Top EV Battery Recycling Companies

The global EV battery recycling market, by value, is estimated to be USD 0.54 Billion in 2024 and is projected to reach USD 23.72 Billion by 2035, at a CAGR of 40.9% from 2024 to 2035.

The rapid growth in electric vehicle sales globally has led to a surge in end-of-life batteries, creating a critical need for recycling to manage waste and recover valuable materials.

EV Battery recyclers are developing advanced technologies for efficient material recovery, such as hydrometallurgical and direct recycling methods, to extract critical materials like lithium, nickel, and cobalt. Companies like Umicore and Redwood Materials are building integrated supply chains, offering closed-loop solutions that minimize waste and ensure a sustainable supply of raw materials for battery production. Regulatory support and OEM collaborations further bolster the market, promoting circular economy practices and reducing dependency on raw material mining.

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The EV battery recycling market is dominated by major players such as Contemporary Amperex Technology Co., Limited. (China), GEM Co., Ltd. (China), Umicore (Belgium), Glencore (Switzerland), Fortum (Finland). These companies offer extensive solutions for the EV battery recycling. These companies are vital in their domestic regions and explore geographic diversification alternatives to grow their businesses.

Contemporary Amperex Technology Co., Limited (CATL) primarily focuses on innovative technologies. The company offers its services through a solution-based portfolio that includes passenger vehicles, commercial applications, energy storage systems, and battery recycling. It recycles lithium-ion batteries through its subsidiary, Guangdong Brunp Recycling Technology Co., Ltd. (China). CATL can win the EV battery recycling market by establishing a robust closed-loop supply chain, focusing on innovation for efficient and environment-friendly extraction processes, and building strong partnerships with automakers and electronics manufacturers to secure a steady stream of batteries for recycling. This strategy will solidify the company’s position as a leader in the battery industry, promote sustainability, and ensure a reliable source of materials for future battery production.

GEM Co. is one of the largest players in the battery recycling industry, particularly lithium-ion batteries, which are crucial for EVs and consumer electronics. The company’s established infrastructure and technology give it an advantage in securing a steady supply of used batteries for recycling. It has invested heavily in R&D, developing proprietary technologies that efficiently extract metals such as cobalt, nickel, and lithium from spent batteries. This technological edge enables GEM to recover high-purity materials in high demand to produce new batteries. Further, with a rise in EVs, GEM Co. has expanded its capacity to recycle batteries, particularly lithium-ion batteries. The company is increasing its investments in recycling facilities and technology to process and recover cobalt, nickel, and lithium. It has also formed strategic partnerships with global companies, including battery manufacturers and automakers, to secure a steady supply of spent batteries for recycling. These partnerships help GEM access advanced technologies and diversify its global footprint.

Umicore has a robust operational portfolio. The company is involved in several activities and serves industries, including electronics, automotive, recycling, energy, chemicals, construction, optics, displays, and precious metals. A strong business position in the market enables it to satisfy customers’ growing demands. Additionally, Umicore is a top producer of emission control catalysts. The company is also a top supplier of cathode materials for rechargeable batteries and material solutions. Umicore’s winning moves in recycling involve doubling down on R&D for best-in-class technology, building a geographically diverse plant network near battery hubs, forging partnerships to secure feedstock and offtake agreements, and promoting their carbon-neutral processes to become the go-to sustainable solution for lithium-ion battery recycling.

Glencore's strategy in recycling EV batteries focuses on establishing a sustainable and circular supply chain for critical battery materials such as cobalt, nickel, and lithium. Leveraging its extensive global network and expertise in metal processing, Glencore collaborates with battery manufacturers, automakers, and recycling technology firms to integrate recycling processes into the battery lifecycle. It emphasizes urban mining by reclaiming valuable metals from end-of-life batteries and production scrap, which are then reintroduced into the supply chain. This approach not only reduces environmental impact but also ensures a steady supply of essential materials, aligning with the growing demand for EVs and supporting the global energy transition.

Fortum has vast experience in the circular economy, particularly in recycling and resource efficiency. This allows the company to leverage its expertise in developing efficient battery recycling processes. Further, Fortum has developed a unique hydrometallurgical process for recycling lithium-ion batteries, which enables the recovery of up to 95% of cobalt, nickel, and lithium. This process is more environmentally friendly and cost-effective than traditional methods, giving the company a technological edge. Fortum is investing in expanding its recycling capacity to meet the growing demand as the number of EVs on the road increases. This includes building new recycling facilities in strategic locations.  The company also collaborates with various stakeholders in the battery supply chain, including car manufacturers and battery producers. These collaborations help Fortum secure a steady supply of end-of-life batteries and production scrap for recycling.

Related Reports:

EV Battery Recycling Market by Material Extraction (Lithium, Nickel, Cobalt, Manganese, Iron, Cobalt, Graphite, Steel, Aluminium), Battery chemistry (LFP, NMC, NCA), Vehicle Type, Recycling process & Region - Global Forecast to 2035

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