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Black Mass Recycling Market worth $51.70 billion by 2032 - Exclusive Report by MarketsandMarkets™
By battery source, the automotive batteries segment is estimated to have the largest market share by value. Driven by the fast growth rate of electric vehicles (EVs) and hybrid electric vehicles (HEVs). Rising adoption of EVs across the globe is driving the volume of end-of-life automotive batteries into an important market opportunity for recycling solutions to recover critical materials such as lithium, cobalt, and nickel. This is further motivated by stringent environmental regulations and the push for de-carbonization, reducing dependency on virgin raw materials, thereby making recycling of automotive batteries indispensable to a sustainable and circular battery economy.
Based on battery type, the lithium-ion battery segment is estimated to account for the largest share of the market during the forecast period, owing to dominant usage for electric vehicles, energy storage systems, and portable electronics. Rapid changes in the automotive sector toward electrification resulted in a remarkable increase of spent lithium-ion batteries, thus boosting demand for recycling solutions. Growth in that segment will be based on the intrinsic value of recoverable materials like lithium, cobalt, and nickel, necessary for the production of new batteries which would take a considerable pressure off the raw material supply chains.
Asia Pacific is estimated to lead the market during the forecast period. The Asia-Pacific region is expected to have the largest market share in the black mass recycling market due to numerous factors. The exponential rise in end-of-life battery production is a result of the fast development of businesses like renewable energy storage, electric vehicles, and consumer electronics in nations like South Korea , Japan , China , and others. Moreover, the investments in cutting-edge recycling technologies are being driven by this, as well as strict environmental restrictions and a growing emphasis on sustainable practices.
Some of the leading players in this market include Glencore ( Switzerland ), Umicore ( Belgium ), Cirba Solutions (US), Contemporary Amperex Technology Co., Ltd. ( China ), and RecycLiCo Battery Materials Inc. ( Canada ), among others.
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