DELRAY BEACH, Fla., Oct. 21, 2024 /PRNewswire/ -- The report "Black Mass Recycling Market by Battery Type (Lithium-Ion, Nickel), Battery Source (Automotive, Consumer Electronics, Power, Marine), Recycling Process (Pyro, Hydro), Recovered Metal (Nickel, Cobalt, Lithium, Copper), & Region - Global Forecast to 2032", is projected to grow from USD 14.41 billion in 2024 to USD 51.70 billion by 2032, at a CAGR of 17.3% during the forecast period. The market for black mass recycling is mostly driven by the growing demand for recycled goods and materials. Sustainable practices are becoming important as environmental awareness rises and rules get stricter. Due to their high concentration of precious metals like nickel, cobalt, and lithium, lithium-ion batteries are now popular candidates for recycling. Battery recycling lessens the environmental effect of battery production and promotes a circular economy by recovering these essential ingredients and lowering the reliance on virgin resources. This increased focus on sustainability is directly driving the market.
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The automotive batteries segment is expected to account for the largest share of the black mass recycling market, by battery source, during the forecast period, in terms of value.
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.
By battery type, the lithium-ion battery segment is expected to account for the largest market share during the forecast period in terms of value.
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.
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Asia Pacific is projected to register the largest market share during the forecast period.
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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