Global Black Mass Recycling Market Size Study & Forecast, by Battery Source, Recycling Technology, Application, End-user, and Regional Forecasts 2025-2035

Description

The Global Black Mass Recycling Market is valued at approximately USD 15.78 billion in 2024 and is poised to surge at a compelling CAGR of 19.50% over the forecast period 2025-2035. As the electrification of transportation and renewable energy storage solutions gain unprecedented traction, the critical need to extract valuable metals from spent lithium-ion batteries has never been more urgent. Black mass, a finely crushed residue rich in metals like lithium, cobalt, nickel, and manganese, represents a crucial intermediate in the battery recycling process. Its recovery not only contributes to resource efficiency and supply chain security but also plays a vital role in reducing environmental impact associated with mining virgin materials.

The dramatic rise in electric vehicle (EV) sales, alongside widespread deployment of portable electronics and industrial energy storage systems, has propelled the volume of end-of-life lithium-ion batteries globally. As OEMs and battery manufacturers scramble to secure critical raw materials, black mass recycling has emerged as a viable and strategic approach. According to the International Energy Agency, global EV stock surpassed 45 million units in 2023-a number expected to triple by 2030. The growth of hydrometallurgical and mechanical recycling technologies has made it possible to recover over 95% of critical metals, positioning black mass recycling as a cornerstone of the circular economy in battery ecosystems. Moreover, robust legislative mandates across the EU, U.S., and China are accelerating the development of closed-loop battery material recovery systems.

From a regional standpoint, North America currently commands a significant share of the market, bolstered by aggressive policy frameworks like the Inflation Reduction Act and the U.S. Department of Energy's push for domestic battery material sourcing. Europe trails closely behind, underpinned by the EU Battery Directive, which mandates stringent recycling efficiency targets and material recovery quotas. Meanwhile, Asia Pacific is forecasted to emerge as the fastest-growing regional market. Nations such as China, South Korea, and Japan are rapidly scaling their recycling infrastructure to manage mounting battery waste. China, being the largest EV producer, leads in black mass processing capacities, while India is showing promising momentum through policy incentives and joint ventures to localize battery recycling.

Major market players included in this report are:

Schlumberger Limited
Chevron Phillips Chemical Company
BASF SE
Impact Fluid Solutions
M&D Industries Of Louisiana, Inc.
Halliburton Company
Croda International Plc.
Baker Hughes Company
Aubin Group
Trican Well Service Ltd.
Umicore
Glencore
American Battery Technology Company
Redwood Materials Inc.
RecycLiCo Battery Materials Inc.

Global Black Mass Recycling Market Report Scope:

Historical Data - 2023, 2024
Base Year for Estimation - 2024
Forecast Period - 2025-2035
Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Customization Scope - Free report customization (equivalent up to 8 analysts' working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values for the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within the countries involved in the study. The report also provides detailed information about crucial aspects, such as driving factors and challenges, which will define the future growth of the market. Additionally, it incorporates potential opportunities in micro-markets for stakeholders to invest, along with a detailed analysis of the competitive landscape and product offerings of key players.

The detailed segments and sub-segments of the market are explained below:

By Battery Source:

Lithium Nickel Manganese Cobalt (Li-NMC)
Lithium Iron Phosphate (LFP)
Lithium Cobalt Oxide (LCO)
Others

By Recycling Technology:

Hydrometallurgical
Pyrometallurgical
Mechanical

By Application:

Automotive
Consumer Electronics
Industrial
Energy Storage

By End-user:

Battery Manufacturers
Recyclers
OEMs
Others

By Region:

North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
Rest of Europe
Asia Pacific
China
India
Japan
Australia
South Korea
Rest of Asia Pacific
Latin America
Brazil
Mexico
Middle East & Africa
UAE
Saudi Arabia
South Africa
Rest of Middle East & Africa

Key Takeaways:

Market Estimates & Forecast for 10 years from 2025 to 2035.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with Country level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand side and supply side analysis of the market.

Chapter 1. Global Black Mass Recycling Market Report Scope & Methodology

1.1. Research Objective
1.2. Research Methodology
- 1.2.1. Forecast Model
- 1.2.2. Desk Research
- 1.2.3. Top Down and Bottom-Up Approach
1.3. Research Attributes
1.4. Scope of the Study
- 1.4.1. Market Definition
- 1.4.2. Market Segmentation
1.5. Research Assumption
- 1.5.1. Inclusion & Exclusion
- 1.5.2. Limitations
- 1.5.3. Years Considered for the Study

Chapter 2. Executive Summary

2.1. CEO/CXO Standpoint
2.2. Strategic Insights
2.3. ESG Analysis
2.4. Key Findings

Chapter 3. Global Black Mass Recycling Market Forces Analysis

3.1. Market Forces Shaping The Global Black Mass Recycling Market (2024-2035)
3.2. Drivers
- 3.2.1. Exponential growth in electric vehicle sales fueling end-of-life battery volumes
- 3.2.2. Government mandates for closed-loop battery material recovery systems
3.3. Restraints
- 3.3.1. High capital investment required for setting up recycling infrastructure
- 3.3.2. Complexities in handling and separating diverse battery chemistries
3.4. Opportunities
- 3.4.1. Rising demand for localized recycling ecosystems and domestic supply chains
- 3.4.2. Technological advancements in hydrometallurgical and mechanical processing

Chapter 4. Global Black Mass Recycling Industry Analysis

4.1. Porter's 5 Forces Model
- 4.1.1. Bargaining Power of Buyer
- 4.1.2. Bargaining Power of Supplier
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
4.2. Porter's 5 Force Forecast Model (2024-2035)
4.3. PESTEL Analysis
- 4.3.1. Political
- 4.3.2. Economical
- 4.3.3. Social
- 4.3.4. Technological
- 4.3.5. Environmental
- 4.3.6. Legal
4.4. Top Investment Opportunities
4.5. Top Winning Strategies (2025)
4.6. Market Share Analysis (2024-2025)
4.7. Global Pricing Analysis and Trends 2025
4.8. Analyst Recommendation & Conclusion

Chapter 5. Global Black Mass Recycling Market Size & Forecasts by Battery Source 2025-2035

5.1. Market Overview
5.2. Global Black Mass Recycling Market Performance - Potential Analysis (2025)
5.3. Lithium Nickel Manganese Cobalt (Li-NMC)
- 5.3.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 5.3.2. Market Size Analysis, by Region, 2025-2035
5.4. Lithium Iron Phosphate (LFP)
- 5.4.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 5.4.2. Market Size Analysis, by Region, 2025-2035
5.5. Lithium Cobalt Oxide (LCO)
- 5.5.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 5.5.2. Market Size Analysis, by Region, 2025-2035
5.6. Others
- 5.6.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 5.6.2. Market Size Analysis, by Region, 2025-2035

Chapter 6. Global Black Mass Recycling Market Size & Forecasts by Recycling Technology 2025-2035

6.1. Market Overview
6.2. Global Black Mass Recycling Market Performance - Potential Analysis (2025)
6.3. Hydrometallurgical
- 6.3.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 6.3.2. Market Size Analysis, by Region, 2025-2035
6.4. Pyrometallurgical
- 6.4.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 6.4.2. Market Size Analysis, by Region, 2025-2035
6.5. Mechanical
- 6.5.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 6.5.2. Market Size Analysis, by Region, 2025-2035

Chapter 7. Global Black Mass Recycling Market Size & Forecasts by Application 2025-2035

7.1. Market Overview
7.2. Global Black Mass Recycling Market Performance - Potential Analysis (2025)
7.3. Automotive
7.4. Consumer Electronics
7.5. Industrial
7.6. Energy Storage

Chapter 8. Global Black Mass Recycling Market Size & Forecasts by End-user 2025-2035

8.1. Market Overview
8.2. Battery Manufacturers
8.3. Recyclers
8.4. OEMs
8.5. Others

Chapter 9. Global Black Mass Recycling Market Size & Forecasts by Region 2025-2035

9.1. Regional Market Snapshot
9.2. Top Leading & Emerging Countries
9.3. North America Black Mass Recycling Market
- 9.3.1. U.S.
  - 9.3.1.1. Battery Source breakdown size & forecasts, 2025-2035
  - 9.3.1.2. Application breakdown size & forecasts, 2025-2035
- 9.3.2. Canada
  - 9.3.2.1. Battery Source breakdown size & forecasts, 2025-2035
  - 9.3.2.2. Application breakdown size & forecasts, 2025-2035
9.4. Europe Black Mass Recycling Market
- 9.4.1. UK
- 9.4.2. Germany
- 9.4.3. France
- 9.4.4. Spain
- 9.4.5. Italy
- 9.4.6. Rest of Europe
9.5. Asia Pacific Black Mass Recycling Market
- 9.5.1. China
- 9.5.2. India
- 9.5.3. Japan
- 9.5.4. Australia
- 9.5.5. South Korea
- 9.5.6. Rest of Asia Pacific
9.6. Latin America Black Mass Recycling Market
- 9.6.1. Brazil
- 9.6.2. Mexico
9.7. Middle East & Africa Black Mass Recycling Market
- 9.7.1. UAE
- 9.7.2. Saudi Arabia
- 9.7.3. South Africa
- 9.7.4. Rest of Middle East & Africa

Chapter 10. Competitive Intelligence

10.1. Top Market Strategies
10.2. Umicore
- Company Overview
- Key Executives
- Company Snapshot
- Financial Performance (Subject to Data Availability)
- Product/Services Port
- Recent Development
- Market Strategies
- SWOT Analysis
10.3. BASF SE
10.4. Glencore
10.5. American Battery Technology Company
10.6. Redwood Materials Inc.
10.7. RecycLiCo Battery Materials Inc.
10.8. Halliburton Company
10.9. Croda International Plc.
10.10. Baker Hughes Company
10.11. Chevron Phillips Chemical Company
10.12. Impact Fluid Solutions
10.13. M&D Industries Of Louisiana, Inc.
10.14. Schlumberger Limited
10.15. Aubin Group
10.16. Trican Well Service Ltd.