Electric Vehicle Battery Recycling Market
Batteries were used as a secondary power source with the introduction of the first automobile.
PORTLAND, OR, USA, Nov 19, 2021 /EINPresswire.com/ – Batteries are used as a secondary power source with the introduction of the first automobile. Electric vehicle battery or traction battery power the propulsion of battery electric vehicles on the market. The battery of the electric vehicle is a secondary (rechargeable) battery. It uses chemical energy stored in rechargeable batteries for power; and therefore, does not require any combustion engine for propulsion. These batteries reach a point called end of life and are then replaced with a new one. The precious materials of each of these batteries, which reach the end of their life, can be recovered and recycled to optimize the use of finite metal resources. Aluminum, cobalt, nickel, lithium and other types of metals can be recovered from these batteries, which reach the end of their life.
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Major market players:
• ACCUREC RECYCLAGE GMBH
• AMERICAN MANGANESE INC.
• BATTERY SOLUTIONS
• LI-CYCLE CORP.
• G & P BATTERIES
• RECOVERY
• RECOVERY TECHNOLOGIES
• SITRASA
• FLORIDIENNE (SNAM SAS)
• UMICORE
The Electric Vehicle Battery Recycling market size is segmented on the basis of application and region. Depending on the application, it is categorized into electric cars, electric buses, energy storage systems and others. Based on the region, the Electric Vehicle Battery Recycling market is analyzed North America, Europe, Asia Pacific, and LAMEA.
Factors such as limited metal resources, growing demand for zero emission vehicles, increasing need for recycled products and materials, and increasing employment are driving the growth of the electric vehicle battery recycling market. . However, the reuse of electric vehicle batteries and the high cost of setting up a recycling plant are restraining the reported growth of the market. In addition, a high recycling gap and subsidies to encourage battery recycling pave the way for electric vehicle battery recycling market opportunities.
On July 29, 2017, Britain joined France in pledging to ban the sale of gasoline and diesel cars by the end of 2040 to reduce toxic emissions from vehicles. This results in an excessive demand for electric vehicles and therefore for battery components and raw materials such as lithium, nickel, cobalt, aluminum and others. Battery manufacturers find it difficult to control the supply of raw materials used in the production of these batteries because resources are limited and expensive. This results in recycling of the batteries, which have reached their end of life. The process extracts vital components from these batteries, which can be used more in other applications due to the scarcity of supply of metallic components, such as nickel, cobalt, etc. This in turn complements the growth of the electric vehicle battery recycling market.
Rising global concerns about the negative effect of climate change along with alarming levels of pollution in major cities have created a significant demand for electric vehicles. The demand for fuel efficient vehicles has increased recently due to rising gasoline and diesel prices. It is also reflected in the depletion of fossil fuel reserves and the growing tendency for companies to derive maximum profit from these oil reserves. Thus, these factors create the need for advanced fuel efficient technologies, leading to an increase in the demand for electric vehicles for travel, which generates a demand for batteries. Once these batteries reach the end of their life, they are recycled. The first batch of batteries for electric and hybrid vehicles have reached retirement age. The total number of batteries removed from buses and electric cars is around 55,000 units and is expected to be recycled in 2018. Thus, increasing demand for electric vehicles is driving the growth of electric vehicle battery recycling market.
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