PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1628868
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1628868
Black mass recycling market size was valued at USD 13,876.34 Million in 2023, expanding at a CAGR of 16.9% from 2024 to 2032.
Black mass recycling refers to the process of recovering valuable materials from black mass, the powdery residue left after shredding and processing used lithium-ion batteries. This residue contains critical elements such as lithium, cobalt, nickel, and manganese. Recycling black mass is essential for sustainable resource management, reducing reliance on mining, and supporting the circular economy by reusing scarce materials in new batteries or other applications, thereby addressing environmental and economic concerns associated with battery waste.
Black Mass Recycling Market- Market Dynamics
Increasing adoption of electric vehicles (EVs) globally to propel market demand
The surge in electric vehicles (EVs) has increased demand for lithium-ion batteries, driving recycling needs. According to the International Energy Agency (IEA), the EV battery demand is expected to rise 15-fold by 2030. Besides, growing environmental concerns and limited raw material availability, such as lithium and cobalt, promote recycling as a sustainable alternative. However, advanced recycling technologies require significant investment, limiting affordability for smaller players. On the contrary, policies mandating sustainable battery disposal and recycling create growth opportunities for black mass recyclers. Furthermore, growing EV adoption and industrial expansion in Asia-Pacific provide untapped opportunities for the black mass recycling market.
Black Mass Recycling Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 16.9% over the forecast period (2024-2032)
Based on battery type segmentation, lithium-ion batteries were predicted to show maximum market share in the year 2023
Based on battery source segmentation, automotive was the leading type in 2023
Based on recycling process segmentation, the pyrometallurgical process was the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Black Mass Recycling Market is segmented based on Battery Type, Battery Source, Recycling Process, Recovered Metal, and Region.
The market is divided into two categories based on battery type: nickel-based batteries and lithium-ion batteries. The Air-to-Air sector dominates the market. The lithium-ion batteries segment is the most dominant in the global black mass recycling market. This dominance is attributed to the widespread use of lithium-ion batteries in electric vehicles, consumer electronics, and renewable energy storage systems, leading to higher recycling demand.
The market is divided into six categories based on battery source: industrial, automotive, power, consumer electronics, marine, and others. The automotive sector dominates the market and is likely to maintain its dominance during the forecast period. This is due to the increasing use of lithium-ion batteries in electric vehicles (EVs) and the rising demand for recycling to recover valuable materials such as lithium, nickel, and cobalt.
Black Mass Recycling Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
The global black mass recycling market is driven by rising demand for sustainable recycling solutions in the electronics and automotive industries. Companies are investing in innovative technologies to improve the efficiency and environmental impact of recycling processes, including hydrometallurgical and pyrometallurgical. Strategic partnerships and collaborations with key players in battery manufacturing are being pursued to secure a stable supply of black mass for recycling. Additionally, regulatory policies and increasing consumer demand for sustainable solutions are accelerating market growth.
In April 2024, Green Li-ion, a Singapore-based startup, launched North America's first recycling facility converting black mass into precursor cathode active material (pCAM). Located in Atoka, Oklahoma, the plant produces 2 metric tonnes of pCAM daily, with plans to quadruple capacity next year.
In February 2024, Electra Battery Materials Corporation provided an update about its battery materials recycling trial at the Ontario refinery, enhancing recoveries of lithium, nickel, cobalt, and other minerals. The plant-scale trial is nearly complete, with the company compiling a report on methodologies, optimizations, and growth scenarios.