Rising demand from the Automotive Sector (E-Vehicles) is driving the Europe Lithium-Ion Battery Recycling Market in the forecast period, 2024-2028. According to the TechSci Research report, “Europe Lithium-ion Battery Recycling Market – By Region, Forecast, and Opportunities, 2018-2028”, Europe’s Lithium-ion Battery Recycling Market is anticipated to observe impressive growth during the forecast period, 2024-2028.
The Important Elements of Europe’s Lithium-ion Battery Recycling Market
The main decarbonization lever for road transportation is electrification. Nearly 75% of all transport-related GHG (greenhouse gas) emissions and 11% of worldwide GHG emissions come from the road. In contrast, depending on the power mix, electric vehicles currently produce 30–60% fewer emissions than combustion engines. Without intervention, the rising demand for transportation powered by fossil fuels would raise global road transport emissions.
However, by preventing the blending of harmful gases, electrification helps to lower CO2 emissions and improve air quality. The international community has decided that GHG emissions must be drastically and quickly decreased to combat climate change and establish a fossil fuel-free economy.
Moreover, due to their high energy per unit mass in comparison to other electrical energy storage methods, lithium-ion batteries are currently employed in most electric cars. They have excellent high-temperature performance, a high power-to-weight ratio, great energy efficiency, and minimal self-discharge. However, Lithium-ion batteries have a lot of drawbacks, especially in terms of safety. High voltages can harm lithium-ion batteries because of their propensity to overheat. This occasionally results in thermal runaway and combustion. These batteries need safety systems to regulate internal pressure and voltage, which can sometimes add weight and reduce efficiency.
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Europe Lithium-ion Battery Recycling market is segmented into Chemistry and End-Use Industries.
Based on Chemistry, the market is divided into Lithium-nickel Manganese Cobalt, Lithium-iron Phosphate, Lithium-manganese Oxide Spinal, Lithium-titanate Oxide, Lithium-nickel Cobalt Aluminium Oxide, and Lithium-cobalt Oxide.
Based on End-User Industry, the market is divided into Automotive, Marine, Industrial, Power, and Others. The Automotive Segment is dominating the market on account of its widespread usage and application. Lithium-based batteries, which offer high energy, high power, and an extended lifespan compared to other presently offered battery systems, are anticipated to be the dominant battery technology for EVs. When describing the need for local lithium-ion battery manufacture, EVs are the main market focus and a key driver of the need for lithium-ion batteries.
Major companies operating in Europe Lithium-ion Battery Recycling market are:
- Umicore SA
- Euro Dieuze Industrie (Veolia)
- S.N.A.M. (Société Nouvelle d’Affinage des Métaux)
- Accurec Recycling GmbH
- Duesenfeld GmBH
- Redux GmbH
- Royal Bees Recycling Sp. z o.o.
- SungEel HiTech Hungary kft
- Volkswagenwerk GmbH
- AkkuSer Oy
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“The community in the world has decided to address climate change and create a society free of fossil fuels, GHG emissions must be dramatically and swiftly reduced. As a result, Li-ion batteries are viewed as viable clean technology to take the place of current fossil-fuel-driven equipment. Li-ion batteries now have the highest energy densities of any battery technology when compared to other high-quality rechargeable battery technologies. Hence, demand from the Automotive sector is propelling the Lithium-ion Battery Recycling Market.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Europe Lithium-ion Battery Recycling Market, Segmented By Chemistry (Lithium-nickel Manganese Cobalt, Lithium-iron Phosphate, Lithium-manganese Oxide Spinal, Lithium-titanate Oxide, Lithium-nickel Cobalt Aluminium Oxide, and Lithium-cobalt Oxide), By End-user Industry (Automotive, Marine, Industrial, Power, and Others), By Region, Competition Forecast & Opportunities, 2028”, has evaluated the future growth potential of Europe’s Lithium-ion Battery Recycling and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Europe’s Lithium-ion Battery Recycling market.
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