Press release
Black Mass Recycling Market Top Players- Aqua Metals Inc., HYDROVOLT AS, SungEel Hi-Tech. Co., Ltd., ECOGRAF.
Black Mass Recycling Market
The global Black Mass Recycling market is estimated to reach over USD 51.22 billion by 2031, exhibiting a CAGR of 20.74% during the forecast period.
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Black mass recycling holds significant strategic importance due to its economic and environmental benefits. It plays a crucial role in enhancing the efficiency and cost-effectiveness of end-use industries by providing a stable and sustainable source of critical metals. This contributes to improved operational performance and reduced procurement costs for essential materials.
The growing emphasis on circular economy principles and advancements in recycling technologies for the recovery of high-performance metals have driven increased demand for lithium-ion batteries in various end-use industries. This trend reflects the shift toward sustainable resource utilization and improved recycling efficiency, positioning black mass powder as a key material in this evolving landscape.
This shift is particularly evident in the automotive and energy sectors across China, the Asia-Pacific region, Japan, and Europe. The rising global focus on circular economic models and technological innovations in metal recovery is expected to further accelerate the demand for black mass recycling and its applications in high-performance industries.
List of Prominent Players in the Black Mass Recycling Market:
• BASF SE
• Umicore
• Tenova S.p.A.
• Li-Cycle Corp.
• Lithion Recycling
• AKKUSER
• Duesenfeld
• ELECTRA
• ROYALBEES
• RUBAMIN
• Aqua Metals Inc.
• HYDROVOLT AS
• SungEel Hi-Tech. Co., Ltd.
• ECOGRAF
• Fortum
• Redux GmbH
• Green Li-ion Pte Ltd.
• TATA Chemicals Ltd.
• ATTERO
• Exigo Recycling Pvt. Ltd.
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Market Dynamics
Drivers:
The global black mass recycling market is experiencing substantial growth, driven by several emerging trends and market forces. Key factors contributing to market expansion include increasing investments in recycling technologies, growing demand for second-life batteries, shifts in business models driven by climate initiatives, rising demand for lithium-ion batteries and raw materials across the value chain, and advancements in both economic and environmental technologies. These factors are expected to create significant opportunities for market growth in the coming years.
Challenges:
One of the most complex aspects of the recycling process is the hydrometallurgical stage, primarily due to the non-uniform composition of black mass. Variations in battery chemistry and usage history among manufacturers lead to inconsistencies in the degraded compounds present in the material. This makes it challenging to maintain consistent quality during the hydro-process. Achieving battery-grade material qualification remains difficult and economically unfeasible, despite significant efforts. While many recycling companies claim that their recycled products can meet battery-grade standards, the practical application of these results at an industrial scale remains a challenge. These factors are expected to restrain market growth.
Regional Trends:
The black mass recycling market in the Asia-Pacific region is anticipated to hold a dominant market share in terms of revenue and is projected to grow at a significant compound annual growth rate (CAGR) in the near future. The increasing adoption of electric vehicles (EVs) in China and Japan is expected to drive market expansion in the region. Furthermore, heightened competition from new market entrants is likely to stimulate further growth and innovation.
In Europe, several companies have recently established gigafactories focused on battery recycling. For example, Veolia, a leading resource management company in the UK, announced plans in January 2022 to construct its first electric vehicle battery recycling facility in the country. The facility is expected to process approximately 20% of the UK's used EV batteries upon completion in 2024. Additionally, in January 2022, Li-Cycle, a Canadian company, partnered with Norwegian firms Eco Stor and Morrow Batteries to develop a new industrial-scale lithium-ion battery recycling facility in Norway. The plant is expected to process 10,000 metric tonnes of used batteries annually and is anticipated to become operational by 2023.
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Recent Developments:
• In February 2023, Umicore is commercializing manganese-rich battery material technologies for electric vehicles. This remarkable innovation broadens Umicore's broad spectrum of NMC (nickel, manganese, cobalt) battery materials for excellent productivity and long-range EVs and introduces a distinctly competitive technology to existing design-to-cost battery technologies for EVs.
• In June 2021, A project to recover nickel and cobalt material (precursor materials) from an existing plant for battery recycling in the Hubei region of China has received funding commitments totaling around CNY 310 million, according to GEM Co., a battery materials company based in China. By 2025, the company wants to increase its annual precursor output by a factor of three, to 100,000 metric tonnes.
Segmentation of Black Mass Recycling Market-
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 Défense
• Construction
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa
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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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