The Asia Pacific battery recycling market is projected to grow, recording a CAGR of 9.62% during the forecast period, 2020-2028. The region is estimated to witness market growth in terms of recycled lithium-ion batteries during the forecast period, 2020-2028. The high consumption of power & electricity and several other amenities in various countries of the region leads to increased demand for the lead acid battery. Also, the automotive sectors of the various countries of the region are pacing rapidly and are heading towards electric vehicles, leading to rising demands for recycled batteries.
The Asia Pacific battery recycling market growth analysis involves the market evaluation of South Korea, Thailand, Indonesia, China, India, Japan, Australia & New Zealand, Vietnam, and the rest of Asia Pacific. Japan holds a significant position in the global battery market. The country is emerging as a conducive market, attracting potential investors, due to its positive inclination towards the adoption of electric vehicles. Lithium-ion battery production accounted for a considerable share in the total battery production of Japan in 2018.
India has witnessed a rise in the local manufacture of batteries, due to initiatives like e-mobility. The five-year phased manufacturing program is estimated to result in the establishment of large-scale and export competitive integrated batteries, along with cell-manufacturing giga-plants in the country. This is to localize the battery production across the entire EV value chain. The grid-scale energy storage market is projected to have significant growth prospects in the country. Moreover, the growing population and the launch of 5G is projected to raise the number of telecom subscribers, all of which will increase the demand for batteries.
Some of the eminent companies registering their presence in the market are Recupyl SAS, Neometals Ltd, Recylex SA, Raw Materials Company, Exide Technologies, etc.
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