicles. For instance, according to the International Energy Agency, a France-based autonomous intergovernmental organization, global sales of EVs that include fully electric and plug-in hybrids reached 6.6 million units in 2021. Also, the total number of EVs on the roads worldwide stood at 16.5 million in the year 2021. Therefore, the increase in the sales of electric vehicles is driving the demand for the EV battery recycling market.
The emergence of new processes is a key trend gaining popularity in the EV battery recycling market.Major companies operating in the EV battery recycling sector are developing new and innovative processes to recover valuable battery minerals.
For instance, in March 2022, Ascend Elements, a US-based manufacturer of advanced battery materials, and Koura, a US-based manufacturer of fluoroproducts have jointly developed a new process, called Hydro-to-Anode that can recover 99.9% pure graphite from the used batteries. The quality of the recovered graphite is at par with virgin graphite and it can be used for manufacturing new batteries. The use of this process is cost effective and enables economical recycling of lithium-ion (Li-ion) batteries, and also minimizes the need for mining new materials.
In March 2022, Retriev Technologies, a US-based lithium battery recycling, and management company acquired Battery Solutions for an undisclosed amount.This acquisition is expected to expand Retriev Technologies’ expertise in the area of the battery-centric logistics network, cross-chemistry collection, and end-of-life battery sorting services.
Also, it will enable Retriev in expanding the current offerings of the company and expanding its footprint in the US market. Battery Solutions is a US-based battery recycling management company.
The countries covered in the EV battery recycling market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06318560/?utm_source=GNW
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