The Importance of Electric Vehicle Battery Recycling - Demand In 2024

Electric vehicle (EV) battery recycling technology is primarily of three types- hydrometallurgy, pyrometallurgy, and direct recycling. Hydrometallurgy makes use of aqueous chemical solutions to disintegrate the battery and extract the metals from the battery. These metals are later purified and reused for battery manufacturing or other purposes. Hydrometallurgy mainly involves three steps such as solvent extraction, crystallization, and precipitation which, at each stage, separate the metal ions off the cathode and finally disintegrate it. Pyrometallurgy, as opposed to aqueous solution, uses heat for disintegration of the batteries. The heat turns the metal oxides in the battery to metal compounds through which metal can be extracted. Thus, pyrometallurgy process usually involves smelting of the battery in a furnace which enables recovery of metals such as nickel, manganese, cobalt, aluminum, and copper. If efficient furnaces and gas cleaning systems are present, pyrometallurgy can prove to be more productive than hydrometallurgy in recovering the metals.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/request-sample/5216

Electric vehicles and electric vehicles (EV) battery recycling

Electric vehicles aren’t a new phenomenon. In fact, Elon Musk has said that California’s mandate in 2003 to have at least 10% of its mobility from electric vehicles was one factor that inspired him to turn to this industry. Despite being introduced in the late 1990s, there are many reasons why this idea didn’t gain much traction. One primary reason was there was not enough research done regarding the working and efficiency of electric vehicle batteries. Later, as the demands for reduction in carbon emissions grew, research in this field intensified. Studies in this field have shown that out of all materials and metals, lithium-ion batteries work best for electric vehicles.

However, in the past few years, while addressing the issue of carbon emissions, the problem of disposal of lithium-ion batteries has arisen. Lithium-ion batteries contain several heavy metals such as cobalt, nickel, manganese, etc. During the disposal of these batteries, these heavy metals leach into the soil, thereby causing soil pollution and reducing the fertility of the soil. Many-a-times, these heavy metals get mixed with water, thus contaminating the water and polluting it.

Growth opportunities for the electric vehicle (EV) battery recycling market

The global electric vehicle (EV) battery recycling market is full of exciting possibilities and growth opportunities. Naturally, the biggest growth driver of the market is the tremendous surge in electric vehicles and electric batteries. Furthermore, technological advancements in battery manufacturing and recycling processes have widened the scope of the market immensely. Rise in environmental awareness has played a key role in boosting the growth of the market. In fact, this factor has positively impacted the market in two ways. Recycling has helped in reducing the pollution caused by heavy metals, while at the same time has led to reduction in renewed extraction of these heavy metals from mines.

Another interesting characteristic of the electric vehicle (EV) battery recycling market is its competitive spirit. The industry is full of companies which are launching their own services or engaging in strategic alliances to gain an upper hand in the market. For instance, in March 2023, Ascend Elements announced the opening of its largest electric vehicle (EV) battery recycling facility in North America. Located in Georgia, this facility will be able to recycle around 70,000 EV batteries per year. Recently, in October 2023, Stellantis N.V., a leading automobile company, and Orano announced that they were planning to launch a joint venture for recycling end-of-life EV batteries. The joint venture will kickstart its operations in Europe and North America and will cater to the demand of the market in this region comprehensively in the coming period.

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐭𝐨 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐭𝐡𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/5216

The growth of the global electric vehicle battery recycling market is driven by the growing demand for zero-emission vehicles and recycled products & materials. Market growth is further supplemented by the availability of finite metal resources and the surge in middle-class employment. However, the high-cost to initialize recycling plants and the rise in re-use of EV batteries hamper the market growth. Nonetheless, the increase in subsidies to encourage battery recycling along with high recycling gap would provide lucrative opportunities for emerging market players in the near future.