Manufacturers are looking into the recycling of lithium-ion batteries, a market that is growing.
Recycled Li-ion batteries are expected to provide a regular supply of raw materials, such as lithium and cobalt.
In return, this will reduce the dependency on mining and processing materials.
The recycling of lithium-ion batteries currently in use in electric vehicles may help refine the materials to produce a type of lithium-ion batteries that can be used in energy storage systems (ESS).
Well, Li-ion batteries can be recharged hundreds of times and have a higher energy density, voltage power and lower self-discharge rates than other rechargeable batteries.
This increases power efficiency because a single cell battery has more charge retention than other forms of batteries.
These are the reasons why the recycling of Li-ion batteries are fuelling the growth of the market size.
Experts say the market size will grow to $129 billion by 2027.
The Lithium-Ion Battery Market is segmented by Component(Cathode, Anode, Electrolytic Solution, and Others), End-use Industry [Electrical & Electronics (Smartphones &Tablet/PC, UPS, and Others) and Automotive (Cars, Buses, &Trucks; Scooters & Bikes;and Trains & Aircraft), and Industrial (Cranes & Forklift, Mining Equipment, and Smart Grid & Renewable Energy Storage). Phew!
The global lithium-ion battery market was valued at USD 36.7 billion in 2019.
Major factors driving the growth of lithium-ion battery market size are growing R&D initiatives, increasing consumer electronics adoption, increasing demand for plug-in vehicles, rising need for automation, and battery-operated material-handling equipment in industries.
Nevertheless, Anwar has said he plans to introduce a programme that will include targeted subsidies…