Report DescriptionAbout IMARC Group

International Market Analysis Research and Consulting Group is a leading adviser on management strategy and market research worldwide. We partner with clients in all regions and industry verticals to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, chemicals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

IMARC’s tailored approach combines unfathomable insight into the dynamics of companies and markets with close cooperation at all levels of the client organization. This ensures that our clients achieve unmatchable competitive advantage, build more proficient organizations, and secure lasting results.

Global Electric Vehicle Battery Recycling Market Research Report 2023-2028:

According to the latest report by IMARC Group, titled " ElectricVehicleBatteryRecyclingMarket:GlobalIndustryTrends,Share,Size,Growth,Opportunity andForecast2023-2028

," the global electric vehicle (EV) battery recycling market size reached US$ 2.3 Billion in 2022.

Recycling EV (electric vehicle) batteries is a way to improve metallurgical processes by increasing the efficiency and extraction of copper, nickel, and cobalt, resulting in a higher yield for batteries. A process involving pyrometallurgy (or smelting) and hydrometallurgy is used to recover nickel (Ni), cobalt (Co), aluminum (Al), iron (Fe), and lithium (Li) from a battery cathode.

It also prevents hazardous materials from entering the waste stream after the battery's end of life (EOL). As a result, recycling EV batteries helps reduce the dependence on intensive mining for battery development and recover most of the lithium contained within them.

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Global Electric Vehicle Battery Recycling Market Trends:

The global market is primarily driven by considerable growth in the automotive industry. This can be attributed to the increasing adoption of zero-emission electric vehicles among the masses. In addition to this, the growing number of EV batteries requiring proper management at EoL is also resulting in a higher uptake of recycling services. Moreover, continual advancements in recycling technologies, including cathode-to-cathode recycling, chemical powders and direct recycling, are providing an impetus to the market.

Apart from this, favorable government initiatives supporting the sales of EVs, including offering various incentives and tax deductions, are creating a positive market outlook. Some of the other factors contributing to the growth of the market include the continuous depletion of fossil fuels, rapid industrialization, the growing awareness regarding environmental pollution and extensive research and development (R&D) activities conducted by key players.

Lookingforward,IMARCGroupexpectsthemarketisanticipatedtoreachavalueofUS$9.8Billionby 2028,exhibitingataCAGRof27.6%during2023-2028.

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