The Black Mass Recycling Market is projected to reach $8.87 billion by 2030, at a CAGR of 19.1% from 2024 to 2030. The growth of this market is driven by government initiatives with technological advancements, a growing need to manage the disposal of used batteries, and growth in battery manufacturing. Furthermore, government incentives for battery recycling and a growing emphasis on recovering valuable materials are expected to create market growth opportunities during the forecast period.
However, the lack of proper recycling infrastructure restrains the growth of this market. Also, the variations in the prices of battery raw materials and a broad array of battery chemistries are major challenges for the players in this market. Furthermore, the advancements in recycling technologies and increasing investments in li-ion battery recycling in emerging countries are key trends in the black mass recycling market.
Growing Need to Manage the Disposal of Used Batteries Propel the Growth of the Black Mass Recycling Market
There has been a significant increase in the demand for batteries for applications such as laptops, cell phones, digital cameras, and electric vehicles. Lithium-ion (Li-ion) batteries are also being adopted across applications such as toys, handheld power tools, small & large appliances, wireless headphones, and electrical energy storage systems. These batteries are made from rare materials such as graphite, cobalt, and lithium and must be properly disposed of at the end of their useful life, or they can cause significant harm to the environment and human health. Battery costs account for a significant part of EV prices. Hence, considering the rising demand for electric vehicles, manufacturers are focused on reducing battery prices to make EVs more affordable. Materials from used batteries can be recycled and reused to manufacture new batteries, helping reduce battery costs. Hence, battery manufacturers have shifted their focus from battery disposal to battery recycling.
Moreover, suppose Li-ion batteries or electronic devices with li-ion batteries are disposed of in the trash with household recyclables. In that case, they may get crushed or damaged, posing a risk of fire. Hence, these batteries should not be disposed of in household recycling bins or garbage. Governments around the globe are working towards environmentally friendly recycling and disposal of batteries. For instance, in September 2022, the U.S. Senate passed the Strategic EV Management Act to maximize the recycling and reuse of end-of-life electric vehicle batteries in federal fleet vehicles. In addition, this act is a part of the U.S. government’s strategy to reduce dependence on global markets for battery components. Therefore, the growing need to properly dispose of recycled batteries drives the growth of this market. Such factors help to deploy the growth of the black mass recycling market during the forecast period.
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Key Findings in the Black Mass Recycling Market Study:
The Industrial Batteries Segment to Register the Higher CAGR During the Forecast Period
Based on battery source, the black mass recycling market is segmented into automotive batteries, industrial batteries, portable batteries, and other battery sources. The industrial batteries segment is projected to register a higher CAGR during the forecast period. The growth of this segment is driven by various batteries extensively used in industries for various reasons, including providing backup power during outages, ensuring uninterrupted operations, and supporting portable devices. Also, they offer a reliable and portable energy source, enabling flexibility in power supply for critical equipment and systems.
The Li-ion Battery Segment to Register the Higher CAGR During the Forecast Period
Based on battery type, the black mass recycling market is segmented into li-ion batteries, nickel–metal hydride batteries, nickel cobalt manganese batteries, and other battery types. The li-ion battery segment is projected to register a higher CAGR during the forecast period. The growth of this segment is driven by various factors, such as the high usage of li-ion batteries contributes to an increased demand for black mass recycling as these batteries contain valuable materials like lithium, cobalt, nickel, and manganese. Also, the growing demand for li-ion batteries for various applications such as EV charging and portable electronics amplifies the need for efficient lithium-ion battery recycling processes, which help to poise the growth of the black mass recycling market.
The Hydrometallurgical Process Segment to Register the Highest CAGR During the Forecast Period
Based on recycling process, the black mass recycling market is segmented into pyrometallurgical process, hydrometallurgical process, and other recycling processes. The hydrometallurgical process segment is projected to register a higher CAGR during the forecast period. The growth of this segment is driven by the growing need to extract a wide range of materials, including copper, lithium, silver, nickel, and zinc, the rising use of selective separation of materials using chemicals, increasing need to address the shortage of critical raw materials, growing demand for low energy consumption, less waste, and lower environmental impact recycling processes.
Asia-Pacific to Be the Fastest-growing Country-level Market
Based on geography, the black mass recycling market is segmented into Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa. Asia-Pacific is projected to register the highest CAGR during the forecast period. The larger share and growth are attributed to the growing implementation of new policies and regulations to promote the recycling of batteries and reduce environmental pollution, the growing consumer electronics industry, rising concerns regarding depleting precious and rare earth metals, growing demand for lithium-ion batteries for EVs battery production, high adoption of electric mobility, surging amount of battery waste generated, and increasing awareness and concern for environmental sustainability in the APAC region.
Key Players
The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by the key players. The leading players in the black mass recycling market are BASF SE (Germany), Umicore SA (Belgium), Tenova S.p.A. (Italy), Li-Cycle Holdings Corp. (Canada), Lithion Recycling Inc. (Canada), AkkuSer Oy (Finland), Duesenfeld GmbH (Germany), Aqua Metals Inc. (U.S.), SungEel Hi-Tech. Co., Ltd. (South Korea), Fortum Corporation (Finland), Redux GmbH (Germany), Green Li-ion Pte Ltd. (Singapore), Tata Chemicals Limited (India), Attero Recycling Pvt. Lyd. (India), Exigo Recycling Pvt. Ltd. (India).
Scope of the Report:
Black Mass Recycling Market Assessment, by Battery Source
- Automotive Batteries
- Industrial Batteries
- Consumer Electronics Batteries
- Other Battery Sources
Black Mass Recycling Market Assessment, by Battery Type
- Li-ion Battery
- Nickel–metal Hydride Battery
- Nickel Cobalt Manganese Battery
- Other Battery Types
Black Mass Recycling Market Assessment, by Recycling Process
- Pyrometallurgical Process
- Hydrometallurgical Process
- Other Recycling Processes
Black Mass Recycling Market Assessment, by Geography
- North America
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Latin America
- Middle East & Africa
Key Questions Answered in the Report:
