Summary

The global black mass recycling market is projected to grow from USD 14.41 billion in 2024 to USD 51.70 billion by 2032, at a CAGR of 17.3% during the forecast period. The industry for recycling black mass is expanding significantly due to surge in automotive, consumer electronics, and other sectors. Demand for portable devices and electric vehicles is growing, compounded by the scarcity and increasing prices of critical battery materials. Critical is the need to introduce a more efficient recycling solution. Meanwhile, consumers and manufacturers alike are being driven harder by increasingly stringent environment regulations and growing awareness among consumers on sustainability issues, making them look more enthusiastically towards battery recycling as a better way forward for environmentally responsible end-of-life batteries management.
“Nickel-based battery segment, by battery type, is estimated to account for the second largest share during the forecast period.”
The nickel-based battery segment is projected to secure the second-largest share in the forecast period. This mainly attributes to the fact that such batteries are widely applied in industrial usage, power tools, and hybrid vehicles. The increasing market for energy storage and electric mobility has, therefore, immensely fueled nickel-based battery recycling, as the extracted metal nickel is highly valued and essential for battery manufacturing. Recovery of this key metal from black mass is a must to solve raw material shortages and facilitate more sustainability through the transition toward more sustainable battery supply chains.

“By battery source, consumer electronics segment accounted for the second largest share during the forecast period.”
The consumer electronics segment by battery source is expected to have the second-largest share of the black mass recycling market. primarily fuelled by continuous surges in consumer devices like smartphones, tablets, and smartwatches. With the latter gaining wider acceptance, spent batteries are piling up at volumes that increasingly constitute a need for recycling to recover valuable metals such as lithium and cobalt. The momentum for sustainability and reducing e-waste will only create further growth in importance, thereby positioning consumer electronics battery recycling as an important segment within the circular economy for battery materials.

“Europe region is estimated to account for the second largest share during the forecast period.”
Europe is likely to take the second-biggest share, primarily on account of a few significant factors. This includes the leadership of the region in embracing electric vehicles and renewable energy, thereby increasing volumes of end-of-life batteries, and the fact that this region has very stringent environmental regulations and a strong focus on the circular economy, which have boosted investments in recycling infrastructure. The ready domestic demand for these materials recycled is created by the European automotive and battery manufacturing companies.

Profile break-up of primary participants for the report:
• By Company Type: Tier 1 – 65%, Tier 2 – 20%, and Tier 3 – 15%
• By Designation: Directors– 30%, Managers– 25%, and Others – 45%
• By Region: North America – 20%, Europe – 25%, and Asia Pacific – 55%

Contemporary Amperex Technology Co., Limited (China), Cirba Solutions (US), Glencore (Switzerland), Recyclico Battery Materials Inc. (Canada), and Umicore (Belgium) are some of the major players operating in the black mass recycling market. These players have adopted strategies such as acquisitions, expansions, product launches, and partnerships to increase their market share business revenue.
Research Coverage:
The report defines, segments, and projects the black mass recycling market based on battery type, battery source, recycling process, recovered metal, and region. It provides detailed information regarding the major factors influencing the growth of the market, such as drivers, restraints, opportunities, and challenges. It strategically profiles, black mass recycling manufacturers and comprehensively analyses their market shares and core competencies as well as tracks and analyzes competitive developments, such as expansions, agreements, product launches, and acquisitions, undertaken by them in the market.
Reasons to Buy the Report:
The report is expected to help the market leaders/new entrants in the market by providing them the closest approximations of revenue numbers of the black mass recycling market and its segments. This report is also expected to help stakeholders obtain an improved understanding of the competitive landscape of the market, gain insights to improve the position of their businesses, and make suitable go-to-market strategies. It also enables stakeholders to understand the pulse of the market and provide them information on key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:
• Analysis of key drivers (Increasing demand for electric vehicles, Stringent local and state government regulations and EPA guidelines, Rising demand for recycled products and materials, Depletion of earth metals), restraints (Safety issues related to storage and transportation of spent batteries), opportunities (Subsidies to encourage battery recycling, Rising adoption of lithium-ion batteries due to declining prices), and challenges (High cost of recycling and dearth of technologies) influencing the growth of the black mass recycling market.

• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities in the black mass recycling market.

• Market Development: Comprehensive information about lucrative markets – the report analyses the black mass recycling market across varied regions.

• Market Diversification: Exhaustive information about new products, various types, untapped geographies, recent developments, and investments in the black mass recycling market.

• Competitive Assessment: In-depth assessment of market shares, growth strategies and product offerings of leading players such as Contemporary Amperex Technology Co., Limited (China), Cirba Solutions (US), Glencore (Switzerland), Recyclico Battery Materials Inc. (Canada), and Umicore (Belgium), and others in the black mass recycling market.

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Table of Contents

1 INTRODUCTION 21
1.1 STUDY OBJECTIVES 21
1.2 MARKET DEFINITION 21
1.3 STUDY SCOPE 22
1.3.1 MARKET SEGMENTATION & REGIONAL SCOPE 22
1.3.2 INCLUSIONS & EXCLUSIONS 23
1.4 YEARS CONSIDERED 23
1.5 CURRENCY CONSIDERED 24
1.6 UNIT CONSIDERED 24
1.7 LIMITATIONS 24
1.8 STAKEHOLDERS 24
2 RESEARCH METHODOLOGY 25
2.1 RESEARCH DATA 25
2.1.1 SECONDARY DATA 26
2.1.1.1 Key data from secondary sources 26
2.1.2 PRIMARY DATA 26
2.1.2.1 Key data from primary sources 27
2.1.2.2 Breakdown of interviews with experts 27
2.2 DEMAND-SIDE MATRIX 28
2.3 MARKET SIZE ESTIMATION 28
2.3.1 BOTTOM-UP APPROACH 29
2.3.2 TOP-DOWN APPROACH 29
2.3.2.1 Calculations for supply-side analysis 31
2.4 GROWTH FORECAST 31
2.5 DATA TRIANGULATION 31
2.6 RESEARCH ASSUMPTIONS 32
2.7 RESEARCH LIMITATIONS 33
2.8 RISK ASSESSMENT 33
3 EXECUTIVE SUMMARY 34
4 PREMIUM INSIGHTS 37
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN BLACK MASS RECYCLING MARKET 37
4.2 BLACK MASS RECYCLING MARKET FOR AUTOMOTIVE BATTERY SOURCES, BY REGION 37
 
5 MARKET OVERVIEW 38
5.1 INTRODUCTION 38
5.2 MARKET DYNAMICS 38
5.2.1 DRIVERS 39
5.2.1.1 Increasing demand for electric vehicles 39
5.2.1.2 Stringent local and state government regulations and EPA guidelines 39
5.2.1.3 Rising demand for recycled products and materials 40
5.2.1.4 Depletion of earth metals 40
5.2.2 RESTRAINTS 41
5.2.2.1 Safety issues related to storage and transportation of spent batteries 41
5.2.3 OPPORTUNITIES 41
5.2.3.1 Subsidies to encourage battery recycling 41
5.2.3.2 Rising adoption of lithium-ion batteries due to declining prices 41
5.2.4 CHALLENGES 42
5.2.4.1 High cost of recycling and dearth of technologies 42
6 INDUSTRY TRENDS 43
6.1 GLOBAL MACROECONOMIC OUTLOOK 43
6.1.1 GDP 43
6.1.2 RISING ADOPTION OF ELECTRIC VEHICLES 45
6.2 SUPPLY/VALUE CHAIN ANALYSIS 46
6.3 ECOSYSTEM ANALYSIS 47
6.4 PORTER’S FIVE FORCES ANALYSIS 48
6.4.1 BARGAINING POWER OF SUPPLIERS 49
6.4.2 BARGAINING POWER OF BUYERS 49
6.4.3 THREAT OF NEW ENTRANTS 49
6.4.4 THREAT OF SUBSTITUTES 49
6.4.5 INTENSITY OF COMPETITIVE RIVALRY 49
6.5 PRICING ANALYSIS 50
6.5.1 AVERAGE SELLING PRICE OF LITHIUM CARBONATE, BY REGION 50
6.5.2 AVERAGE SELLING PRICE OF COBALT, BY REGION 51
6.5.3 AVERAGE SELLING PRICE OF NICKEL, BY REGION 52
6.5.4 INDICATIVE PRICING OF RECOVERED METALS FOR KEY PLAYERS 53
6.6 TARIFF AND REGULATORY LANDSCAPE 54
6.6.1 TARIFF DATA 54
6.6.2 REGULATORY LANDSCAPE 54
6.6.2.1 Regulatory bodies, government agencies, and other organizations 55
6.7 KEY CONFERENCES & EVENTS, 2024–2025 56
6.8 KEY STAKEHOLDERS AND BUYING CRITERIA 57
6.8.1 KEY STAKEHOLDERS IN BUYING PROCESS 57
6.8.2 BUYING CRITERIA 58
 
6.9 PATENT ANALYSIS 58
6.9.1 METHODOLOGY 58
6.9.2 MAJOR PATENTS 59
6.10 TECHNOLOGY ANALYSIS 60
6.10.1 KEY TECHNOLOGIES 60
6.10.1.1 Lithium-ion battery recycling 60
6.10.1.2 Pyrometallurgy 61
6.10.1.3 Hydrometallurgy 61
6.10.1.4 Pyrolysis 61
6.10.1.5 Mechanical recycling 62
6.10.2 ADJACENT TECHNOLOGIES 62
6.10.2.1 Lead acid battery recycling 62
6.11 TRADE ANALYSIS 63
6.11.1 IMPORT SCENARIO OF LITHIUM CELLS AND BATTERIES 63
6.11.2 EXPORT SCENARIO OF LITHIUM CELLS AND BATTERIES 64
6.12 CASE STUDY ANALYSIS 65
6.12.1 REDWOOD MATERIALS: PIONEERING SUSTAINABLE BATTERY RECYCLING MODEL 65
6.12.2 RECYCLING OF LITHIUM-ION BATTERIES: OVERCOMING SUPPLY CHAIN DISRUPTIONS 66
6.13 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 66
6.14 INVESTMENT & FUNDING SCENARIO 67
6.15 IMPACT OF GENERATIVE AI ON BLACK MASS RECYCLING MARKET 68
6.15.1 INTRODUCTION 68
6.15.2 OVERVIEW OF IMPACT OF GENERATIVE AI ON BLACK MASS RECYCLING MARKET 68
6.15.2.1 Enhanced predictive analytics 68
6.15.2.2 Optimization of recycling processes 68
6.15.2.3 Waste sorting and classification 68
7 BLACK MASS RECYCLING MARKET, BY BATTERY TYPE 69
7.1 INTRODUCTION 70
7.2 LITHIUM-ION BATTERIES 71
7.2.1 NEED FOR SUSTAINABLE WASTE MANAGEMENT AND RESOURCE RECOVERY PRACTICES TO DRIVE MARKET 71
7.3 NICKEL-BASED BATTERIES 71
7.3.1 NEED FOR SUSTAINABLE PRACTICES IN CONSUMER ELECTRONICS INDUSTRY TO FUEL GROWTH 71
8 BLACK MASS RECYCLING MARKET, BY RECOVERED METAL 72
8.1 INTRODUCTION 72
8.2 NICKEL 72
8.3 COBALT 72
8.4 LITHIUM 72
8.5 COPPER 72
8.6 MANGANESE 73
8.7 OTHER METALS 73
9 BLACK MASS RECYCLING MARKET, BY RECYCLING PROCESS 74
9.1 INTRODUCTION 74
9.2 HYDROMETALLURGICAL PROCESS 75
9.2.1 HYDROMETALLURGICAL PROCESS COMPRISES LEACHING, SOLUTION CONCENTRATION & PURIFICATION, AND METAL RECOVERY STAGES 75
9.3 PYROMETALLURGICAL PROCESS 76
9.3.1 PYROMETALLURGICAL PROCESS EMITS HARMFUL GASES, SUCH AS SULFUR DIOXIDE AND CARBON MONOXIDE 76
9.4 OTHER RECYCLING PROCESSES 76
10 BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE 77
10.1 INTRODUCTION 78
10.2 AUTOMOTIVE BATTERIES 79
10.2.1 RISING DEMAND FOR ELECTRIC VEHICLES TO DRIVE BLACK MASS RECYCLING PROCESSES 79
10.3 INDUSTRIAL BATTERIES 80
10.3.1 RISING ADOPTION OF LITHIUM-ION BATTERIES IN DATA CENTERS AND INDUSTRIAL ENERGY STORAGE SYSTEMS TO DRIVE MARKET 80
10.4 CONSUMER ELECTRONIC BATTERIES 81
10.4.1 INCREASED USE OF LITHIUM-ION BATTERIES IN CONSUMER ELECTRONICS TO FUEL MARKET 81
10.5 POWER BATTERIES 81
10.5.1 RISING ADOPTION OF LARGE-SCALE LITHIUM-ION BATTERIES FOR GRID ENERGY STORAGE TO AMPLIFY DEMAND 81
10.6 MARINE BATTERIES 81
10.6.1 GROWING USE OF INDUSTRIAL BATTERIES IN MARINE INDUSTRY TO BOOST BLACK MASS RECYCLING MARKET 81
10.7 OTHER BATTERY SOURCES 82
11 BLACK MASS RECYCLING MARKET, BY REGION 83
11.1 INTRODUCTION 84
11.2 NORTH AMERICA 85
11.2.1 US 87
11.2.1.1 Need to ensure sustainable resource management and address environmental concerns to drive market 87
11.2.2 CANADA 88
11.2.2.1 Growing demand for EVs and consumer electronics to propel market 88
11.2.3 MEXICO 89
11.2.3.1 Investment by key players in development of electric vehicles to boost market 89
 
11.3 ASIA PACIFIC 90
11.3.1 CHINA 94
11.3.1.1 Growing sales of electric vehicles to drive market 94
11.3.2 JAPAN 95
11.3.2.1 Government initiatives related to battery recycling to boost market 95
11.3.3 SOUTH KOREA 96
11.3.3.1 Substantial growth in automotive sector to boost market 96
11.3.4 INDIA 97
11.3.4.1 Development of smart cities to drive market 97
11.3.5 AUSTRALIA 98
11.3.5.1 Supportive government policies to aid market growth 98
11.3.6 THAILAND 99
11.3.6.1 Booming electric mobility sector to drive market 99
11.3.7 NEW ZEALAND 100
11.3.7.1 Supportive government policies to boost recycling of lithium batteries 100
11.3.8 SINGAPORE 101
11.3.8.1 Continuous advancements in battery technologies and recycling methods to drive market 101
11.3.9 REST OF ASIA PACIFIC 102
11.4 EUROPE 103
11.4.1 FRANCE 105
11.4.1.1 Development in battery recycling technologies to fuel market 105
11.4.2 GERMANY 106
11.4.2.1 Growing shift toward EVs and battery-powered machinery to drive market 106
11.4.3 NETHERLANDS 107
11.4.3.1 Growth in EV industry to boost market 107
11.4.4 UK 108
11.4.4.1 Surge in electric vehicle sales to drive market 108
11.4.5 NORWAY 109
11.4.5.1 Replacement of internal combustion engine vehicles with advanced EVs to drive market 109
11.4.6 SWEDEN 110
11.4.6.1 Growing investments in lithium-ion battery recycling to drive market 110
11.4.7 ITALY 111
11.4.7.1 Government initiatives to encourage black mass recycling 111
11.4.8 SPAIN 112
11.4.8.1 Growing investments to promote electric vehicle sales to propel market 112
11.4.9 REST OF EUROPE 113
 
12 COMPETITIVE LANDSCAPE 115
12.1 INTRODUCTION 115
12.2 KEY PLAYER STRATEGIES/RIGHT TO WIN 115
12.3 REVENUE ANALYSIS, 2019–2023 116
12.4 MARKET SHARE ANALYSIS, 2023 117
12.5 BRAND/PRODUCT COMPARISON 120
12.5.1 RECYCLING PROCESS, BY UMICORE 120
12.5.2 RECYCLING PROCESS, BY BASF 120
12.5.3 RECYCLING PROCESS, BY TENOVA S.P.A. 120
12.5.4 RECYCLING PROCESS, BY LI-CYCLE CORP. 121
12.5.5 RECYCLING PROCESS, BY METSO 121
12.6 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2023 121
12.6.1 STARS 121
12.6.2 EMERGING LEADERS 121
12.6.3 PERVASIVE PLAYERS 121
12.6.4 PARTICIPANTS 121
12.6.5 COMPANY FOOTPRINT: KEY PLAYERS, 2023 123
12.7 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2023 128
12.7.1 PROGRESSIVE COMPANIES 128
12.7.2 RESPONSIVE COMPANIES 128
12.7.3 DYNAMIC COMPANIES 128
12.7.4 STARTING BLOCKS 128
12.7.5 COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2023 130
12.8 COMPANY VALUATION AND FINANCIAL METRICS 131
12.9 COMPETITIVE SCENARIO 132
12.9.1 DEALS 132
12.9.2 EXPANSION 133
13 COMPANY PROFILES 135
13.1 KEY PLAYERS 135
13.1.1 BASF 135
13.1.1.1 Business overview 135
13.1.1.2 Products/Solutions/Services offered 136
13.1.1.3 Recent developments 137
13.1.1.4 MnM view 138
13.1.1.4.1 Right to win 138
13.1.1.4.2 Strategic choices 138
13.1.1.4.3 Weaknesses and competitive threats 138
13.1.2 CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED (BRUNP RECYCLING) 139
13.1.2.1 Business overview 139
13.1.2.2 Products/Solutions/Services offered 140
13.1.2.3 Recent developments 140
13.1.2.3.1 Deals 140
13.1.2.4 MnM view 141
13.1.2.4.1 Right to win 141
13.1.2.4.2 Strategic choices 141
13.1.2.4.3 Weaknesses and competitive threats 141
13.1.3 CIRBA SOLUTIONS 142
13.1.3.1 Business overview 142
13.1.3.2 Products/Solutions/Services offered 142
13.1.3.3 Recent developments 143
13.1.3.3.1 Deals 143
13.1.3.4 MnM view 144
13.1.3.4.1 Right to win 144
13.1.3.4.2 Strategic choices 144
13.1.3.4.3 Weaknesses and competitive threats 144
13.1.4 GLENCORE 145
13.1.4.1 Business overview 145
13.1.4.2 Products/Solutions/Services offered 146
13.1.4.3 Recent developments 147
13.1.4.3.1 Deals 147
13.1.4.4 MnM view 148
13.1.4.4.1 Right to win 148
13.1.4.4.2 Strategic choices 148
13.1.4.4.3 Weaknesses and competitive threats 148
13.1.5 RECYCLICO BATTERY MATERIALS INC. 149
13.1.5.1 Business overview 149
13.1.5.2 Products/Solutions/Services offered 149
13.1.5.3 Recent developments 150
13.1.5.3.1 Deals 150
13.1.5.4 MnM view 151
13.1.5.4.1 Right to win 151
13.1.5.4.2 Strategic choices 151
13.1.5.4.3 Weaknesses and competitive threats 151
13.1.6 UMICORE 152
13.1.6.1 Business overview 152
13.1.6.2 Products/Solutions/Services offered 153
13.1.6.3 Recent developments 154
13.1.6.3.1 Deals 154
13.1.6.4 MnM view 155
13.1.6.4.1 Right to win 155
13.1.6.4.2 Strategic choices 155
13.1.6.4.3 Weaknesses and competitive threats 155
 
13.1.7 REDWOOD MATERIALS 156
13.1.7.1 Business overview 156
13.1.7.2 Products/Solutions/Services offered 156
13.1.7.3 Recent developments 157
13.1.7.3.1 Deals 157
13.1.8 TENOVA S.P.A. 159
13.1.8.1 Business overview 159
13.1.8.2 Products/Solutions/Services offered 159
13.1.8.3 MnM view 160
13.1.8.3.1 Right to win 160
13.1.8.3.2 Strategic choices 160
13.1.8.3.3 Weaknesses and competitive threats 160
13.1.9 LI-CYCLE CORP. 161
13.1.9.1 Business overview 161
13.1.9.2 Products/Solutions/Services offered 162
13.1.9.3 Recent developments 163
13.1.10 METSO 166
13.1.10.1 Business overview 166
13.1.10.2 Products/Solutions/Services offered 167
13.1.10.3 MnM view 168
13.1.10.3.1 Right to win 168
13.1.10.3.2 Strategic choices 168
13.1.10.3.3 Weaknesses and competitive threats 168
13.1.11 LITHION TECHNOLOGIES 169
13.1.11.1 Business overview 169
13.1.11.2 Products/Solutions/Services offered 169
13.1.11.3 Recent developments 170
13.1.11.3.1 Deals 170
13.1.11.3.2 Expansion 170
13.1.12 AKKUSER OY 171
13.1.12.1 Business overview 171
13.1.12.2 Products/Solutions/Services offered 171
13.1.13 DUESENFELD GMBH 172
13.1.13.1 Business overview 172
13.1.13.2 Products/Solutions/Services offered 172
13.1.14 AQUA METALS, INC. 173
13.1.14.1 Business overview 173
13.1.14.2 Products/Solutions/Services offered 173
13.1.14.3 Recent developments 173
13.1.15 SUNGEEL HI-TECH. CO., LTD. 175
13.1.15.1 Business overview 175
13.1.15.2 Products/Solutions/Services offered 175
13.1.16 FORTUM 176
13.1.16.1 Business overview 176
13.1.16.2 Products/Solutions/Services offered 177
13.1.17 REDUX RECYCLING GMBH 178
13.1.17.1 Business overview 178
13.1.17.2 Products/Solutions/Services offered 178
13.1.18 TATA CHEMICALS LTD. 180
13.1.18.1 Business overview 180
13.1.18.2 Products/Solutions/Services offered 180
13.1.19 ATTERO RECYCLING PVT. LTD. 181
13.1.19.1 Business overview 181
13.1.19.2 Products/Solutions/Services offered 181
13.1.20 EXIGO RECYCLING PRIVATE LIMITED 182
13.1.20.1 Business overview 182
13.1.20.2 Products/Solutions/Services offered 182
13.1.21 ELECTRA BATTERY MATERIALS 183
13.1.21.1 Business overview 183
13.1.21.2 Products/Solutions/Services offered 183
13.1.22 RUBAMIN 184
13.1.22.1 Business overview 184
13.1.22.2 Products/Solutions/Services offered 184
13.1.23 HYDROVOLT 185
13.1.23.1 Business overview 185
13.1.23.2 Products/Solutions/Services offered 185
13.1.24 ECOGRAF 186
13.1.24.1 Business overview 186
13.1.24.2 Products/Solutions/Services offered 187
13.2 OTHER PLAYERS 188
13.2.1 LOHUM 188
13.2.2 ACE GREEN RECYCLING, INC. 189
13.2.3 LICO 189
13.2.4 AMERICAN BATTERY TECHNOLOGY COMPANY 190
13.2.5 TARGRAY 191
14 ADJACENT AND RELATED MARKETS 192
14.1 INTRODUCTION 192
14.2 LIMITATIONS 192
14.3 ADJACENT MARKETS 192
14.4 BATTERY RECYCLING MARKET 192
14.4.1 MARKET DEFINITION 192
14.4.2 MARKET OVERVIEW 192
14.4.3 BATTERY RECYCLING MARKET, BY CHEMISTRY 193
14.5 LEAD ACID 193
14.5.1 LOW RECYCLING COSTS AND HIGH RECOVERY RATES TO DRIVE DEMAND FOR LEAD ACID BATTERIES 193
14.6 NICKEL-BASED 194
14.6.1 HIGH POWER DENSITY OF NICKEL-BASED BATTERIES TO BOOST THEIR GROWTH 194
14.7 LITHIUM-BASED 195
14.7.1 INCREASING GLOBAL CONSUMPTION OF LITHIUM-BASED BATTERIES TO DRIVE THEIR POPULARITY 195
14.8 OTHERS 195
15 APPENDIX 196
15.1 DISCUSSION GUIDE 196
15.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 199
15.3 CUSTOMIZATION OPTIONS 201
15.4 RELATED REPORTS 201
15.5 AUTHOR DETAILS 202