PUBLISHER: BIS Research | PRODUCT CODE: 1237827
PUBLISHER: BIS Research | PRODUCT CODE: 1237827
“Global Black Mass Recycling Market to Reach $52,990.87 Million by 2031.”
The global black mass recycling market is projected to reach $52,990.87 million by 2031 from $9,220.51 million in 2022, growing at a CAGR of 21.45% during the forecast period 2022-2031. The black mass recycling market is a fast-expanding industry that deals with the reprocessing and recovery of essential metals from discharged lithium-ion batteries. The market for these batteries is anticipated to expand rapidly as electric vehicles gain popularity, which will also fuel the expansion of the black mass market for recycling. In addition, there are a few key players who dominate the black mass recycling market, including Umicore, BASF SE, Tenova S.p.A., and many more. Nonetheless, a large number of new competitors are anticipated to enter the market in the upcoming years, increasing competition and spurring additional growth and innovation.
The global black mass recycling market is in a growing phase. New trends, such as rising investments in recycling technologies, increasing traction of second-life batteries, change in business models of companies due to climate action, increasing demand for lithium-ion batteries and raw materials across the value chain, and development of economic and environmental technologies, are further expected to provide opportunities for the market to grow in the coming years.
Black mass recycling has a large industry influence since it provides numerous environmental and economic benefits. Furthermore, it has a significant effect on end-use sectors since it provides a plethora of benefits that can increase their efficiency, lower their costs, and give them a consistent source of important metals.
With an increased worldwide focus on circular economic principles and the advancements in recycling technologies for the recovery of high-performance metals, there is an increasing shift toward the demand and consumption of lithium-ion batteries in the end-use industries, thereby creating demand for black mass powder. Additionally, the shift is more prominent in the automotive and energy sectors in regions such as China, Asia-Pacific and Japan and Europe.
The COVID-19 epidemic has had a contradictory influence on the black mass recycling business. On the one hand, the pandemic has affected the availability of old lithium-ion batteries for recycling by disrupting the global distribution network. Yet, the epidemic has also boosted the use of electric vehicles, increasing the need for essential metals, and opening up new markets for the black mass recycling industry.
Based on battery source, the industrial batteries segment held the majority share in the black mass recycling market in 2021.
Based on the recycling technology, the hydrometallurgy technology segment held the majority share in the black mass recycling market in 2021. It is one of the most significant recycling technologies, which meets the requirement of major industrial application areas.
Based on the recovered metals segment, nickel was the dominant metal, in the global black mass recycling market in 2021.
Based on application, the automotive segment dominated the black mass recycling market in 2021 and was the dominant segment owing to the increased sales of electric vehicles across the globe.
China currently controls the majority of the global black mass recycling market due to its enormous electric vehicle industry, top suppliers throughout the supply chain, and rapidly expanding economy.
Following are the demand drivers for the global black mass recycling market:
Following are the challenges for the global black mass recycling market:
The companies profiled have been selected based on inputs gathered from primary experts and analysing the company's coverage, product portfolio, and market penetration.
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