- Automotive Batteries
- Industrial Batteries
- Portable Batteries
Black Mass Recycling Market size was valued at USD 9,250.7 million in 2022 and is poised to grow at a CAGR of 19.3% over 2023-2029. Black Mass Recycling refers to reusing the battery production offcuts and end-of-life batteries that are collected, dismantled, and shredded to produce black mass from which critical materials such as lithium, nickel, cobalt, and manganese can be extracted. The recycling of black mass has become increasingly important as a supplement to virgin material supply and to reduce the carbon footprint of the battery supply chain. Increased awareness of environmental issues such as pollution, resource depletion, and climate change and priority given to electronic waste recycling and waste reduction drives the black mass recycling market. Furthermore, a sizable market for recycling technology is being created by the growing usage of lithium-ion batteries in portable gadgets, electric cars, and renewable energy storage. It might be an excellent opportunity to develop efficient, sustainable ways to recycle lithium-ion batteries and recover valuable minerals. According to IEA, sales of electric cars hit 6.6 million in 2021 which leads to the increased demand for lithium-ion batteries. There's a trend toward formalizing and regulating these recycling processes for safer and more efficient operations. But the recycling of certain materials such as lithium-ion batteries, can be challenging due to complex compositions and hazardous elements that hinder the growth of the market. However, with increased worldwide focus on circular economic principles and the advancements in recycling technologies for the recovery of high-performance metals, there is an increased shift towards the Black Mass Recycling Market which is anticipated to increase during the forecasted years.
Fastest Growing Market
The market is expected to rise owing to the valuable properties of nickel and the increased demand for this metal in various industrial applications. The recycling of nickel-containing materials helps conserve natural resources, reduce waste, and minimize environmental impacts associated with primary nickel production. Batteries made of nickel-cadmium and nickel-metal hydride are frequently used in a wide range of products, including hybrid cars, power equipment, and portable gadgets. To recover precious nickel and other components from these batteries and stop the discharge of potentially hazardous compounds into the environment, recycling is crucial. According to Nickel Institute, around 68% of all nickel available from consumer products is recycled and begins a new life cycle; another 15% enters the carbon steel loop.
The black mass recycling market valued at USD 9,250.7 Million in 2022 and is expected to grow at 19.3% CAGR over the forecast period 2023 – 2029.
The sizable market for recycling technology owing to growing usage of lithium-ion batteries in portable gadgets, electric cars, and renewable energy storage have provided opportunities for market development
Increasing awareness of environmental issues such as pollution, resource depletion, and climate change and priority given to electronic waste recycling and waste reduction drives 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 and Exigo Recycling Pvt. Ltd are a few companies in the Black Mass Recycling Market