Global Lithium-Ion Battery Recycling Market: Segments signed a multi-year strategic supply agreement with LG Chem Ltd to supply 1,25,000 metric tons of nickel, manganese, and cobalt cathode materials for lithium-ion batteries In September 2019, Umicore and LG Chem Ltd. with this, the company attempts to expand its lithium-ion battery recycling service in the market. In June 2019 Lithion Recycling took part in the 19th edition of the Advanced Automotive Battery Conference (AABC) at San Diego, California which was organized from 24 – 27 June 2019. Recent Highlights in Global Lithium-Ion Battery Recycling Market
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As they are highly efficient, durable, and low maintenance their demand for electric vehicles and portable devices is mounting which is expected to grow the lithium-ion battery recycling market. Global Lithium-Ion Battery Recycling market is expected to observe growth in the future owing to its diversified application in different industries such as the automotive and electricity industry. Global Lithium-Ion Battery Recycling market to surpass USD 27.7 billion by 2030 from USD 1.72 billion in 2020 at a CAGR of 32.06 % throughout the forecast period, i.e., 2021-30. Global Lithium-Ion Battery Recycling market is expected to project a notable CAGR of 32.06% in 2030. Automotive, power generation, marine, electricity is some of the industries using lithium-ion batteries. Recycling of lithium-ion batteries can be undertaken by several technological procedures such as the pyro-metallurgy process, hydrometallurgical process, and other mechanical processes. Lithium-ion batteries include valuable metals such as cobalt and nickel and to avoid the shortage of these metals recycling process of lithium ions battery is needed. Recycling enables the reduction of material going into landfills. Battery recycling means to lessen the number of batteries being thrown as waste. Lithium-ion battery differs based on performance, price, and chemistry. The electrolyte is a lithium salt in the organic solvent. The positive electrode is composed of metal oxide. The negative electrode is made from carbon. New York, J(GLOBE NEWSWIRE) - announces the release of the report "Global Lithium-Ion Battery Recycling Market By Battery Chemistry By Technology By End User and Region – Global Analysis of Market Size, Share & Trends for 2019 - 2020 and Forecasts to 2030".
Lithium-ion battery consists of three functional elements- positive electrodes, the negative electrode, and electrolyte. Product Overview Lithium-ion battery is a rechargeable battery that is used in electric vehicles and portable electronics.
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