The size of the Asia Pacific Lithium-ion Battery Recycling Market is estimated to reach USD 26.03 billion by 2029 from USD 9.87 billion in 2024, growing at a CAGR of 21.4% from 2024 to 2029.
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. In order 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 the Asia Pacific.
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 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 in the Asia Pacific 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. The Asia Pacific lithium-ion battery recycling market is influenced by the increasing call for electric as well as hybrid electric vehicles where lithium-ion batteries are employed extensively. Adoption of these vehicles leads to a price hike of battery materials like cobalt and lithium, therefore making the recycling of lithium-ion battery businesses more profitable. The factors mentioned above collectively make opportunities for market expansion while factors like safety issues during storage and transportation of used batteries pose limitations in the market. Nevertheless, each element would have a definite impact on the market throughout the foreseen period. Consistent developments in the lithium-ion battery recycling market due to innovative efforts have improved the efficiency of the recycling procedure. Asia-Pacific is estimated to be the quickest developing region in the next five years owing to increasing government initiatives to subsidize lithium-ion battery recycling.
Lithium Iron Phosphate (LFP) battery kind is foreseen to rise with the highest CAGR throughout the foreseen period in the Asia Pacific Li-ion battery recycling market. 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 in this regional market in 2023. 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 most substantial share of the Asia Pacific Li-ion battery recycling market in the year 2023. Lithium-ion batteries have a major call in electric automobiles owing to their high power density and handy size. These batteries have a high call in high-power devices, including the transportation of electric vehicles and lightweight marine batteries, therefore, driving the APAC market for lithium-ion battery recycling.
Asia Pacific has the largest lithium-ion battery recycling market share, owing to the ongoing e-mobility promotion and also the presence of the biggest customer of electronics. Growing countries, like China and India, presently hold a key portion of the market on the basis of electronic equipment consumption. The report estimates that the Asia Pacific will witness a high expansion of the market during the forecast period. The Asia Pacific will also maintain its lead in the global market, owing to the contribution from the China Li-ion battery recycling market and Indian Li-ion battery recycling market.
Tata Chemicals introduces Lithium-ion battery recycling operations. Pilot-scale operations at a facility close to Mumbai successfully recycled the spent Li-ion batteries. The company aims to slowly scale up the capacity to recycle 500 tonnes of spent Li-ion batteries.
Some of the key players operating in the lithium-ion battery recycling market include Tesla, Snam SPA, Umicore, Tes - Amm India Pvt. Ltd., Recupyl, Global Technology Systems, Inc., ACCUREC 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 among others.
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 2000
Didn’t find what you’re looking for?
TALK TO OUR ANALYST TEAM
Need something within your budget?
NO WORRIES! WE GOT YOU COVERED!
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: [email protected]
Reports By Region