As per our analysis report, the Europe Lithium-ion Battery Recycling Market is expected to reach USD 26.52 billion by 2029 from USD 10.14 billion in 2024, growing at a compound annual growth rate (CAGR) of 21.2 % during the forecast period.
Lithium-ion battery recycling is known to be the less toxic batteries that are easy to recycle and reuse. With the rising employment of lithium-ion batteries in different customer products, the problem of explosion and their disposal has become very hard. To avoid such disasters, it is crucial to recycle lithium-ion batteries. Recycling of these lithium-ion batteries can be done through different technological processes like hydrometallurgical processes, pyro-metallurgy processes, and other mechanical procedures. The rising applications of lithium-ion batteries in end-use businesses like power generation, automotive, marine, etc. are fuelling the market for lithium-ion battery recycling in developed regions like Europe.
Resources for lithium-ion battery production are restricted when compared to its call from various end-use businesses. The commercialization of recyclable lithium-ion batteries is taking place, particularly for its applications in the automobile business for hybrid vehicles. Recycling of these lithium-ion batteries can result in better and long-term use, controlling the manufacturing procedure and leading to lower carbon dioxide emissions. Recycling of used materials further assists in the preservation of natural resources and reduces carbon footprint. All these factors are supporting the rise of the Europe lithium-ion battery recycling market.
The expansion of the European lithium-ion Battery Recycling market is likely to witness steady growth due to multiple efforts of local governments with the aid of energy policies that can support the movement towards clean energy solutions within the area. The targets like Sustainable Development Goals set by the United Nations (UN) in September 2015 are pushing the nations in the region to decrease the consumption of fossil fuels and work on producing substitute sources of energy by gaining the targets set by UN by 2030. The use of primary energy risen by only a small percentage to 2050.7 million tonnes per oil in 2018. The expanding application of Li-Ion batteries in cell phones & laptops and the automotive businesses are the driving factors, that have propelled the expansion of the European lithium-ion battery recycling market. The call for Li-ion batteries has escalated owing to the escalated adoption of the electric vehicle and deployment in energy storage systems.
Owing to various user characteristics of the batteries and their applications, the end-of-life volumes will have a different distribution when compared to what has been set up in the market.
Europe will showcase the high expansion of the market during the forecast period. Increasing investments in the advancement of electric vehicles are some of the significant opportunities for the lithium-ion battery recycling market. Several companies have started recycling lithium-ion batteries as there is low accessibility for some of the raw materials like lithium and cobalt.
With the expansion of the lithium-ion battery market, it is estimated that the volume of the second-life batteries will be defined by the supply of cells rather than its demand. The call along with the quantity and the cost-efficiency of the latest batteries will determine the worth. There is no lack of procedure technology to recycle batteries or to refine the recycled material into the latest products like precursors or cathodes.
Lithium Iron Phosphate (LFP) battery kind is foreseen to rise with the highest CAGR in Europe throughout the foreseen period. These batteries have a high call in high-power devices, including the transportation of electric vehicles and lightweight marine batteries, therefore, driving the market for lithium-ion battery recycling.
The hydrometallurgical process sector held the biggest share of the Europe Li-ion battery recycling market in 2018. This procedure is known to be the most suitable procedure for the recycling of spent lithium-ion batteries owing to its low capital price and a more eco-friendly nature than the pyrometallurgy process.
The automotive sector held the leading share of the regional market in the year 2018. Lithium-ion batteries have a major call in electric automobiles owing to high power density and handy size.
Europe introduced an act called the Battery Directive, which regulates the disposal and production of batteries in the region to prevent dangerous impacts that are estimated to encourage in the fast adoption of lithium-ion batteries, which will lead to a surge in sales. Numerous companies have also started funding large amounts in this business. Countries, like, Italy and Germany, currently hold a significant portion of the local market based on electronic equipment consumption.
Tesla, Snam SPA, Umicore, Tes - Amm India Pvt. Ltd., Raw Materials Company, Recupyl, Innovative Battery Recycling, Global Technology Systems, Inc., ACCURACY Recycling GmbH, AKKUSER OY & DIGITOIMISTO ROI, American Manganese Inc., Battery Recycling Made Easy, Ganfeng Lithium Co., Ltd., Interstate Batteries, LI-CYCLE CORP., Lithion Recycling, Neometals Ltd, OnTo Technology, LLC., Retriev Technologies, SITRASA, Storage Battery Systems, LLC are some of the notable companies in the Europe Lithium-ion Battery Recycling market
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