CHENGDU - Airbus unveiled its first global aircraft recycling project, named Airbus Lifecycle Services Centre (ALSC), in Chengdu, a major aviation hub in Southwest China, on Wednesday.

Spanning over 60 hectares, ALSC is capable of handling a wide array of mainstream aircraft types and providing global distribution channels for the resale of reusable parts from retired aircraft.

Built with a total investment of 6 billion yuan ($844.55 million), the project aims to improve the recycling rate of aircraft components and materials, thereby achieving over 90 percent eco-friendly recycling of aircraft by weight.

"The opening of ALSC will become a new highlight in deepening cooperation between China and Europe," said George Xu, Airbus executive vice president and Airbus China CEO.

Chengdu is striving for rapid development of its aviation industry. In 2023, two international airports in the city recorded more than 74.92 million passenger trips and a total cargo and mail throughput of 771,000 tons, according to the Sichuan Province Airport Group Co Ltd.

China will become the world's largest aviation services market by 2042, with its market value climbing to $54.1 billion, Airbus China forecast in December 2023.