The Europe lithium-ion battery recycling market is expected to witness significant growth by 2031, owing to the increasing use of recycled batteries in consumer electronic applications. Country-wise, Germany held the largest market share in 2021.
NEW YORK, May 24, 2023 /PRNewswire/ — Europe Lithium-ion Battery Recycling Market Forecast Analysis:
As per the report published by Research Dive, the Europe lithium-ion battery recycling market is anticipated to garner a revenue of $3,015.50 million and grow at a fascinating CAGR of 19.3% over the estimated timeframe from 2022 to 2031.
Segments of the Europe Lithium-ion Battery Recycling Market
The report has divided the Europe lithium-ion battery recycling market into the following segments:
- Battery Chemistry: lithium-ion phosphate, lithium-manganese oxide, lithium-nickel-cobalt-aluminum oxide, lithium-nickel-manganese cobalt, lithium-titanate oxide
- Lithium-Manganese Oxide – Held the highest market share in 2021
The increasing use of lithium-manganese oxides for various applications due to their inexpensive cost, lack of toxicity, and promising nature is expected to fortify the growth of the market sub-segment further. - Source: electric vehicles, electronics, power tools, and others
- Electric Vehicles – Predicted to have the fastest growth by 2031
The increasing use of renewable biofuels in the automotive industry due to the rising concern about environmental problems is predicted to foster the growth of the market sub-segment in the coming period. - Recycling Process: hydrometallurgical process, physical/mechanical process, and pyrometallurgy process
- Hydrometallurgical Process – Held the largest market share in 2021
Hydrometallurgy is an environment and health-friendly technique than that of the pyrometallurgy process and helps in extracting more elements with less energy usage and no carbon emissions which is expected to propel the growth of the market sub-segment over the estimated period. - End-User: automotive and non-automotive
- Automotive – Expected to hold the biggest share in 2021
The increasing preference for lithium-ion batteries by electric car makers due to their high energy density, low-battery discharge rate, and various other advantages is expected to fuel the growth of the market sub-segment throughout the forecast period. - Application: industrial and residential
- Industrial – Held the biggest market share in 2021
The usage of lithium-ion batteries in a wide range of industrial applications due to their long-life cycle, increased performance, lightweight, and high energy density is predicted to uplift the growth of the market sub-segment over the analysis period. - Country: Hungary, Germany, UK, France, Belgium, Spain, Italy, Greece, Poland, Czech Republic, Austria, Slovakia, Slovenia, and the Rest of Europe
- Germany: Accounted for the largest market share in 2021
The high demand for electric vehicles and various governments offering subsidies for rechargeable batteries are the major factors expected to drive the regional growth of the market over the estimated timeframe.
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Dynamics of the Europe Lithium-ion Battery Recycling Market
The increasing use of lithium-ion batteries in electric vehicles and various residential applications is expected to foster the growth of the Europe lithium-ion battery recycling market during the analysis timeframe. Besides, the increasing focus on more sustainable battery recycling by the European Union is expected to magnify the growth of the market throughout the estimated period. However, the lack of collection infrastructure and the dearth of technology may restrict the growth of the market over the forecast timeframe.
The growing use of recycled batteries for various consumer electronic applications is expected to create massive growth opportunities over the analysis timeframe. Moreover, the growing popularity of electric vehicles among consumers across the globe is predicted to increase the demand for lithium-ion batteries during the forecast period.
Covid-19 Impact on the Europe Lithium-ion Battery Recycling Market
The rise of the novel coronavirus has devastated several industries including the Europe lithium-ion battery recycling market. This is mainly due to the shutting down of factories, and disruption in supply chains and workforces over the pandemic. Moreover, the sharp drop in electric vehicle sales owing to the severe economic slowdown and the material flow from and into the biggest center for recycling and battery manufacturing due to the import-export restrictions are expected to drive the regional growth of the market over the analysis timeframe.
Key Players of the Europe Lithium-ion Battery Recycling Market
The major market players of the market include
- Eramet
- Accurec Recycling GmbH
- Umicore
- Stena Recycling
- Volkswagen Group
- SNAM
- BASF SE
- Saft Groupe SA
- REDUX Recycling GmbH
- Li-Cycle
These players are mainly working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to obtain a leading position in the global industry.
For instance, in May 2021, Eramet, a French multinational mining and metallurgy company announced its partnership with Suez, a leading French-based utility company. With this partnership, the companies aimed to develop a high-performance, competitive, and sustainable recycling solution for lithium-ion batteries across the European market.
What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter’s five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
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