The lithium-ion battery market is valued at USD 41.97 billion as of 2021 and is expected to expand at a compound annual growth rate of 18.1% by 2030. The market is expected to expand with the increase in demand which is in-turn driven by the adoption of Electric Vehicles. The manufacturing and production of lithium-ion batteries have gained traction, mainly due to the increased consumption of fossil fuels and the rate at which they are depleting.

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