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Black Mass Recycling Market
Black Mass Recycling Market by Battery Source (Automotive Batteries, Industrial Batteries), Battery Type (Li-ion Battery, Nickel–metal Hydride Battery), Recycling Process (Pyrometallurgical Process, Hydrometallurgical Process) - Global Forecast to 2030
Report ID:MRSE - 1041042 Pages: 300 Aug-2024 Formats*: PDF Category: Semiconductor and Electronics Delivery: 24 to 72 HoursThe 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.
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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.
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
- U.S.
- Canada
- 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:
The black mass recycling market is projected to reach $8.87 billion by 2030, at a CAGR of 19.1% during the forecast period.
In 2024, the industrial batteries segment is expected to account for the largest share of the black mass recycling market.
Based on recycling process, the black mass recycling market is segmented into pyrometallurgical process, hydrometallurgical process, and other recycling processes. In 2024, the pyrometallurgical process segment is expected to account for the largest share of the black mass recycling market.
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.
The key players operating 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).
1. Introduction
1.1. Market Definition & Scope
1.2. Market Ecosystem
1.3. Currency & Limitations
1.4. Key Stakeholders
2. Research Methodology
2.1. Research Approach
2.2. Process of Data Collection & Validation
2.2.1. Secondary Research
2.2.2. Primary Research/Interviews with Key Opinion Leaders of the Industry
2.3. Market Sizing and Forecast
2.3.1. Market Assessment Estimation Approach
2.3.2. Growth Forecast Approach
2.4. Assumptions for the Study
3. Executive Summary
3.1. Overview
3.2. Market Analysis, by Battery Source
3.3. Market Analysis, by Battery Type
3.4. Market Analysis, by Recycling Process
3.5. Market Analysis, by Geography
3.6. Competitive Analysis
4. Market Insights
4.1. Overview
4.2. Factors Affecting Market Growth
4.2.1. Drivers
4.2.1.1. Government Initiatives with Technological Advancements
4.2.1.2. Growing Need to Manage the Disposal of Used Batteries
4.2.1.3. Growth in Battery Manufacturing
4.2.2. Restraints
4.2.2.1. Lack of Proper Recycling Infrastructure
4.2.3. Opportunities
4.2.3.1. Government Incentives for Battery Recycling
4.2.3.2. Growing Emphasis on Recovering Valuable Materials
4.2.4. Challenges
4.2.4.1. Variations in the Prices of Battery Raw Materials
4.2.4.2. Broad Array of Battery Chemistries
4.2.5. Trends
4.2.5.1. Advancements in Recycling Technologies
4.2.5.2. Increasing Investments in Li-ion Battery Recycling in Emerging Countries
4.3. Case Studies
4.4. Value Chain Analysis
4.5. Porter’s Five Forces Analysis
4.6. Black Mass Recovery Process
5. Black Mass Recycling Market Assessment—by Battery Source
5.1. Overview
5.2. Automotive Batteries
5.3. Industrial Batteries
5.4. Consumer Electronics Batteries
5.5. Other Battery Sources
6. Black Mass Recycling Market Assessment—by Battery Type
6.1. Overview
6.2. Li-ion Battery
6.3. Nickel–metal Hydride Battery
6.4. Nickel Cobalt Manganese Battery
6.5. Other Battery Types
7. Black Mass Recycling Market Assessment—by Recycling Process
7.1. Overview
7.2. Pyrometallurgical Process
7.3. Hydrometallurgical Process
7.4. Other Recycling Processes
8. Black Mass Recycling Market Assessment—by Geography
8.1. Overview
8.2. North America
8.2.1. U.S.
8.2.2. Canada
8.3. Asia-Pacific
8.3.1. China
8.3.2. Japan
8.3.3. India
8.3.4. South Korea
8.3.5. Rest of Asia-Pacific
8.4. Europe
8.4.1. Germany
8.4.2. U.K.
8.4.3. France
8.4.4. Italy
8.4.5. Spain
8.4.6. Rest of Europe
8.5. Latin America
8.6. Middle East & Africa
9. Competition Analysis
9.1. Overview
9.2. Key Growth Strategies
9.2.1. Market Differentiators
9.2.2. Synergy Analysis: Major Deals & Strategic Alliances
9.3. Competitive Benchmarking
9.4. Competitive Dashboard
9.4.1. Industry Leaders
9.4.2. Market Differentiators
9.4.3. Vanguards
9.4.4. Emerging Companies
9.5. Market Share Analysis (2022)
10. Company Profiles (Company Overview, Financial Overview, Product Portfolio, and Strategic Developments)
10.1. BASF SE
10.2. Umicore SA
10.3. Tenova S.p.A.
10.4. Li-Cycle Holdings Corp.
10.5. Lithion Recycling Inc.
10.6. AkkuSer Oy
10.7. Duesenfeld GmbH
10.8. Aqua Metals Inc.
10.9. SungEel Hi-Tech. Co., Ltd.
10.10. Fortum Corporation
10.11. Redux GmbH
10.12. Green Li-ion Pte Ltd.
10.13. Tata Chemicals Limited
10.14. Attero Recycling Pvt. Lyd.
10.15. Exigo Recycling Pvt. Ltd.
(Note: SWOT Analysis of the Top 5 Companies Will Be Provided)
11. Appendix
11.1. Available Customization
11.2. Related Reports
List of Tables
Table 1 Currency Conversion Rates (2019–2022)
Table 2 Global Black Mass Recycling Market, by Battery Source, 2021–2030 (USD Million)
Table 3 Global Black Mass Recycling Market for Automotive Batteries, by Country/Region, 2021–2030 (USD Million)
Table 4 Global Black Mass Recycling Market for Industrial Batteries, by Country/Region, 2021–2030 (USD Million)
Table 5 Global Black Mass Recycling Market for Portable Batteries, by Country/Region, 2021–2030 (USD Million)
Table 6 Global Black Mass Recycling Market for Other Battery Sources, by Country/Region, 2021–2030 (USD Million)
Table 7 Global Black Mass Recycling Market, by Battery Type, 2021–2030 (USD Million)
Table 8 Global Li-ion Battery Black Mass Recycling Market, by Country/Region, 2021–2030 (USD Million)
Table 9 Global Nickel–metal Hydride Battery Black Mass Recycling Market, by Country/Region, 2021–2030 (USD Million)
Table 10 Global Nickel Cobalt Manganese Battery Black Mass Recycling Market, by Country/Region, 2021–2030 (USD Million)
Table 11 Global Other Battery Types Black Mass Recycling Market, by Country/Region, 2021–2030 (USD Million)
Table 12 Global Black Mass Recycling Market, by Recycling Process, 2021–2030 (USD Million)
Table 13 Global Black Mass Recycling Market for Pyrometallurgical Process, by Country/Region, 2021–2030 (USD Million)
Table 14 Global Black Mass Recycling Market for Hydrometallurgical Process, by Country/Region, 2021–2030 (USD Million)
Table 15 Global Black Mass Recycling Market for Other Recycling Processes, by Country/Region, 2021–2030 (USD Million)
Table 16 Global Black Mass Recycling Market, by Country/Region, 2021–2030 (USD Million)
Table 17 Asia-Pacific: Black Mass Recycling Market, by Country/Region, 2021–2030 (USD Million)
Table 18 Asia-Pacific: Black Mass Recycling Market, by Battery Source, 2021–2030 (USD Million)
Table 19 Asia-Pacific: Black Mass Recycling Market, by Battery Type, 2021–2030 (USD Million)
Table 20 Asia-Pacific: Black Mass Recycling Market for Recycling Process, 2021–2030 (USD Million)
Table 21 China: Black Mass Recycling Market, by Battery Source, 2021–2030 (USD Million)
Table 22 China: Black Mass Recycling Market, by Battery Type, 2021–2030 (USD Million)
Table 23 China: Black Mass Recycling Market for Recycling Process, 2021–2030 (USD Million)
Table 24 Japan: Black Mass Recycling Market, by Battery Source, 2021–2030 (USD Million)
Table 25 Japan: Black Mass Recycling Market, by Battery Type, 2021–2030 (USD Million)
Table 26 Japan: Black Mass Recycling Market for Recycling Process, 2021–2030 (USD Million)
Table 27 India: Black Mass Recycling Market, by Battery Source, 2021–2030 (USD Million)
Table 28 India: Black Mass Recycling Market, by Battery Type, 2021–2030 (USD Million)
Table 29 India: Black Mass Recycling Market for Recycling Process, 2021–2030 (USD Million)
Table 30 South Korea: Black Mass Recycling Market, by Battery Source, 2021–2030 (USD Million)
Table 31 South Korea: Black Mass Recycling Market, by Battery Type, 2021–2030 (USD Million)
Table 32 South Korea: Black Mass Recycling Market for Recycling Process, 2021–2030 (USD Million)
Table 33 Rest of Asia-Pacific: Black Mass Recycling Market, by Battery Source, 2021–2030 (USD Million)
Table 34 Rest of Asia-Pacific: Black Mass Recycling Market, by Battery Type, 2021–2030 (USD Million)
Table 35 Rest of Asia-Pacific: Black Mass Recycling Market for Recycling Process, 2021–2030 (USD Million)
Table 36 North America: Black Mass Recycling Market, by Country/Region, 2021–2030 (USD Million)
Table 37 North America: Black Mass Recycling Market, by Battery Source, 2021–2030 (USD Million)
Table 38 North America: Black Mass Recycling Market, by Battery Type, 2021–2030 (USD Million)
Table 39 North America: Black Mass Recycling Market for Recycling Process, 2021–2030 (USD Million)
Table 40 U.S.: Black Mass Recycling Market, by Battery Source, 2021–2030 (USD Million)
Table 41 U.S.: Black Mass Recycling Market, by Battery Type, 2021–2030 (USD Million)
Table 42 U.S.: Black Mass Recycling Market for Recycling Process, 2021–2030 (USD Million)
Table 43 Canada: Black Mass Recycling Market, by Battery Source, 2021–2030 (USD Million)
Table 44 Canada: Black Mass Recycling Market, by Battery Type, 2021–2030 (USD Million)
Table 45 Canada: Black Mass Recycling Market for Recycling Process, 2021–2030 (USD Million)
Table 46 Europe: Black Mass Recycling Market, by Country/Region, 2021–2030 (USD Million)
Table 47 Europe: Black Mass Recycling Market, by Battery Source, 2021–2030 (USD Million)
Table 48 Europe: Black Mass Recycling Market, by Battery Type, 2021–2030 (USD Million)
Table 49 Europe: Black Mass Recycling Market for Recycling Process, 2021–2030 (USD Million)
Table 50 Germany: Black Mass Recycling Market, by Battery Source, 2021–2030 (USD Million)
Table 51 Germany: Black Mass Recycling Market, by Battery Type, 2021–2030 (USD Million)
Table 52 Germany: Black Mass Recycling Market for Recycling Process, 2021–2030 (USD Million)
Table 53 U.K.: Black Mass Recycling Market, by Battery Source, 2021–2030 (USD Million)
Table 54 U.K.: Black Mass Recycling Market, by Battery Type, 2021–2030 (USD Million)
Table 55 U.K.: Black Mass Recycling Market for Recycling Process, 2021–2030 (USD Million)
Table 56 France: Black Mass Recycling Market, by Battery Source, 2021–2030 (USD Million)
Table 57 France: Black Mass Recycling Market, by Battery Type, 2021–2030 (USD Million)
Table 58 France: Black Mass Recycling Market for Recycling Process, 2021–2030 (USD Million)
Table 59 Italy: Black Mass Recycling Market, by Battery Source, 2021–2030 (USD Million)
Table 60 Italy: Black Mass Recycling Market, by Battery Type, 2021–2030 (USD Million)
Table 61 Italy: Black Mass Recycling Market for Recycling Process, 2021–2030 (USD Million)
Table 62 Spain: Black Mass Recycling Market, by Battery Source, 2021–2030 (USD Million)
Table 63 Spain: Black Mass Recycling Market, by Battery Type, 2021–2030 (USD Million)
Table 64 Spain: Black Mass Recycling Market for Recycling Process, 2021–2030 (USD Million)
Table 65 Rest of Europe: Black Mass Recycling Market, by Battery Source, 2021–2030 (USD Million)
Table 66 Rest of Europe: Black Mass Recycling Market, by Battery Type, 2021–2030 (USD Million)
Table 67 Rest of Europe: Black Mass Recycling Market for Recycling Process, 2021–2030 (USD Million)
Table 68 Latin America: Black Mass Recycling Market, by Country/Region, 2021–2030 (USD Million)
Table 69 Middle East & Africa: Black Mass Recycling Market, by Country/Region, 2021–2030 (USD Million)
List of Figures
Figure 1 Research Process
Figure 2 Key Secondary Sources
Figure 3 Primary Research Techniques
Figure 4 Key Executives Interviewed
Figure 5 Breakdown of Primary Interviews (Supply Side & Demand Side)
Figure 6 Market Sizing and Growth Forecast Approaches
Figure 7 Key Insights
Figure 8 In 2024, the Industrial Batteries Segment is Expected to Dominate the Global Black Mass Recycling Market
Figure 9 In 2024, the Li-ion Battery Segment is Expected to Dominate the Global Black Mass Recycling Market
Figure 10 In 2024, the Pyrometallurgical Process Segment is Expected to Dominate the Global Black Mass Recycling Market
Figure 11 Global Black Mass Recycling Market, by Country/Region (2024–2030)
Figure 12 Factors Affecting Market Growth
Figure 13 Global Black Mass Recycling Market, by Battery Source, 2024 Vs. 2030 (USD Million)
Figure 14 Global Black Mass Recycling Market, by Battery Type, 2024 Vs. 2030 (USD Million)
Figure 15 Global Black Mass Recycling Market, by Recycling Process, 2024 Vs. 2030 (USD Million)
Figure 16 Global Black Mass Recycling Market, by Country/Region, 2024 Vs. 2030 (USD Million)
Figure 17 Geographic Snapshot: Black Mass Recycling Market in Asia-Pacific
Figure 18 Geographic Snapshot: Black Mass Recycling Market in North America
Figure 19 Geographic Snapshot: Black Mass Recycling Market in Europe
Figure 20 Growth Strategies Adopted by the Key Players (2020–2024)
Figure 21 Competitive Dashboard: Black Mass Recycling Market
Figure 22 Vendor Market Positioning Analysis (2020–2024)
Figure 23 BASF SE: Financial Overview (2022)
Figure 24 Umicore SA: Financial Overview (2022)
Figure 25 Li-Cycle Holdings Corp.: Financial Overview (2022)
Figure 26 Aqua Metals Inc.: Financial Overview (2022)
Figure 27 SungEel Hi-Tech. Co., Ltd.: Financial Overview (2022)
Figure 28 Fortum Corporation: Financial Overview (2022)
Figure 29 Tata Chemicals Limited: Financial Overview (2022)
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