How Asia Commits to the Lithium-Ion Battery Recycling Market?
CISION showed that the global lithium-Ion battery recycling market is projected to reach USD 1,392.84 million by 2027 and it is expected to grow at a CAGR of 19.6% from 2020 to 2027. Asia Pacific region held the largest share of the market. Among Asian countries, China, Japan, and South Korea are using electric vehicles at a high rate. With the growing procurement of electric vehicles in Asian economies, the scope of lithium-ion batteries would proliferate, thereby influencing the scope of lithium-ion battery recycling market as well.
EV makers in China will undertake the recycling of battery packs as Beijing pushes them to build facilities to tackle waste and stamp out a growing source of pollution. The landscape of powered battery recycling will definitely change by 2025 and EV makers have to start making plans now if they haven’t as yet, according to Rachel Liu, a Chinese auto analyst.
Additionally, many Chinese EV makers like Xpeng are fully aware of the significance and potential of the EV battery recycling business, but it would be some time before they can lay out detailed plans. Also, EV market experts believe that as the growing number of EVs pushes up prices for materials used in batteries, such as lithium and cobalt, recycling could be the key to keep costs down.
Meanwhile, Singapore-based startup Green Li-ion developed a patented multi-cathode processor GLMC-1 that recycles spent lithium-ion batteries directly into 99.9% pure cathodes, speeding up current recycling processes by more than 10 times. Green Li-ion planned to work closer with auto manufacturers and battery manufacturers, because they expected a huge amount of batteries would be coming on to the market over the coming 4-5 years.
With a growing number of automakers determined to reduce waste in the EV battery market, some tech companies have big plans to recycle batteries. Thus, many believe that these companies have a large potential to expand their business and supply battery materials sustainably by partnering with EV players.
Source: Green Li-ion GLMC-1
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