Why Asia-Pacific is Most Lucrative Lithium-Ion Battery Recycling Market?

The lithium-ion battery recycling market is growing on account of the limited availability of the said metal and rising adoption of electric vehicles (EV). As a result, the industry revenue will surge from $165.3 million in 2019 at a substantial CAGR of 18.3% during 2020–2030 (forecast period). In such energy storage devices, the movement of Li ions between the two terminals leads to discharging and charging, depending on the direction of the ion flow. These batteries contain less-toxic material than several others, which is why their recycling is picking up.

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Lithium–cobalt oxide (LCO), lithium–nickel–cobalt–aluminum oxide (NCA), lithium-ion–manganese oxide (LMO), lithium–nickel–manganese–cobalt oxide (NMC), and Lithium–iron phosphate (LFP) are the categories within the battery type segment. Among these, the LCO category dominated the lithium-ion battery recycling market during the historical period (2014–2019). This is attributed to the wide usage of LCO batteries in mobile phones, portable consumer electronics, tablets, and laptops, owing to LCO batteries’ high-voltage discharge, high energy density, and long life.

A key future opportunity area for market players is the growing electrical & electronics sector, as the Li-ion batteries find widespread usage in tablets, laptops, mobile phones, and several other electronic gadgets. With the expansion of this industry in South Korea, China, Thailand, and India, the demand for Li-ion batteries is rising, which can be leveraged by companies offering such recycled energy storage devices and retrieved materials. For instance, in 2019, China-based TCL Corporation expressed interest to pump $312.40 million (INR 2,200 crores) in the upcoming electronics hub in Tirupati, India.

Thus, as the demand for electronic devices and EVs grows, so will lithium-ion battery recycling efforts, with the focus now firmly on limiting the mining of the metal.

Read more: https://www.psmarketresearch.com/market-analysis/lithium-ion-battery-recycling-market

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