 | April 04, 2022 |
Our world has embraced electrification in various ways over the last few decades. We also know that lithium-ion batteries also power EV technology for our daily mobility. However, lithium-ion batteries are not new to us. Since the inception of consumer electronics, we have been using them in our daily lives.
Manufacturing new batteries and gathering raw materials for the same is becoming a massive challenge to the automobile industry looking to switch towards electric Vehicle engineering. Hence, having looked into the issue, significant companies finalized an attempt to recycle Lithium batteries. Billions of dead lithium-ion batteries accumulate in various electronic sheds and dump yards. Therefore, researchers believe it could be an effective and sustainable way to produce new batteries from recycled ones for EV charging.
As mentioned earlier, the majority of Lithium batteries come from consumer electronics. The EV technology sector is having a tough time producing a high number of one-time-use batteries, and hence, the recycled batteries are bound to catch a massive market in the process. The global recycling market is set to exponentially jump from 4.9 billion in 2022 to a whopping 20 billion in 2030. 2022 looks like the perfect year to speed up the process of lithium recycling, with significant players already investing billions in the process in the long term.
India has already taken up battery recycling as its foremost measure to address the challenges in the rollout of electric vehicles all over the country. Attero Recycling is India’s largest firm that recycles electronic waste. Reports say that the hugely successful firm is already committed to investing around 300 crores to boost its capabilities and achieve a considerable number by October 2022.
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