Black Mass Recycling Market Set to Surge Significantly & Grow at a CAGR of 20.74% to 2031 | Exclusive InsightAce Analytic Report
Companies Covered in this Report are BASF SE, Umicore, Tenova S.p.A., Li–Cycle Corp., Lithion Recycling, AKKUSER, Duesenfeld, ELECTRA, ROYALBEES, RUBAMIN, Aqua Metals Inc., HYDROVOLT AS
Jersey City, NJ, March 31, 2023 (GLOBE NEWSWIRE) — InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global Black Mass Recycling Market Size, Share & Trends Analysis Report By Battery Source (Automotive, Industrial, And Portable Batteries), Technology (Hydrometallurgy, Pyrometallurgy), Recovered Metal (Nickel, Cobalt, Lithium, Copper, Manganese), And Application (Automotive, Consumer Electronics, Energy, Aerospace And Defense, Construction)- Market Outlook And Industry Analysis 2031″
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.
Black mass recycling has a significant industry impact since it offers several economic and environmental advantages. Also, it has a considerable impact on end-use industries since it offers a variety of advantages that can boost their productivity, reduce their expenses, and give them a reliable source of essential metals.
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With a greater global emphasis on circular economic principles and advancements in recycling technologies for the recovery of high-performance metals, there is a growing shift toward the demand of lithium-ion batteries in end-use industries, resulting in a demand for black mass powder. This shift is due to an increased focus on global circular economic principles and recycling technology advancements to recover high-performance metals.
Furthermore, the change is particularly pronounced in the automobile and energy sectors in China, Asia-Pacific, Japan, and Europe. Moreover, with a greater worldwide emphasis on circular economic principles and developments in recycling technologies for high-performance metal recovery, there is a rising movement toward demand and consumption.
- 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.
List of Prominent Players in the Black Mass Recycling Market:
- BASF SE
- Tenova S.p.A.
- Li–Cycle Corp.
- Lithion Recycling
- Aqua Metals Inc.
- HYDROVOLT AS
- SungEel Hi-Tech. Co., Ltd.
- Redux GmbH
- Green Li-ion Pte Ltd.
- TATA Chemicals Ltd.
- Exigo Recycling Pvt. Ltd.
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Black Mass Recycling Market Report Scope:
|Market size value in 2022||USD 9.55 Bn|
|Revenue forecast in 2031||USD 51.22 Bn|
|Growth rate CAGR||CAGR of 20.74 % from 2023 to 2031|
|Quantitative units||Representation of revenue in US$ Million, Volume (KT), and CAGR from 2023 to 2031|
|Historic Year||2019 to 2022|
|Report coverage||The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends|
|Segments covered||Battery Source, Technology, Recovered Metal, And Application|
|Regional scope||North America; Europe; Asia Pacific; Latin America; Middle East & Africa|
|Country scope||U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia|
The market for recycling black matter is expanding on a global scale. In the upcoming years, new trends are also anticipated to offer opportunities for the market to expand, including rising investments in recycling technologies, increased demand for second-life batteries, changes in business models caused by climate action, rising demand for lithium-ion batteries and raw materials throughout the value chain, and advancements in economic and environmental technologies.
The most difficult step in the recycling process is the hydrometallurgical step. The non-uniform composition of dark matter is one issue. Depending on the battery’s usage history and the battery chemistry used by each manufacturer, various degraded compounds may be present. The hydro-process must be extremely reliable as a result. Reaching battery grade qualification even with great effort is difficult, if not impossible economically. Yet, a lot of recycling process inventors assert that their recycled products may meet battery-grade criteria. This begs the obvious issue of why lithium has not yet been recycled into new batteries. Results obtained at the bench under ideal circumstances are simply not applicable to industrial scale recycling. Hence, the factors mentioned above are acting as a challenge for the market’s growth.
Asia Pacific’s black mass recycling market is expected to register a major market share in terms of revenue and is projected to grow at a high CAGR in the near future. The regional market for these batteries is expected to grow significantly as electric vehicles become more popular, which will help boost the growth of the black mass recycling business in China and Japan. Despite this, a substantial number of new competitors are expected to enter the market in the next years, enhancing competition and encouraging further growth and innovation.
With the purpose of recycling batteries, European businesses have recently built numerous gigafactories in the area. For instance, Veolia, the top resource management business in the UK, announced intentions to build its first facility for recycling electric vehicle batteries in the country in January 2022. 20% of the used EV batteries in the United Kingdom are anticipated to be processed by the business. By 2024, the project is expected to be finished. In order to establish a brand-new industrial lithium-ion battery recycling facility in Norway, Li-Cycle, a Canadian company, joined forces with Eco Stor and Morrow Batteries, two Norwegian businesses, in January 2022. Each year, the facility is anticipated to process 10,000 metric tonnes of used batteries. By 2023, it’s most likely to be in use.
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Segmentation of Black Mass Recycling Market-
By Battery Source-
- Automotive Batteries
- Industrial Batteries
- Portable Batteries
By Recovered Metal-
- Consumer Electronics
- Aerospace and Défense
- The US
- The UK
- Rest of Europe
- South Korea
- South East Asia
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
Rest of Middle East and Africa
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