Black Mass Recycling Market Size, Share, Analysis, Trends, Growth Report, 2030

Black Mass Recycling Industry Prospective:

The global black mass recycling market size was worth around USD 8.1 billion in 2022 and is predicted to grow to around USD 33.6 billion by 2030 with a compound annual growth rate (CAGR) of roughly 19.5% between 2023 and 2030.   

Request Free Sample       

Black Mass Recycling Market: Overview

Black mass recycling is the process of recycling used batteries and battery production waste that are gathered, disassembled, and crushed to create black mass, from which valuable elements like lithium, nickel, cobalt, and manganese may be recovered. As a complement to the supply of virgin materials and as a means of lowering the carbon footprint of the battery supply chain, black mass recycling has gained significance. The black mass recycling industry is driven by rising concerns about environmental such as pollution, resource depletion, and climate change as well as the importance placed on electronic waste recycling and waste reduction. Additionally, the expanding use of lithium-ion batteries in portable electronics, electric vehicles, and renewable energy storage is generating a sizeable market for recycling technologies.

Key Insights

• As per the analysis shared by our research analyst, the global Black Mass Recycling market is estimated to grow annually at a CAGR of around 19.5% over the forecast period (2023-2030).
• In terms of revenue, the global Black Mass Recycling market size was valued at around USD 8.1 billion in 2022 and is projected to reach USD 33.6 billion, by 2030.
• The market for Black Mass Recycling is expanding as a result of increasing EV adoption across the globe.
• Based on the battery source, the automotive batteries segment is expected to grow at the highest CAGR over the forecast period.
• Based on the recovered metal, the nickel segment is expected to hold the largest market share over the forecast period.
• Based on the application, the consumer electronics segment is expected to grow dramatically over the forecast period.
• Based on region, the Asia Pacific is expected to dominate the market during the forecast period.

Request Free Sample

Black Mass Recycling Market: Growth Drivers

Growing adoption of electric vehicles drives market growth

The growing adoption of electric vehicles is expected to drive the global black mass recycling market growth during the forecast period. One of the key factors for market growth is the increase in EV use. Recycling EV batteries is crucial for the sustainability of the EV sector since they contain large amounts of valuable materials. For instance, according to the data given by the International Energy Agency, As sales of electric vehicles surpassed 10 million in 2022, their marketplaces are expanding exponentially. In 2022, 14% of all new automobiles sold were electric, up from less than 5% in 2020 and around 9% in 2021. Global sales were led by three markets.

Once again, China led the way, representing around 60% of global sales of electric vehicles. China already accounts for more than half of all electric vehicles on the road, and the nation has already surpassed its goal for new energy vehicle sales by the year 2025. In 2022, electric car sales in Europe, the second-largest market, climbed by over 15%, resulting in the sale of more than one in every five electric vehicles. The third-largest market, the United States, had a 55% growth in electric car sales in 2022, resulting in an 8% sales share. Thus, the aforementioned stats drive the market growth over the projected period.

Black Mass Recycling Market: Restraints

Environmental and technological challenges hamper the market growth

Some recycling processes, especially pyrometallurgical ones, can have negative effects on the environment, such as the release of greenhouse gases and pollutants. It can be difficult to strike a balance between environmental concerns and the requirement for resource recovery. In addition, using sophisticated chemical procedures, Black Mass recycling separates useful components from batteries. It can be difficult to design and execute efficient and economical recycling methods, and it may be necessary to make a sizable investment in research and development. Thus, the environmental and technological challenge is a major restraining factor to the black mass recycling industry growth during the forecast period.

Black Mass Recycling Market: Opportunities

Growing collaboration offers an attractive opportunity for market growth

The growing collaboration among the key market players is expected to offer an attractive opportunity for the black mass recycling market growth over the forecast period. For instance, in June 2023, Fortum and Terrafame signed a contract for an experimental project in which Terrafame will produce battery chemicals using metals recovered by Fortum from the black mass of EV batteries. Fortum and Terrafame's partnership will make it possible to create a value chain that is even more sustainable to fulfill the demands of the European battery manufacturing sector. Under the contract, Terrafame will make new EV batteries' battery chemistry using the nickel and cobalt collected from the black mass of discarded EV batteries at the Harjavalta recycling facility by Fortum. The batteries will undergo another round of recycling at the end of their useful lives, ending the cycle of recoverable raw materials. An excellent illustration of the potential and synergy of the Finnish battery cluster is the partnership between Fortum and Terrafame. Thus, driving the market revenue growth.

Black Mass Recycling Market: Challenges

Regulatory compliance poses a challenge to market growth

Recycling businesses may find it difficult to adhere to the many and changing requirements about the management of e-waste, the handling of hazardous products, and environmental standards. Ensuring compliance may be expensive and time-consuming administratively. Thus, acting as a major challenge to the market expansion over the forecast period.

Black Mass Recycling Market: Segmentation

The global Black Mass Recycling industry is segmented based on battery source, technology, recovered metal, application, and region.

Based on the battery source, the global market is bifurcated into automotive batteries, industrial batteries, and portable batteries. The automotive batteries segment is expected to grow at the highest CAGR over the forecast period. Automotive batteries, especially those used in electric vehicles (EVs), are larger and last longer than most batteries found in consumer gadgets. The number of used car batteries that may be recycled is considerably rising as the adoption of EVs continues to rise. The Black Mass recycling business is significantly affected by this surge of batteries. Lithium, cobalt, nickel, and other precious metals are found in automotive batteries. Recycling these components from used automobile batteries decreases the environmental effect and reduces the demand for fresh resource extraction. Thus, this is expected to drive the market growth.

Based on the technology, the global Black Mass Recycling industry is bifurcated into hydrometallurgy, pyrometallurgy, and others.

Based on the recovered metal, the global Black Mass Recycling market is bifurcated into nickel, cobalt, lithium, copper, manganese, and others. The nickel segment is expected to hold the largest market share over the forecast period. Batteries have always used nickel (Ni), particularly rechargeable nickel-cadmium (NiCd) and nickel metal hydride (NiMH) batteries. The main advantage of using nickel in batteries is that it enables more cost-effectively enhanced energy density and storage capacity. Further developments in battery technology are anticipated to cut the cost per kilowatt hour (kWh) of battery storage, which will increase the role of nickel-based batteries in energy storage systems.

Based on the application, the global Black Mass Recycling industry is bifurcated into automotive, consumer electronics, energy, aerospace & defense, construction, and others. The consumer electronics segment is expected to grow dramatically over the forecast period. The segment expansion is attributed to the increasing consumer electronics industry such as mobile, laptops, and others. For instance, according to a secondary source, with 6.92 billion smartphone users worldwide as of 2023, 85.88% of the world's population will be smartphone owners. This number has increased significantly since 2016, when there were just 3.668 billion users, or 49.40% of the world's population. Therefore, the aforementioned stats drive the market growth.

Black Mass Recycling Market: Report Scope

Black Mass Recycling Market: Regional Analysis

The Asia Pacific is expected to dominate the market during the forecast period

The Asia Pacific is expected to dominate the global black mass recycling market during the forecast period. The growth in the region is attributed to the growing consumer electronics sector and the increasing EV industry. For instance, ahead of Japan and Germany, India is the third-largest vehicle market worldwide in terms of sales. To move consumer demand toward greener solutions, there is currently pressure on producers and governments to work together. With 7.1 percent of India's GDP and a considerable employment component, the automobile industry plays a key role in the country's economic development. According to the Economic Survey 2023, the domestic electric vehicle industry in India will develop at a 49 percent compound annual growth rate (CAGR) between 2022 and 2030, reaching 10 million sales every year by that point. Furthermore, it is anticipated that by 2030, the electric car sector will generate 50 million direct and indirect employment. Thus, driving the market growth in the region.

Black Mass Recycling Market: Competitive Analysis

The global Black Mass Recycling market is dominated by players like :

• Tenova S.p.A.
• Umicore
• BASF SE
• AKKUSER
• Lithion Recycling
• Li-Cycle Corp.
• Redux GmbH
• ELECTRA
• ROYALBEES
• RUBAMIN
• Aqua Metals Inc.
• HYDROVOLT AS
• SungEel Hi-Tech. Co. Ltd.
• ECOGRAF
• Fortum
• Duesenfeld
• Green Li-ion Pte Ltd.
• TATA Chemicals Ltd.
• ATTERO
• Exigo Recycling Pvt. Ltd.

The global Black Mass Recycling market is segmented as follows:

By Battery Source

• Automotive Batteries
• Industrial Batteries
• Portable Batteries

By Technology

• Hydrometallurgy
• Pyrometallurgy
• Others

By Recovered Metal

• Nickel
• Cobalt
• Lithium
• Copper
• Manganese
• Others

By Application

• Automotive
• Consumer Electronics
• Energy
• Aerospace and Defense
• Construction
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa