The Global Black Mass Recycling Market Size is valued at 9.55 billion in 2022 and is predicted to reach 51.22 billion by the year 2031 at a 20.74% CAGR during the forecast period for 2023-2031.
The black mass recycling market is expected to bolster shortly, mainly due to growing concern for battery waste disposal and increased battery adoption across the industrial sector. Rising investments in recycling technologies, increased traction of second-life batteries, changes in company business models due to climate action, rising demand for raw materials and lithium-ion batteries across the value chain, and the development of economic and environmental technologies are all expected to provide opportunities for the market to grow in the coming years.
It also has a huge impact on end-use sectors since it delivers a variety of benefits that can boost efficiency, cut costs, and provide a steady source of critical metals. With a greater global emphasis on circular economic principles and advancements in recycling technologies for the recovery of high-performance metals, there is a growing shift toward the consumption and demand of lithium-ion batteries in end-use industries, resulting in a demand for black mass powder.
However, the COVID-19 outbreak has paradoxically impacted the black mass recycling industry. On the one hand, the epidemic has made it more difficult to recycle outdated lithium-ion batteries by disrupting the global delivery network. Despite this, the epidemic has increased the usage of electric vehicles, increasing the need for key metals and opening up new markets for the black mass recycling business.
Recent Developments:
- In February 2023, Umicore is commercializing manganese-rich battery material technologies for electric vehicles. This remarkable innovation broadens Umicore's broad spectrum of NMC (nickel, manganese, cobalt) battery materials for excellent productivity and long-range EVs and introduces a distinctly competitive technology to existing design-to-cost battery technologies for EVs.
- In June 2021, A project to recover nickel and cobalt material (precursor materials) from an existing plant for battery recycling in the Hubei region of China has received funding commitments totaling around CNY 310 million, according to GEM Co., a battery materials company based in China. By 2025, the company wants to increase its annual precursor output by a factor of three, to 100,000 metric tonnes.
Competitive Landscape:
The black mass recycling market players are:
- BASF SE
- Umicore
- Tenova S.p.A.
- Li–Cycle Corp.
- Lithion Recycling
- AKKUSER
- Duesenfeld
- ELECTRA
- ROYALBEES
- RUBAMIN
- Aqua Metals Inc.
- HYDROVOLT AS
- SungEel Hi-Tech. Co., Ltd.
- ECOGRAF
- Fortum
- Redux GmbH
- Green Li-ion Pte Ltd.
- TATA Chemicals Ltd.
- ATTERO
- Exigo Recycling Pvt. Ltd
Market Segmentation:
The black mass recycling market is segmented on the basis of battery source, technology, recovered metal, and application. Based on battery source, the market is segmented as automotive, industrial, and portable batteries. The technology segment includes hydrometallurgy, pyrometallurgy, and others. By recovering metal, the market is segmented into nickel, cobalt, lithium, copper, manganese, and others. The applications segment includes automotive, consumer electronics, energy, aerospace and defense, construction, and others.
Based On Technology, The Hydrometallurgy Segment Is Accounted As A Major Contributor To The Black Mass Recycling Market
The hydrometallurgy category is expected to hold a major share of the global black mass recycling market in 2022. In general, mechanical treatment, hydrometallurgical treatment, thermal pre-treatment combined with hydrometallurgical procedures, or pyrometallurgical treatment are used in the recycling of used lithium batteries. In the hydrometallurgical processes, the metals from the black matter are dissolved in water solutions, including reagents, following mechanical/physical processing (usually acids). The resulting metal-rich solution is then processed to recover the metals using ion exchange, solvent extraction, or precipitation.
Also, The Pyrometallurgy technique has lately grown in prominence, especially in the automotive (EV) and renewable energy industries. Falling prices and favorable chemistry steered the technological demand. A lithium battery has a life expectancy of three to four years, after which time users can recycle it and replace it with a new one.
The Automotive Segment Witnessed Growth At A Rapid Rate
The automotive segment is projected to grow at a rapid rate in the global black mass recycling market owing to attributable to the rising sales of electric automobiles across the globe. It outperforms traditional cars in terms of fuel economy, low carbon emission and maintenance, home charging convenience, smoother drive, and reduced engine sound. There is a growing shift towards the demand and consumption of lithium-ion batteries in the end-use industries, which is creating demand for black mass powder. This shift is due to an increased focus on circular economic principles globally and advancements in recycling technologies for the recovery of high-performance metals.
Asia Pacific Black Mass Recycling Market holds a significant revenue share in the region
Asia Pacific's black mass recycling market is expected to register the highest market share in revenue in the near future. Due to its massive electric vehicle industry, top suppliers throughout the supply chain, and quickly developing economy, China presently owns most of the global black mass recycling market. With the burgeoning start-ups in battery recycling, the European region's battery recycling industry has recently seen steady expansion. Other major drivers for the battery recycling industry are the region's developing electric vehicle sector and energy storage initiatives.
According to the International Energy Agency, new electric car registrations in Europe will quadruple to 1.4 million in 2020, representing a 10% sales share. The batteries are also being manufactured for renewable-plus-storage projects in the area. Europe has acknowledged that a circular economy is required to satisfy environmental goals under such an energy transition scenario.
Black Mass Recycling Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2022 |
USD 9.55 Bn |
|
Revenue forecast in 2031 |
USD 51.22 Bn |
|
Growth rate CAGR |
CAGR of 20.74 % from 2023 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Million, Volume (KT), and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
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Forecast Year |
2023-2031 |
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Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
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Segments covered |
Battery Source, Technology, Recovered Metal, And Application |
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Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
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Competitive Landscape |
BASF SE, Umicore, Tenova S.p.A., Li–Cycle Corp., Lithion Recycling, AKKUSER, Duesenfeld, ELECTRA, ROYALBEES, RUBAMIN, Aqua Metals Inc., HYDROVOLT AS, SungEel Hi-Tech. Co., Ltd., ECOGRAF, Fortum, Redux GmbH, Green Li-ion Pte Ltd., TATA Chemicals Ltd., ATTERO, and Exigo Recycling Pvt. Ltd. |
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Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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