Europe Battery Recycling Market Size, Segments, Outlook and … – Business Wire

DUBLIN–()–The “Europe Battery Recycling Market Size, Segments, Outlook and Revenue Forecast 2022-2027 by Source, Chemistry, Recycling Methods, End-User and Major Countries” report has been added to ResearchAndMarkets.com’s offering.

Battery recycling is the technique of reusing and reprocessing batteries with the goal of minimizing the number of batteries disposed away as material waste.
The Europe battery recycling market is expected to record a positive CAGR of ~40.0% during the forecast period (2022-2027) and reach approximately US$3.5 Bn by 2027, primarily driven by the depleting availability of fresh raw materials for the production of batteries which is increasingly growing in demand in both household electronics as well as industrial use.
The ongoing Covid-19 pandemic has benefited the battery recycling industry as the demand for electric vehicles (EV) in the region experienced a growing trend with remarkable rise in sales in the year 2020.
Augmenting demand from industries for batteries has in turn posed pressure on raw material production at an advanced rate. It is directly affecting the ratio proportion of the ability to produce raw materials like lithium to meet the demand for the same. This has focused the attention on recycling processes to meet up with the rise of battery requirements in industries.
Lithium-ion batteries accounted for ~30% of the market in 2021 which is expected to grow at a high rate of above 40% in the coming years owing to the increase in demand from automotive industry which is experiencing a trend of electrification of vehicles.
Furthermore, due to growing environmental problems such as contamination of the soil, water, air, and rise in global warming, European Union is pushing for the construction of battery recycling infrastructure. All such factors are likely to enhance the battery recycling market’s trajectory for growth.
However, due to the market’s uncertainty and immaturity, there are few barriers. For example, most of the electric vehicles in the market have yet not reached the end-of-life stage which raises numerous questions related to battery lifespans, collection, condition, and compatibility to recycling procedures.
The availability of 100-200 gigawatt hours of batteries that will soon need to be retired due to their incapacity to meet the requirements for use in an EV is predicted to result from the development of EVs by 2030.
According to the International Council on Clean Transportation, the European electric vehicle (EV) market experienced remarkable growth in 2020, posting a 143% increase in sales of passenger electric cars from 2019. The sales in 2020 made Europe the biggest EV market globally, surpassing China and the US.
Although sales of all new cars in Europe decreased by 20%, the increase in EV sales boosted the EV share to 11%. Both battery electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV) have jumped into the air, not only in terms of market share but also in overall terms. In Germany, sales of PHEV vehicles from January to June increased from 47,584 in 2019 to 93,848 in 2020. Similar trends were observed across other countries in Europe.
Competitive Landscape
The battery recycling market is highly competitive with ~100 players which include globally diversified players, regional players as well as a large number of country-niche players having their own niche in battery recycling. Most of the country-niche players are renewable energy and equipment suppliers.
Large global players control about 40% of the market revenue, while regional players hold the second largest share in the market revenue. The leading global specialist companies such as REDUX Recycling GmbH and Accurec Recycling GmbH, are highly focused on battery recycling.
Recent Developments Related to Major Players
BASF is reported to be building a facility, slated to start in 2024, that would disassemble and shred batteries to create black mass. By the middle of the decade, the corporation also intends to construct a hydrometallurgical refinery on a commercial scale in Europe. The materials would then be sent back to BASF’s battery cathode materials factory in Schwarzheide, which is expected to begin manufacturing by the end of the year.
In July, 2022, Nyobolt Limited (UK) and H.C. Starck Tungsten Powders (Germany), have signed an agreement which will enable new Chemistrys into automation (robotics), industrial vehicles, consumer appliances, mobile rapid charging, stationary storage, and cordless
Ford stated that it was thinking about implementing LFP (lithium iron phosphate) in 2021, mostly for commercial purposes. The company revealed a significant supply agreement with China’s CATL in July 2022, with the supply of LFP cells set to start in 2023.
In November 2021, A preliminary lithium supply agreement was inked by German-Australian company Vulcan with automaker Stellantis (STLA.MI), shortly after a similar agreement was reached with Renault (RENA.PA), amid a boom in demand for electric vehicles.
Around 2027, Stora Enso (Finland) and Northvolt will make batteries out of sustainable wood. Hard carbon with lignin as its base will be used in the process and will be manufactured with wood in Nordic greens.
Started in June 2022, GigafactoryX is being built by Clean Power Source S.A. (ICPT). The investment will increase the company’s manufacturing capacity from its present 1 MWh per day to up to 5 GWh annually. Lithium-ion cells with LTO, LFP, and NMC chemistry will constitute the basis of all battery systems. Production is expected to begin in 2024.
Key Topics Covered in the Report
Major Companies Profiled in the Report
Notable Emerging Companies Mentioned in the Report
Scope of the Report
Time Period Captured in the Report
By Source
By Chemistry
By Recycling Methods
By End-User
By Geography
For more information about this report visit https://www.researchandmarkets.com/r/lgxi4m
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ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com

For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

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