New York, USA, May 09, 2023 (GLOBE NEWSWIRE) -- According to the newly published Research Dive report, the Europe lithium-ion battery recycling market is expected to garner $3,015.50 million by 2031 and rise at a stable CAGR of 19.3% in the 2022-2031 timeframe. This comprehensive Research Dive report presents a brief outlook of the current framework of the Europe lithium-ion battery recycling market including its priority features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2022-2031. The report also contains all the crucial market figures to help new entrants understand the market easily.
Dynamics of the Market
Drivers: The increasing support for lithium-ion battery recycling from the European Union (EU) is predicted to be the primary growth driver of the Europe lithium-ion battery recycling market in the forecast period. Additionally, rising adoption of electric vehicles in the Europe region is anticipated to push the growth rate of the market higher in the analysis timeframe.
Opportunities: Framing of governmental policies and regulations that promote sustainable waste management practices is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, a surge in the overall use of recycled batteries is expected to augment the growth rate of the market.
Restraints: However, according to market analysts, lack of collection infrastructure may become a restraint in the growth of the Europe lithium-ion battery recycling market.
Impact of Covid-19 on the Market
The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. The Europe lithium-ion battery recycling market, too, faced tremendously negative impact of the pandemic. The overall demand for electric vehicles reduced drastically during the pandemic, thus resulting in a fall in the demand for lithium-ion batteries. This ultimately caused a decline in the growth of the Europe lithium-ion battery recycling market.
Segments of the Market
The Research Dive report has fragmented the Europe lithium-ion battery recycling market across different segments such as battery chemistry, source, recycling process, end-user, application, and country.
Battery Chemistry: Lithium Manganese Oxide Sub-segment to be the Most Dominant
The lithium manganese oxide sub-segment is expected to have the highest market share by 2031. The primary reason behind the stunning growth of the sub-segment is the inexpensive nature of manganese-based oxides and their relatively fewer toxic characteristics as compared to cobalt and nickel oxides.
Source: Electric Vehicles Sub-segment to Have the Highest CAGR
The electric vehicles sub-segment of the Europe lithium-ion battery recycling market is predicted to be the fastest growing sub-segment by 2031.Increasing adoption of electric vehicles to cut down the use of fossil fuels is anticipated to help the sub-segment to grow in the forecast period.
Recycling Process: Hydrometallurgical Process Sub-segment to be the Most Dominant
The hydrometallurgical process sub-segment is expected to be the most dominant sub-segment by 2031. The environmental-friendly and health-friendly technique of hydrometallurgical processes has led to an increase in its popularity which is expected to push the growth of this sub-segment in the forecast period.
End-user: Automotive Sub-segment to be the Fastest Growing
The automotive sub-segment of the Europe lithium-ion battery recycling market is predicted to be highly profitable by 2031. Growing adoption of lithium-ion batteries for passenger vehicles is anticipated to help this sub-segment to grow in the forecast period.
Application: Industrial Sub-segment to Have a Significant Market Share
The industrial sub-segment is expected to be the most dominant sub-segment by 2031. The high energy density, increased performance, and long-life cycle offered by lithium-ion batteries has led to an increase in their usage for industrial applications which is expected to push the growth of this sub-segment in the forecast period.
Country: Market in the Germany to be the Most Profitable
The Europe lithium-ion battery recycling market in Germany is predicted to be the most lucrative sub-segment in the forecast period. The rapid adoption of electric vehicles along with governmental subsidies for rechargeable batteries is predicted to be the primary driver of the market in the forecast period.
Prominent Market Players
Some prominent players in the Europe lithium-ion battery recycling market are
- Accurec Recycling GmbH
- REDUX Recycling GmbH
- SNAM
- Umicore
- Li-Cycle
- Stena Recycling
- Volkswagen Group
- Saft Groupe SA
- Eramet
- BASF SE
These players are introducing and coming up with new technological advancements and innovations to gain primacy in the market.
For instance, in July 2021, Ecobat, a leading battery recycling company, announced the acquisition of Promesa, a German battery recycling operator. This acquisition is predicted to expand the market share of the acquiring company, i.e., Ecobat substantially in the coming period.
Finally, this comprehensive report also summarizes many crucial facets of the Europe lithium-ion battery recycling market including product portfolio, latest strategic developments, financial performance of the key players, and SWOT analysis.
More about Europe Lithium-ion Battery Recycling Market:
- Europe Pioneering Sustainable Lithium-ion Battery Recycling Techniques for a Greener Future
- Increasing Support by the European Union for Lithium-Ion Battery Recycling to Propel the Growth of the Europe Lithium-ion Battery Recycling Market by 2031
