![]() According to the European Commission, the extrapolated demand for Li-ion cells for battery-electric powered passenger cars and light commercial vehicles (BEV and PHEV) in the EU in 2030 is expected to be between 360 and 750 GWh/a, which is roughly 10 to 15 times the EU production volume in 2020. 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. 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. Increasing Demand from the Automotive Sector All these factors are helping the overall market to grow in the forecast period. In addition, global EV sales reached a record high of 6.9 million in 2021, a 107% increase from 2020. They also have excellent high-temperature performance, a high power-to-weight ratio, great energy efficiency, and minimal self-discharge.Īs per the International Council on Clean Transportation (ICCT), seven of the top ten national markets in terms of yearly EV sales in 2021 were in Europe, including Germany, the United Kingdom, France, Norway, Italy, Sweden, and the Netherlands. 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. Infrastructure investments are being undertaken in the area to recover indigenous materials, but the demand still outstrips the supply that is anticipated. However, as per the IVL Swedish Environmental Research Institute, the EU only produces 1% of all battery raw materials to cover the needs of the mobility and energy storage sectors, but access to 7-18 times more lithium and 2-5 times more cobalt by 2030 is needed. Metal-Organic Frameworks (MOFs) for batteries are promising materials because of their distinct properties, nonspecific surfaces, well-developed porosity, and high storage capacity. The selection of electrode material is consequential as conventional electrode material has a low energy/power density and a limited life cycle. So, a lithium-ion battery that costs 200 euros per kWh today might eventually cost 50 euros per kWh. The two metrics that are of utmost importance are state of charge (SoC) and state of health (SoH), which ensure high reliability and prolonged shelf life of batteries.Īs per the European Commission, due to economies of scale and production experience, lithium-ion battery prices in the region can be reduced by 50% through mass production by the year 2030 and by another 50% after that. Small lithium-ion batteries are widely used in portable electronic devices, while large ones are mostly used in electric vehicles. Li-ion batteries are an evolving technology that is growing at a rampant pace. Europe's Lithium-ion Battery Recycling Market is anticipated to observe impressive growth during the forecast period 2024-2028. ![]()
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