Recycling & Waste Industry Today
Black Mass Recycling Market is Growing at a CAGR of 21.45% - BIS Research
Black mass recycling is crucial in the industrial landscape, delivering substantial environmental and economic advantages. Its impact reverberates across various end-use sectors, contributing to heightened operational efficiency, cost reduction, and a reliable source of essential metals. As the world increasingly focuses on circular economic principles and takes technological strides in recycling, there is a burgeoning demand for black mass powder. This demand is particularly pronounced in the automotive and energy sectors, with regions such as China, Asia-Pacific, Japan, and Europe leading. The ongoing shift towards lithium-ion batteries in these sectors is a crucial driver, propelling the demand for black mass. This aligns with broader sustainability initiatives and the evolving technology for extracting metals from recycled batteries.
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Market Analysis: Trends, Data, and Growth Projections
The worldwide market for black mass recycling is experiencing expansion. Emerging trends, including heightened investments in recycling technologies, a growing interest in second-life batteries, alterations in company business models driven by climate action, escalating demand for lithium-ion batteries and raw materials throughout the value chain, and advancements in economic and environmental technologies, are anticipated to offer avenues for market growth in the foreseeable future.
BIS Research, a leading market research firm, has released a report titled- Black Mass Recycling Market, which discusses the challenges, growth factors, and future opportunities driving the remarkable growth of the black mass recycling market. The detailed study is a compilation of 199 market data tables, and 21 figures spread across 234 pages.
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Key Players and Market Segments
Some major companies operating in the global black mass recycling 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.
The black mass recycling market is segmented across various dimensions. In terms of battery sources, industrial batteries dominated in 2021. Hydrometallurgy technology held the majority share in recycling methods, meeting the requirements of major industrial applications. Nickel was the leading recovered metal in the same year. Automotive applications took the forefront, especially due to increased electric vehicle sales, making it the dominant segment. Geographically, China emerged as the leader in the global black mass recycling market due to its substantial electric vehicle industry, robust supply chain, and rapid economic growth.
Market Drivers, Challenges, and Opportunities
The global black mass recycling market has significant drivers, challenges, and opportunities. A prominent driver is the exponential increase in electric vehicle adoption, fueled by heightened consumer awareness about environmental issues. This trend, coupled with the rising prices of metals, particularly those found in black metal, contributes to the economic viability and attractiveness of black metal recycling. Government initiatives, alongside ongoing technological advancements in recycling processes, play a pivotal role in shaping market dynamics and stimulating demand.
Despite these drivers, challenges persist in the form of a broad array of battery chemistries. The diverse composition of batteries poses a hurdle to achieving uniform and efficient recycling practices. Additionally, fluctuations in the prices of critical battery raw materials, such as lithium and cobalt, introduce volatility and complexity to the market.
Analyst Note
BIS principal analyst suggests: "In 2021, the industrial batteries segment dominated the black mass recycling market. The evolution of industrial batteries, especially in lithium-ion production for energy storage, underscores the urgency of addressing the financial, environmental, and strategic benefits of recycling. As conventional batteries near their end of life, establishing a circular economy becomes crucial. These batteries play a pivotal role in phasing out carbon-emitting gas-powered industrial batteries, aligning with the drive to reduce carbon pollution. Additionally, their qualities make them excellent electric grid power storage choices, further emphasizing the importance of sustainable practices in the battery industry."
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