The market for discharged lithium-ion batteries is anticipated to expand rapidly as electric vehicles gain popularity, which will also fuel the expansion of the black mass market for recycling.
FREMONT, Calif., March 23, 2023 /PRNewswire/ — BIS Research, the global leader in providing market intelligence on deep technologies, has released its latest study titled Black Mass Recycling Market – A Global and Regional Analysis.
According to this study, the global black mass recycling market was valued at $9.22 billion in 2022 and is projected to reach $53 billion by 2031.
The following factors are responsible for the increase in demand for black mass recycling:
- Exponential increase in electric vehicles and consumer awareness
- Rising metal prices
- Rising government initiatives, along with technological advancements
The detailed study is a compilation of 199 market data tables and 21 figures spread across 234 pages.
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Analyst’s Take on the Market Projection
According to Pooja Tanna, Lead Analyst, BIS Research, “Black mass recycling is the technique of recovering priceless metals and other materials from used lithium-ion batteries. These batteries are recovered majorly from industrial sources. The rising sustainable initiatives, increasing government funding, and focus on closing the loop for batteries are leading to the rise in recycling initiatives. Moreover, a black mass is the source for extracting metals with high purity and is also economical. Further, the presence of a large number of battery chemistries needs focused technologies for recycling metals from the black mass.”
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Nickel to Dominate the Black Mass Recycling Market (by Recovered Metal)
Based on the recovered metal segment, nickel metal held the majority share in the black mass recycling market in 2021. Nickel (Ni) has always been employed in batteries, notably in nickel-cadmium (NiCad) and nickel metal hydride (NiMH) rechargeable batteries. The primary benefit of employing nickel in batteries is that it allows for increased energy density and storage capacity at a lower cost. Nickel-based batteries are expected to play a bigger part in energy storage systems because of further advancements in battery technology, which will help lower the price per kilowatt hour (kWh) of battery storage.
Major Industry Leaders in the Black Mass Recycling Market
The companies profiled have been selected based on input gathered from primary experts and analyzing company coverage, product portfolio, and market penetration. Some of the established names in the market are:
- 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.
Recent Developments in the Global Black Mass Recycling Market
- In February 2023, manganese-rich battery material technology for electric vehicles is being industrialized by Umicore. This significant achievement would expand Umicore’s wide spectrum of nickel, manganese, and cobalt (NMC) battery materials for exceptional productivity and long-range EVs and introduces a distinctly competitive technology to existing design-to-cost battery technologies for EVs.
- In September 2022, General Motors Co. and Lithion Recycling invested strategically in Lithion Recycling’s Series A fundraising round in support of a new strategic collaboration agreement between the two companies to create a circular battery ecosystem employing Lithion Recycling’s cutting-edge battery recycling technology.
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