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Global Lithium-Ion Battery Recycling Market Is Projected to Register a CAGR Of 20.10% Over the Forecast Period - GlobeNewswire

Last updated Wednesday, December 8, 2021 05:35 ET , Source: NewsService

Pune, India, Dec. 08, 2021 (GLOBE NEWSWIRE) -- The global lithium-ion battery recycling market was estimated to value USD 4.5 billion in 2021 and is projected to grow at a CAGR of 20.10% during the forecast period, according to new report published by Quince Market Insights. The increasing investments in electric vehicles (EV) is escalating the development of lithium-ion battery recycling market. Lithium-ion battery recycling is known to be the lesser toxic battery and is easy to reuse and recycle.

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The increase in the usage of lithium-ion batteries in several consumer products, the danger of explosion and their disposal has become very difficult, and thus, it becomes essential to recycle the lithium-ion batteries. The recycling of lithium-ion batteries could be done by several technological methods comprising hydrometallurgical process, pyro-metallurgy method, and other mechanical methods.

The surging applications of lithium-ion batteries in the end-use industries comprising marine, power generation, automotive among others, and eradication of toxic effects of metals used in batteries are the foremost factors propelling the market growth.

The surging recycling rate related to a lead-acid batteries, increase in emphasis on the lithium-ion battery and restricted availability of the metal is projected to boost the market growth in the forecast period.

The usage of lithium-ion batteries...

Read Full Story: https://www.globenewswire.com/news-release/2021/12/08/2348073/0/en/Global-Lithium-Ion-Battery-Recycling-Market-Is-Projected-to-Register-a-CAGR-Of-20-10-Over-the-Forecast-Period-Quince-Market-Insights.html

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