China, Europe, USA and Japan have clear regulations, but we are yet to catch up, says Dr. Varghese Samuel of Matlabs
HYDERABAD, Aug 17 (The CONNECT) – The exploding electric vehicle (EV) market has sprung up the twin problems of cost and recycle.
“The EV battery reuse and recycle market is not yet economically viable,” Dr. Varghese Samuel, Co-founder of Matlabs Technologies, a research instrumentation solution-providing company said.
Based on the trend of rising EV sales volumes, however, the global market is anticipated to become self-sustaining by 2030-35 with the establishment of a circular value chain he said
By 2030, the market size for reuse and recycling is likely to reach 157 MWH (assuming that the first life of the battery is 10 years and the second life is five years), he said addressing a knowledge session on Contemporary Policies for E-Waste and Recycling Management & regulations at an expo at Hitex here.
Currently, he said, India doesn’t have any uniform regulations governing lithium-based EV battery reuse and recycling. China, Europe, USA and Japan have clear regulations. In contrast, regulations for recycling are still under development in India, with the proposed policy providing incentives to set up recycling facilities and also making it mandatory for producers to collect used batteries.
Recycling of lithium-ion batteries in India is a huge opportunity and the size of it could be anywhere in the range of $1,000 million opportunity. The global demand for lithium-ion batteries is the critical pillar in a fossil fuel-free economy. Given the industry, size, and growth, there will be a huge demand in future for lithium-ion battery recycling, he said.
Dr Shailendra Saroj, Chairman of the International Federation of electric vehicle Association (I-FEVA), said the India battery recycling market is valued at USD 1.97 billion in 2023 and is expected to grow at a strong CAGR of around 9.8% from now till 2030. He spoke on Government Policy on E-Waste, the responsibilities of manufacturers, producers, refurbishers, e-waste PPPs and others.
Hyderabad International Trade Expositions Ltd (HITEX) is organizing three expos HIMTEX, IPEC, and ECO Sustain Expo simultaneously at Hitex from August 16 to 19 at Hitex. The three expos were formally inaugurated by several industrial and trade bodies leaders on Friday and some of them will conclude on Sunday and Monday.
These events provide a platform for showcasing the latest innovations and developments in the manufacturing sector, offering opportunities for networking, collaboration, and growth.
In all, 450 exhibitors are showcasing their products and services. Nearly 20 innovators showcasing products and services in waste management for the manufacturing sector, informed Srikanth TG, Business Head of Hitex, the organiser of the tri expos.
