India Battery Recycling

India Battery Recycling

Battery recycling is a crucial process for environmental sustainability and resource conservation. By reclaiming materials like lithium, cobalt, and nickel from used batteries, recycling not only reduces the demand for new raw materials but also minimizes the environmental impact of hazardous waste. The process involves collection, sorting, and dismantling batteries to extract valuable components for reuse in manufacturing new batteries or other products. Proper battery recycling helps mitigate pollution, reduces energy consumption, and promotes a circular economy by closing the loop on valuable resources. However, improving infrastructure and awareness around battery recycling remains essential to maximize its benefits and minimize its environmental footprint.

The India Battery Recycling Market is expected to grow at a steady rate of around 9.8%. Promulgating demand for electric vehicles is driving a recent surge in lithium-ion battery manufacturing. The trend is prompting demand for India's battery recycling infrastructure to minimize waste and feed secondary materials back into the supply chain. The demand for recycled lithium, cobalt, and nickel could comprise 10% to 20% of battery metal demand by the end of 2030. The surging investment in the region for India is propelling the growth of the battery recycling market.

• Based on the chemistry, the market is segmented into lead acid, lithium-based, nickel-based, and others. The lead-acid segment is expected to witness significant growth during the forecast period. Lead-acid battery recycling held a significant share in the market owing to cost-effectiveness and a well-developed supply chain. Further, lead-acid batteries are highly recyclable, with several countries achieving recycling rates of over 90%. However, lowering the cost of lithium-ion batteries and increasing the adoption of electric vehicles would increase the demand for lithium-ion batteries. As a result, the recycling rate of lithium-ion batteries would also increase since the average life of lithium-ion batteries is about 10 years.
• Based on the source, the market is fragmented into automotive, industrial, consumer & electronics, and Others. Currently, automotive holds a significant share of the market in terms of value owing to the increasing demand for automobiles. Further, the growing number of stringent government regulations related to India battery recycling is also propelling the growth of the market. In addition, the shorter average life of the automotive battery of around 4 to 6 years resulted in an early recycling rate compared to other types of battery like lithium-ion. This is also fueling market growth.
• For a better understanding of the market adoption of the battery recycling industry, the market is analyzed based on its presence in Indian regions such as North India, south India, east India, and West India. North India is expected to grow at a significant CAGR during the forecast period. North India dominated the battery recycling market in the country because the region is home to several major cities, including Delhi, Chandigarh, and Jaipur, which are experiencing rapid industrialization and urbanization. This has resulted in a growing demand for batteries across various sectors, such as automotive, consumer electronics, and renewable energy storage. Furthermore, government initiatives promoting electric vehicles and renewable energy adoption have also boosted the market in this region. For instance, the top four MoUs in the MSME (Micro, Small & Medium Enterprises) sector were all signed by Hong Kong's Tauschen International Pvt Ltd. In 2023. Tauschen E- Motors Pvt Ltd will invest Rs 4,100 crore to establish manufacturing facilities for electric vehicles in Agra. Also, the company's Indian subsidiary will establish a lithium battery plant in Agra, for which it has signed an MoU for an investment of Rs 1,640 crore and is likely to invest a total of Rs 10,000 crore in the project.
• Some of the major players operating in the market include BatX., Attero Recycling, Ziptrax Cleantech., ACE Green Recycling Inc., Lohum Cleantech., Exigo Recycling Private Limited, Eco-Bat Technologies India Pvt. Ltd., RecycleKaro., AIMS Energy Solutions Pvt. Ltd, and Power Sonic Corporation.