Global Black Mass Market Size Aiming for USD 33.6 Billion by 2030 with 19.5% CAGR | Revolutionizing Battery Recycling

New York, NY, Sept. 15, 2023 (GLOBE NEWSWIRE) — Zion Market Research has published a new research report titled “Black Mass Recycling Market By Battery Source (Automotive Batteries, Industrial Batteries, And Portable Batteries), By Technology (Hydrometallurgy, Pyrometallurgy, And Others), By Recovered Metal (Nickel, Cobalt, Lithium, Copper, Manganese, And Others), By Application (Automotive, Consumer Electronics, Energy, Aerospace And Defense, Construction, And Others) And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.

“According to the latest research study, the demand of global Black Mass Recycling Market size & share in terms of revenue was valued at USD 8.1 billion in 2022 and it is expected to surpass around USD 33.6 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 19.5% during the forecast period 2023 to 2030.”

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What is Black Mass Recycling? How big is the Black Mass Recycling Industry?

Report Overview:

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.  

Used batteries and waste from the production of batteries are gathered, dismantled, and crushed to generate black material during the black mass recycling process. From this black mass, precious elements such as lithium, nickel, cobalt, and manganese can be recovered. Black mass recycling is a type of battery recycling. The recycling of black mass has become increasingly important not only as an addition to the supply of virgin materials but also as a method for reducing the carbon footprint of the battery supply chain. The growing significance put on recycling electronic waste and reducing overall waste, as well as developing environmental issues such as pollution, resource depletion, and climate change, are the primary forces driving the growth of the black mass recycling business. Additionally, a large market for recycling technologies is being created as a result of the growing prevalence of lithium-ion batteries utilized in portable electronic devices, electric cars, and the storage of renewable energy sources.

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Global Black Mass Recycling Market: Growth Factors

The increasing prevalence of electric vehicles is the primary driver of market expansion.

During the time frame covered by this projection, the expansion of the global black mass recycling market is anticipated to be driven by the rising popularity of electric vehicles. The rising prevalence of the use of electric vehicles is one of the primary reasons for the expansion of the market. Because electric vehicle batteries include significant quantities of valuable materials, recycling them is essential to the long-term viability of the EV industry. For instance, in accordance with the information provided by the International Energy Agency, the marketplaces for electric vehicles are developing at an exponential rate since the number of electric vehicles sold topped 10 million in 2022. In 2022, 14% of all new autos sold were electric vehicles, compared to less than 5% in 2020 and approximately 9% in 2021. This was a significant increase from earlier years. Three markets were responsible for the lion’s share of global sales.

Once again, China was in the driver’s seat, accounting for around 60 percent of the total sales of electric vehicles worldwide. China already has more electric vehicles on the road than any other country, and the country has already surpassed the target it set for the number of new energy vehicles it wanted to sell by the year 2025. Sales of electric vehicles in Europe, the world’s second-largest market, increased by more than 15% in 2022, leading to the sale of more than one electric vehicle out of every five cars purchased in that region. The United States, which was the third largest market in 2022, saw a gain in sales of electric cars of 55%, which resulted in an 8% sales share for the country. As a result, the expansion of the market throughout the forecasted period is driven by the statistics presented above.

Challenges Facing the Black Mass Recycling Market

Challenges posed by the environment and technology retard the expansion of the market.

Certain recycling processes, particularly pyrometallurgical ones, have the potential to have an adverse impact on the surrounding environment, such as the emission of greenhouse gases and other pollutants. Finding a happy medium between concerns about the environment and the need to maximize resource recovery is not always easy to accomplish. In addition, by employing complex chemical processes, Black Mass recycling is able to disassemble batteries into their individual useable components. It is not always easy to devise and put into practice recycling processes that are both effective and cost-effective, and it is possible that a sizeable investment in research and development will be required. Therefore, the environmental and technological challenge is a significant issue that will act as a restraint on the expansion of the black mass recycling business during the period covered by the forecast.

Opportunities Available on the Black Mass Recycling Market

The increasing opportunities for collaboration present an alluring prospect for market expansion.

Over the course of the time covered by this projection, the growing level of cooperation amongst the leading market participants is anticipated to present an enticing potential for the expansion of the black mass recycling market. For example, Fortum and Terrafame signed a contract for an experimental project in June 2023. According to the terms of the agreement, Terrafame will make battery chemicals using metals recovered by Fortum from the black mass of EV batteries. Fortum will be responsible for the project. As a result of the relationship between Fortum and Terrafame, it will be feasible to establish a value chain that is even more environmentally friendly in order to meet the requirements of the European battery manufacturing industry. In accordance with the terms of the deal, Terrafame will develop the battery chemistry for new electric vehicle batteries by using the nickel and cobalt that Fortum has salvaged from the used black mass of electric vehicle batteries at the Harjavalta recycling facility. When the batteries reach the end of their useful lives, they will go through one more round of recycling, which will bring an end to the cycle of recoverable raw materials. The collaboration between Fortum and Terrafame is a great representation of the potential and synergy of the battery cluster in Finland. As a result, driving the overall growth in market revenue.

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Report Scope

Report Attribute Details
Market Size in 2022 USD 8.1 billion
Projected Market Size in 2030 USD 33.6 billion
CAGR Growth Rate 19.5% CAGR
Base Year 2022
Forecast Years 2023-2030
Key Market Players 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., and others.
Key Segment By Battery Source, By Technology, By Recovered Metal, By Application, and By Region
Major Regions Covered North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa
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Black Mass Recycling Market: Segmentation Analysis

The global battery source, technology, recovered metal, application, and geography are the five factors that are used to categorize and segment the Black Mass Recycling sector.

The global market for batteries can be broken down into automotive batteries, industrial batteries, and portable batteries, depending on the application of the batteries. Over the course of the forecast period, the market for automotive batteries is anticipated to experience the highest CAGR growth rate. The majority of batteries that can be found in consumer electronics are smaller and have a shorter lifespan compared to those used in automobiles, particularly electric vehicles (EVs). As the number of electric vehicles (EVs) on the road increases, there will be a significant increase in the quantity of used car batteries that can be recycled. The recycling industry run by Black Mass is being greatly impacted by the recent boom in battery production. Batteries for automobiles typically contain a variety of valuable metals, including lithium, cobalt, nickel, and others. Recycling these components from used automotive batteries has the dual benefit of lowering the impact on the environment and lowering the demand for the extraction of fresh resources. As a result, it is anticipated that this will propel the expansion of the market.

The global industry of Black Mass Recycling can be divided into the sub-sectors of hydrometallurgy, pyrometallurgy, and others on the basis of the technologies used.

The global market for Black Mass Recycling can be segmented into nickel, cobalt, lithium, copper, manganese, and other categories, according on the metal that is recovered. Over the course of the projected period, it is anticipated that the nickel sector will have the greatest market share. Nickel (Ni) has consistently been utilized in the production of batteries, in particular rechargeable nickel-cadmium (NiCd) and nickel metal hydride (NiMH) batteries. The most significant benefit of incorporating nickel into battery design is that it makes it possible to increase energy density and storage capacity at a lower overall cost. It is projected that future improvements in battery technology will result in a reduction in the cost of battery storage measured in kilowatt hours (kWh), which will result in an increase in the importance of nickel-based batteries in energy storage systems.

The global market for Black Mass Recycling may be segmented into the following categories according to the applications: construction, aerospace and defense, consumer electronics, energy, and automobiles and consumer electronics. Over the course of the projected period, it is anticipated that the consumer electronics sector will experience significant growth. The growth of the market can be ascribed to the expansion of the consumer electronics industry, which includes mobile phones, laptop computers, and other products. For example, one secondary source predicts that by the year 2023, there will be 6.92 billion people using smartphones all over the world, which means that 85.88% of the world’s population will own smartphones. Since 2016, when there were only 3.668 billion users, which is equivalent to 49.40% of the world’s population, there has been a tremendous increase in this figure. As a result, the aforementioned statistics are the primary drivers of market growth.

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

Browse the full “Black Mass Recycling Market By Battery Source (Automotive Batteries, Industrial Batteries, And Portable Batteries), By Technology (Hydrometallurgy, Pyrometallurgy, And Others), By Recovered Metal (Nickel, Cobalt, Lithium, Copper, Manganese, And Others), By Application (Automotive, Consumer Electronics, Energy, Aerospace And Defense, Construction, And Others) And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030″ Report At https://www.zionmarketresearch.com/report/black-mass-recycling-market

Competitive Landscape

Some of the main competitors dominating the global Black Mass Recycling market include – 

  • 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.

 Key Insights from Primary Research:

  • According to the analysis shared by our research forecaster, the Black Mass Recycling market is likely to expand at a CAGR of around 19.5% during the forecast period (2023-2030).                  
  • In terms of revenue, the Black Mass Recycling market size was valued at around US$ 8.1 billion in 2022 and is projected to reach US$ 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.

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  • What is the market size and growth rate forecast for Black Mass Recycling industry?
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  • What are the leading companies in the Black Mass Recycling Industry?
  • What segments does the Black Mass Recycling Market cover?
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  • Market Size & Forecast by Revenue | 2023−2030
  • Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
  • Market Segmentation – A detailed analysis By Battery Source, By Technology, By Recovered Metal, By Application, and By Region
  • Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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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.

By Region

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

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