Around the world, nations are developing strategies to reach net zero by implementing unconventional low-emission and energy-efficient paths to lessen reliance on fossil fuels. These routes involve electrifying the transportation industry and increasing the proportion of renewable energy (RE) throughout the energy needs. The black mass is a transitional mixture of elements obtained following the crushing of end-of-life batteries or battery production waste during the recycling or recovery process of batteries, potentially containing pollutants. Moreover, the initial stage of battery recycling is the creation of black mass, which is rich in lithium, nickel, cobalt, and manganese, the primary metals used to create cathode active materials. One of the best strategies for maximizing resource utilization in the battery sector is battery recycling. Battery recycling can be crucial in reducing the danger of essential raw material shortage through the supply of secondary resources
The global black mass recycling market is projected to reach $52,990.87 million by 2031 from $9,220.51 million in 2022, growing at a CAGR of 21.45% during the forecast period 2022-2031. The black mass recycling market is a fast-expanding industry that deals with the reprocessing and recovery of essential metals from discharged lithium-ion batteries.
The market for these batteries is anticipated to expand rapidly as electric vehicles gain popularity, which will also fuel the expansion of the black mass market for recycling. In addition, there are a few key players who dominate the black mass recycling market, including Umicore, BASF SE, Tenova S.p.A., and many more. Nonetheless, a large number of new competitors are anticipated to enter the market in the upcoming years, increasing competition and spurring additional growth and innovation.
Based on application, the automotive segment dominated the black mass recycling market in 2021 and was the dominant segment owing to the increased sales of electric vehicles across the globe. Favorable legal provisions are the primary force driving development in the usage of electrical vehicles employing lithium-ion batteries. Furthermore, to address the growing problems of ecological sustainability and the clean energy balance, representatives from numerous different countries are working with automakers.
Based on battery source, the industrial batteries segment held the majority share in the black mass recycling market in 2021. Industrial batteries are rapidly evolving, and so is the production of lithium-ion batteries for use in energy storage. It is now more crucial than ever to address the financial, environmental, and strategic advantages of recycling used batteries and establishing a circular economy as previously designed batteries approach their end-of-life. These batteries are an essential component of the present drive to phase out gas-powered industrial batteries that release carbon dioxide and other carbon pollution. Furthermore, these batteries are excellent choices for power storage for the electric grid due to their similar qualities.
Based on the recycling technology, the hydrometallurgy technology segment held the majority share in the black mass recycling market in 2021. Hydrometallurgy has long been seen as a more environmentally benign alternative to pyrometallurgy. Hydrometallurgical methods have been used effectively for metal separation and recovery from a variety of waste sources. For the recovery of metals and the elimination of potentially harmful heavy metals present in industrial sludge, hydrometallurgy is a viable approach.
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China currently controls the majority of the global black mass recycling market due to its enormous electric vehicle industry, top suppliers throughout the supply chain, and rapidly expanding economy. Moreover, the region has the majority of the world's lithium-ion reserves and has the potential to utilize them in a wide range of end-use sectors like automobiles, consumer electronics, and others.
Key Questions Answered by This Report:
- What are the major factors and trends that are impacting the black mass recycling market?
- How has COVID-19 impacted the black mass recycling market across the globe? What are the major disruptions in the supply chain?
- What are the steps taken by the existing players to improve/maintain their market positioning and the strategy adopted by new players entering in market space?
- Which is the leading segment in the technology and application in the market, and how are they going to perform during the forecast period?
- What are the latest developments in various countries across the globe for the development of the black mass recycling market?
- With the development of technology and sustainable energy options, batteries are playing an increasingly vital role. It is crucial to understand how batteries are recycled and the substantial contribution they can make to the circular economy. As a result, what are the critical stages of black mass recycling?
- How has the Russia-Ukraine war impacted the black mass recycling market? What are the major disruptions in the supply chain?
