Companies across sectors — in electric vehicles (EVs), solar power, and chemical space — could be looking at a $1-billion opportunity in the recycling of lithium-ion batteries between 2022 and 2030, as existing batteries reach their end of life by 2022.
Going by the battery manufacturing targets set by NITI Aayog, under its energy storage mission, by 2030, the cumulative lithium-ion battery recycling market is estimated to be about 160 GWh. However, this target is considered as highly aggressive and difficult to achieve, given current adoption of EV vehicles and inadequate storage facilities at solar projet.
Battery Waste Management market in India to pick up from 2022 when lithium-ion batteries, presently in use, would reach their end of life. In 2030, the annual recycling market is expected to be around 22-23 GWh, which is a $1,000-million ($1-billion) opportunity. The cumulative recycling battery market in India is estimated to increase from 0.4 GWh in 2020 to more.