Asia-Pacific Lithium ion battery Recycling Market Trends, Industry Share, Growth Drivers, Business Challenges and Future Investment till 2033: SPER Market Research
Recently, lithium-ion battery technology has become incredibly popular, especially in the vehicle (EV) and renewable energy sectors. The desire for technology was driven by good chemistry and precipitous price drops. Lithium batteries have a three- to four-year lifespan after which consumers can recycle them and replace them with fresh batteries.
According to SPER market research, Asia-Pacific Lithium ion battery Recycling Market Size – By Component, By Chemistry, By Recycling Process – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Asia-Pacific Lithium ion battery Recycling Market is predicted to reach USD 11.39 billion by 2033 with CAGR of 22.59%.
The Asia-Pacific lithium-ion battery recycling market is being driven by the increasing demand for consumer electronics and smartphones, as well as the adoption of low-carbon vehicles. The increased production and sales of battery-electric vehicles as well as the anticipated increase in impending investments in battery recycling are anticipated to propel the market under study’s expansion over the medium term. Another factor for increase in Li-ion battery demand is the growing use of electric vehicles and their application in energy storage systems, increasing the profitability of the lithium-ion battery recycling industry. When taken together, the aforementioned characteristics present chances for market expansion. Nevertheless, over the anticipated period, each component will undoubtedly affect the market.
The growing demand for electric and hybrid electric vehicles, which heavily rely on lithium-ion batteries, has both negative as well as positive impact on the industry. The cost of battery components like cobalt and lithium rises as a result of the adoption of these vehicles. Constraints like safety concerns during used battery storage and transportation represent limits in the market, the aforementioned variables collectively create potential for market expansion. The efficacy of recycling initiatives is being diminished as a result of inappropriate disposal of lithium-ion batteries caused by a lack of understanding among consumers, companies, and governments. Recycling operations have a significant detrimental influence on the environment. It can be difficult to weigh the advantages recycling has for the environment against any potential drawbacks from particular recycling techniques.
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Impact of COVID-19 on APAC Battery Recycling Market
The pandemic had an impact on consumer choices and behaviour, which in turn had an impact on the demand for lithium-ion batteries and electric vehicles (EVs). The condition of various economic sectors has changed as a result of the uncertainty surrounding the potential epidemic, particularly in countries like India and a few other Asian nations. Positive shifts in consumer perceptions of sustainability and environmental issues have benefited the recycling industry. Lithium-ion battery waste has been generated as a result of the increased use of electronic gadgets during lockdowns and remote work. The quantity of batteries that entered the recycling stream may have been impacted as a result. To recover from COVID-19, manufacturers are attempting to mitigate a range of risks through deliberate actions.
Asia-Pacific Lithium ion battery Recycling Market key players
Over the past few years, China has seen a significant increase in the production of lithium. The nation can maintain its place in the supply chain for the production of lithium-ion batteries because to the availability of battery ingredients like lithium. The Indian government’s increasing emphasis on e-mobility has led to a notable increase in domestic battery production. Additionally, some of the market key players are Glencore, Retriev Technologies, Contemporary Amperex Technology Co. Ltd., Ganfeng Lithium Co. Ltd., Attero, Tata Chemicals Ltd., Batrec Industrie, Neometals Ltd., Envirostream Australia Pty Ltd. and various others.
APAC Battery Recycling Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecast for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Component: Based on the Component, Asia-Pacific Lithium Ion Battery Recycling Market is segmented as; Active Material, Non-Active Material and Others.
By Chemistry: Based on the Chemistry, Asia-Pacific Lithium Ion Battery Recycling Market is segmented as; Lithium-Nickel Manganese Cobalt, Lithium Cobalt Oxide, Lithium-Manganese Oxide, Lithium-Iron , Lithium-Nickel Cobalt Aluminium Oxide , Lithium-Titanate Oxide and Others.
By Recycling Process: Based on the Recycling Process, Asia-Pacific Lithium Ion Battery Recycling Market is segmented as; Hydrometallurgical Process, Pyro metallurgy Process, Physical/ Mechanical Process and Others.
By Region: This research also includes data for China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines and Rest of Asia-Pacific (APAC).
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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APAC Battery Recycling Market Revenue
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