According to JMK Research, the lithium-ion battery market is expected to grow exponentially in the next five years in India. Also, its recycling offers a $1000 million opportunity by 2030. As per the analysis, the recycling market will start picking up in India from the year 2022 onwards.
Lithium-ion battery waste through recycling is an inevitable need
As per the analysis, the lithium-ion battery market in India is expected to increase at a CAGR of 35.5% from 2.9 GWh in 2018 to about 132 GWh by 2030. The increasing volume of lithium-ion batteries would, in turn, lead to an increasing volume of ‘spent’ batteries in our ecosystem which if left untreated would lead to health and environmental hazards.
Also, the precious metals comprising of these batteries would be lost forever. Therefore, managing this lithium-ion battery waste through recycling is an inevitable need.
As per JMK research estimates, the recycling market will start picking up in India from the year 2022 onwards when lithium-ion batteries which are presently in use would reach their end of life.
The analysis further pointed out that India does not have any specific regulations or guidelines around the effective disposal and recycling of lithium-ion batteries. Even India’s e-waste guidelines have no mention of lithium-ion batteries.
Clear guidelines have to be laid out for collection, storage, transportation and recycle of waste batteries. Detailed instructions for both consumers and battery suppliers also have to be laid out and implemented.
The automotive segment is anticipated to be the fastest-growing segment in the coming years. The fast-paced development of the electric vehicles sector is the key reason behind the growing usage of lithium-ion batteries in the automotive industry.