Black Mass Recycling Market Size, Share, Forecast, & Trends Analysis by Battery Type, Battery Source, Recycling Process -Global Forecast to 2032

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List of Tables

Black Mass Recycling Market Size, Share, Forecast, & Trends Analysis by Battery Type (NMC, LCO, LMO, NCA), Battery Source (Automotive Batteries, Consumer Electronics, Industrial), Recycling Process (Hydrometallurgy, Pyrometallurgy)-Global Forecast to 2032

According to the research report titled, 'Black Mass Recycling Market Size, Share, Forecast, & Trends Analysis by Battery Type (NMC, LCO, LMO, NCA), Battery Source (Automotive Batteries, Consumer Electronics, Industrial), Recycling Process (Hydrometallurgy, Pyrometallurgy)-Global Forecast to 2032,' the black mass recycling market is projected to reach $20.4 billion by 2032, at a CAGR of 22.5% during the forecast period 2025-2032. The report provides an in-depth analysis of the global black mass recycling market across five major regions, emphasizing the current market trends, market sizes, recent developments, and forecasts till 2032.

Succeeding extensive secondary and primary research and an in-depth analysis of the market scenario, the report conducts the impact analysis of the key industry drivers, restraints, opportunities, and trends. The growth of this market is driven by the accelerating adoption of electric vehicles (EVs), which is increasing the volume of spent lithium-ion batteries requiring recycling. The rising demand for critical battery metals such as lithium, cobalt, and nickel, coupled with supply chain vulnerabilities, is encouraging manufacturers and governments to prioritize recycled materials to reduce dependence on mining.

Additionally, the rapid development of battery gigafactories is fueling the need for efficient recycling solutions. Technological advancements, particularly in hydrometallurgical and direct recycling processes, are enhancing metal recovery rates and cost-efficiency, supporting market growth. Despite these positive trends, the industry faces challenges including insufficient recycling infrastructure, the complexity of diverse battery chemistries, and competition from lower-cost mined materials. However, government incentives like tax credits and grants, along with expanding demand in emerging markets such as India and Southeast Asia, present substantial opportunities.

Notably, the shift toward hydrometallurgical techniques and closed-loop recycling systems is transforming battery recycling from a waste management activity into a vital component of sustainable energy storage, enabling direct reuse of recovered materials in new battery production and fostering a circular economy within the sector.

The key players operating in the black mass recycling market are BASF SE (Germany), Umicore SA (Belgium), Tenova S.p.A. (Italy), Li-Cycle Holdings Corp. (Canada), Lithion Recycling Inc. (Canada), AkkuSer Oy (Finland), Duesenfeld GmbH (Germany), Aqua Metals Inc. (U.S.), SungEel Hi-Tech. Co., Ltd. (South Korea), Fortum Corporation (Finland), Redwood Materials Inc. (U.S.), Green Li-ion Pte Ltd. (Singapore), Tata Chemicals Limited (India), Attero Recycling Pvt. Ltd. (India), Exigo Recycling Pvt. Ltd. (India).

The black mass recycling market is segmented by battery type (lithium cobalt oxide (LCO), lithium nickel manganese cobalt oxide (NMC), lithium manganese oxide (LMO), lithium nickel cobalt aluminum oxide (NCA), and other batteries), battery source (automotive batteries, industrial batteries, consumer electronics, and other battery sources), recycling process (hydrometallurgy, pyrometallurgy, and other recycling processes), and geography. The study also evaluates industry competitors and analyzes the country-level markets.

Based on battery type, the lithium nickel manganese cobalt oxide (NMC) segment is expected to account for the largest share of the black mass recycling market in 2025. The major share of this market is mainly attributed to the widespread use of NMC batteries in electric vehicles and electronics, driven by their high energy density, longer lifespan, and growing demand for sustainable battery recycling solutions. Additionally, the increasing adoption of electric vehicles globally and supportive government regulations promoting battery recycling further boost the demand for NMC recycling. Manufacturers are also investing in advanced recycling technologies to recover valuable metals like nickel, cobalt, and lithium efficiently. These factors collectively contribute to the growing market share of the NMC segment in black mass recycling.

Based on battery source, the consumer electronic batteries segment is projected to record the highest CAGR during the forecast period. The fast growth of this segment is mainly attributed to the global proliferation of smartphones, laptops, tablets, wearable devices, and other portable electronic gadgets, all of which utilize lithium-ion batteries. The shorter lifecycle of batteries in consumer electronics compared to automotive and industrial batteries leads to a quicker turnover and a continuous supply of spent batteries for recycling. Furthermore, increasing awareness about e-waste management and regulatory actions to properly dispose of electronic devices are further accelerating the recycling of consumer electronics batteries.

Based on recycling process, the hydrometallurgy segment is expected to account for the largest share of the black mass recycling market in 2025. The large share of this segment is attributed to the several advantages of hydrometallurgical method offers over traditional pyrometallurgical processes. Hydrometallurgy involves the use of aqueous chemical solutions to selectively leach and recover valuable metals such as lithium, cobalt, nickel, and manganese from the black mass. This method allows for higher recovery rates of these critical materials, particularly lithium, which is often lost during high-temperature pyrometallurgical processing. As a result, hydrometallurgy has become the preferred choice for battery recyclers seeking to maximize the economic value extracted from spent lithium-ion batteries.

An in-depth geographic analysis of the industry provides detailed qualitative and quantitative insights into the five major regions (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa) and the coverage of major countries in each region. Asia-Pacific is slated to register the highest CAGR during the forecast period, mainly due to the rapid industrialization, increasing adoption of electric vehicles, and strong government initiatives supporting sustainable practices. Countries like China, Japan, and South Korea are leading in battery production and consumption, driving demand for recycling. Additionally, growing awareness of environmental impacts and the need for resource recovery further accelerate the region's black mass recycling market growth.

Moreover, the presence of major battery manufacturers and recycling companies in the region enhances technological advancements and infrastructure development for efficient recycling processes. Favorable policies, subsidies, and strategic partnerships between public and private sectors are also contributing to market expansion. With the rising need to reduce dependency on raw material imports and ensure a stable supply of critical metals, Asia-Pacific is poised to lead the global growth in black mass recycling.

Key Questions Answered in the Report-

What is the current revenue generated by black mass recycling globally?
At what rate is the global black mass recycling demand projected to grow for the next 5-7 years?
What are the historical market sizes and growth rates of the global black mass recycling market?
What are the major factors impacting the growth of this market at the regional and country levels? What are the major opportunities for existing players and new entrants in the market?
Which segments in terms of type and applications are expected to create major traction for the manufacturers in this market?
What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the manufacturers operating in the global black mass recycling market?
Who are the major players in the global black mass recycling market? What are their specific product offerings in this market?
What are the recent strategic developments in the global black mass recycling market? What are the impacts of these strategic developments on the market?

Scope of the Report:

Black Mass Recycling Market Assessment-by Battery Type

Lithium Nickel Manganese Cobalt Oxide (NMC)
Lithium Cobalt Oxide (LCO)
Lithium Manganese Oxide (LMO)
Lithium Nickel Cobalt Aluminium Oxide (NCA)
Other Batteries

Black Mass Recycling Market Assessment-by Battery Source

Automotive Batteries
Consumer Electronic Batteries
Industrial Batteries
Other Battery Sources

Black Mass Recycling Market Assessment-by Recycling Process

Hydrometallurgy
Pyrometallurgy
Other Recycling Processes

Black Mass Recyclings Market Assessment-by Geography

North America
U.S.
Canada
Europe
Germany
France
U.K.
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
Latin America
Middle East & Africa

1 Introduction

1.1. Market Definition & Scope
1.2. Market Ecosystem
1.3. Currency & Limitations
1.4. Key Stakeholders

2 Research Methodology

2.1. Research Approach
2.2. Data Collection & Validation
- 2.2.1. Secondary Research
- 2.2.2. Primary Research
2.3. Market Assessment
- 2.3.1. Market Size Estimation
- 2.3.2. Bottom-Up Approach
- 2.3.3. Top-Down Approach
- 2.3.4. Growth Forecast
2.4. Assumptions for the Study

3 Executive Summary

3.1. Overview
3.2. Segmental Analysis
- 3.2.1. Market Analysis, by Battery Type
- 3.2.2. Market Analysis, by Battery Source
- 3.2.3. Market Analysis, by Recycling Process
3.3. Regional Analysis
3.4. Competitive Analysis

4 Market Insights

4.1. Overview
4.2. Factors Affecting Market Growth
- 4.2.1. Drivers
  - 4.2.1.1. Increasing Demand for Electric Vehicles
  - 4.2.1.2. Growing Need to Manage the Disposal of Used Batteries
  - 4.2.1.3. Supply Chain Security for Critical Minerals
  - 4.2.1.4. Growth in Battery Manufacturing
  - 4.2.1.5. Technological Advancements in Recycling
- 4.2.2. Restraints
  - 4.2.2.1. Lack of Proper Recycling Infrastructure
- 4.2.3. Opportunities
  - 4.2.3.1. Government Incentives for Battery Recycling
  - 4.2.3.2. Expansion in Emerging Markets
  - 4.2.3.3. Growing Secondary Raw Material Market
- 4.2.4. Challenges
  - 4.2.4.1. Government Incentives for Battery Recycling
  - 4.2.4.2. Competition from Mining Sector
- 4.2.5. Trends
  - 4.2.5.1. Rising Adoption of Hydrometallurgical Processes
  - 4.2.5.2. Development of Closed-Loop Battery Recycling Systems
4.3. Value Chain Analysis
4.4. Porter's Five Forces Analysis
- 4.4.1. Competitive Rivalry (High)
- 4.4.2. Threat of New Entrants (Moderate-High)
- 4.4.3. Threat of Substitutes (Moderate)
- 4.4.4. Bargaining Power of Buyers (High)
- 4.4.5. Bargaining Power of Suppliers (Low-Moderate)
4.5. Black Mass Recycling Processes
- 4.5.1. Pre-Treatment Methods for Waste Lithium-Ion Battery
- 4.5.2. Lithium Extraction Technologies from Pre-Treated Waste Lithium-Ion Battery

5 Black Mass Recycling Market Assessment - by Battery Type

5.1. Overview
5.2. Lithium Nickel Manganese Cobalt Oxide (NMC)
5.3. Lithium Cobalt Oxide (LCO)
5.4. Lithium Manganese Oxide (LMO)
5.5. Lithium Nickel Cobalt Aluminium Oxide (NCA)
5.6. Other Batteries

6 Black Mass Recycling Market Assessment - by Battery Source

6.1. Overview
6.2. Automotive Batteries
6.3. Consumer Electronic Batteries
6.4. Industrial Batteries
6.5. Other Battery Sources

7 Black Mass Recycling Market Assessment - by Recycling Process

7.1. Overview
7.2. Hydrometallurgy
7.3. Pyrometallurgy
7.4. Other Recycling Processes

8 Black Mass Recycling Market Assessment-by Geography

8.1. Overview
8.2. North America
- 8.2.1. U.S.
- 8.2.2. Canada
8.3. Europe
- 8.3.1. Germany
- 8.3.2. U.K.
- 8.3.3. France
- 8.3.4. Italy
- 8.3.5. Spain
- 8.3.6. Rest of Europe
8.4. Asia Pacific
- 8.4.1. China
- 8.4.2. Japan
- 8.4.3. India
- 8.4.4. South Korea
- 8.4.5. Rest of Asia-Pacific
8.5. Latin America
8.6. Middle East & Africa

9 Competitive Landscape

9.1. Overview
9.2. Key Growth Strategies
9.3. Competitive Benchmarking
9.4. Competitive Dashboard
- 9.4.1. Industry Leaders
- 9.4.2. Market Differentiators
- 9.4.3. Vanguards
- 9.4.4. Emerging Companies
9.5. Market Share/Position Analysis

10 Company Profiles

10.1. BASF SE
10.2. Umicore SA
10.3. Tenova S.p.A.
10.4. Li-Cycle Holdings Corp.
10.5. Lithion Technologies Inc.
10.6. AkkuSer Oy
10.7. Duesenfeld GmbH
10.8. Aqua Metals, Inc.
10.9. SungEel Hitech Co., Ltd.
10.10. Fortum Corporation
10.11. Redwood Materials, Inc.
10.12. Green Li-Ion Pte Ltd
10.13. Tata Chemicals Limited
10.14. Attero Recycling Pvt. Ltd.
10.15. Exigo Recycling Pvt. Ltd.

11 Appendix

11.1. Available Customization
11.2. Related Reports

LIST OF TABLES

Table 1 Global Black Mass Recycling Market, by Battery Type, 2023-2032 (USD Million)
Table 2 Global Lithium Nickel Manganese Cobalt Oxide Recycling Market, by Region/Country, 2023-2032 (USD Million)
Table 3 Global Lithium Cobalt Oxide (LCO) Recycling Market, by Region/Country, 2023-2032 (USD Million)
Table 4 Global Lithium Manganese Oxide (LMO) Recycling Market, by Region/Country, 2023-2032 (USD Million)
Table 5 Global Lithium Nickel Cobalt Aluminium Oxide (NCA) Recycling Market, by Region/Country, 2023-2032 (USD Million)
Table 6 Global Other Batteries Recycling Market, by Region/Country, 2023-2032 (USD Million)
Table 7 Global Black Mass Recycling Market, by Battery Source, 2023-2032 (USD Million)
Table 8 Global Automotive Batteries Recycling Market, by Country/Region, 2023-2032 (USD Million)
Table 9 Global Consumer Electronic Batteries Recycling Market, by Country/Region, 2023-2032 (USD Million)
Table 10 Global Industrial Batteries Recycling Market, by Country/Region, 2023-2032 (USD Million)
Table 11 Global Other Batteries Recycling Market, by Country/Region, 2023-2032 (USD Million)
Table 12 Global Black Mass Recycling Market, by Recycling Process, 2023-2032 (USD Million)
Table 13 Global Black Mass Recycling Market for Hydrometallurgy, by Country/Region, 2023-2032 (USD Million)
Table 14 Global Black Mass Recycling Market for Pyrometallurgy, by Country/Region, 2023-2032 (USD Million)
Table 15 Global Black Mass Recycling Market for Other Recycling Processes, by Country/Region, 2023-2032 (USD Million)
Table 16 North America: Black Mass Recycling Market, by Country, 2023-2032 (USD Million)
Table 17 North America: Black Mass Recycling Market, by Battery Type, 2023-2032 (USD Million)
Table 18 North America: Black Mass Recycling Market, by Battery Source, 2023-2032 (USD Million)
Table 19 North America: Black Mass Recycling Market, by Recycling Process, 2023-2032 (USD Million)
Table 20 U.S.: Black Mass Recycling Market, by Battery Type, 2023-2032 (USD Million)
Table 21 U.S.: Black Mass Recycling Market, by Battery Source, 2023-2032 (USD Million)
Table 22 U.S.: Black Mass Recycling Market, by Recycling Process, 2023-2032 (USD Million)
Table 23 Canada: Black Mass Recycling Market, by Battery Type, 2023-2032 (USD Million)
Table 24 Canada: Black Mass Recycling Market, by Battery Source, 2023-2032 (USD Million)
Table 25 Canada: Black Mass Recycling Market, by Recycling Process, 2023-2032 (USD Million)
Table 26 Europe: Black Mass Recycling Market, by Country, 2023-2032 (USD Million)
Table 27 Europe: Black Mass Recycling Market, by Battery Type, 2023-2032 (USD Million)
Table 28 Europe: Black Mass Recycling Market, by Battery Source, 2023-2032 (USD Million)
Table 29 Europe: Black Mass Recycling Market, by Recycling Process, 2023-2032 (USD Million)
Table 30 Germany: Black Mass Recycling Market, by Battery Type, 2023-2032 (USD Million)
Table 31 Germany: Black Mass Recycling Market, by Battery Source, 2023-2032 (USD Million)
Table 32 Germany: Black Mass Recycling Market, by Recycling Process, 2023-2032 (USD Million)
Table 33 U.K.: Black Mass Recycling Market, by Battery Type, 2023-2032 (USD Million)
Table 34 U.K.: Black Mass Recycling Market, by Battery Source, 2023-2032 (USD Million)
Table 35 U.K.: Black Mass Recycling Market, by Recycling Process, 2023-2032 (USD Million)
Table 36 France: Black Mass Recycling Market, by Battery Type, 2023-2032 (USD Million)
Table 37 France: Black Mass Recycling Market, by Battery Source, 2023-2032 (USD Million)
Table 38 France: Black Mass Recycling Market, by Recycling Process, 2023-2032 (USD Million)
Table 39 Italy: Black Mass Recycling Market, by Battery Type, 2023-2032 (USD Million)
Table 40 Italy: Black Mass Recycling Market, by Battery Source, 2023-2032 (USD Million)
Table 41 Italy: Black Mass Recycling Market, by Recycling Process, 2023-2032 (USD Million)
Table 42 Spain: Black Mass Recycling Market, by Battery Type, 2023-2032 (USD Million)
Table 43 Spain: Black Mass Recycling Market, by Battery Source, 2023-2032 (USD Million)
Table 44 Spain: Black Mass Recycling Market, by Recycling Process, 2023-2032 (USD Million)
Table 45 Rest of Europe: Black Mass Recycling Market, by Battery Type, 2023-2032 (USD Million)
Table 46 Rest of Europe: Black Mass Recycling Market, by Battery Source, 2023-2032 (USD Million)
Table 47 Rest of Europe: Black Mass Recycling Market, by Recycling Process, 2023-2032 (USD Million)
Table 48 Asia-Pacific: Black Mass Recycling Market, by Country/Region, 2023-2032 (USD Million)
Table 49 Asia-Pacific: Black Mass Recycling Market, by Battery Type, 2023-2032 (USD Million)
Table 50 Asia-Pacific: Black Mass Recycling Market, by Battery Source, 2023-2032 (USD Million)
Table 51 Asia-Pacific: Black Mass Recycling Market, by Recycling Process, 2023-2032 (USD Million)
Table 52 China: Black Mass Recycling Market, by Battery Type, 2023-2032 (USD Million)
Table 53 China: Black Mass Recycling Market, by Battery Source, 2023-2032 (USD Million)
Table 54 China: Black Mass Recycling Market, by Recycling Process, 2023-2032 (USD Million)
Table 55 Japan: Black Mass Recycling Market, by Battery Type, 2023-2032 (USD Million)
Table 56 Japan: Black Mass Recycling Market, by Battery Source, 2023-2032 (USD Million)
Table 57 Japan: Black Mass Recycling Market, by Recycling Process, 2023-2032 (USD Million)
Table 58 India: Black Mass Recycling Market, by Battery Type, 2023-2032 (USD Million)
Table 59 India: Black Mass Recycling Market, by Battery Source, 2023-2032 (USD Million)
Table 60 India: Black Mass Recycling Market, by Recycling Process, 2023-2032 (USD Million)
Table 61 South Korea: Black Mass Recycling Market, by Battery Type, 2023-2032 (USD Million)
Table 62 South Korea: Black Mass Recycling Market, by Battery Source, 2023-2032 (USD Million)
Table 63 South Korea: Black Mass Recycling Market, by Recycling Process, 2023-2032 (USD Million)
Table 64 Rest of Asia-Pacific: Black Mass Recycling Market, by Battery Type, 2023-2032 (USD Million)
Table 65 Rest of Asia-Pacific: Black Mass Recycling Market, by Battery Source, 2023-2032 (USD Million)
Table 66 Rest of Asia-Pacific: Black Mass Recycling Market, by Recycling Process, 2023-2032 (USD Million)
Table 67 Latin America: Black Mass Recycling Market, by Battery Type, 2023-2032 (USD Million)
Table 68 Latin America: Black Mass Recycling Market, by Battery Source, 2023-2032 (USD Million)
Table 69 Latin America: Black Mass Recycling Market, by Recycling Process, 2023-2032 (USD Million)
Table 70 Middle East & Africa: Black Mass Recycling Market, by Battery Type, 2023-2032 (USD Million)
Table 71 Middle East & Africa: Black Mass Recycling Market, by Battery Source, 2023-2032 (USD Million)
Table 72 Middle East & Africa: Black Mass Recycling Market, by Recycling Process, 2023-2032 (USD Million)
Table 73 Recent Developments, by Company, 2022-2025

LIST OF FIGURES

Figure 1 Research Process
Figure 2 Key Secondary Sources
Figure 3 Primary Research Techniques
Figure 4 Key Executives Interviewed
Figure 5 Breakdown of Primary Interviews (Supply-Side & Demand-Side)
Figure 6 Market Sizing and Growth Forecast Approach
Figure 7 In 2025, The Lithium Nickel Manganese Cobalt Oxide (NMC) Segment Is Expected to Dominate The Black Mass Recycling Market
Figure 8 In 2025, The Automotive Batteries Segment Is Expected to Dominate the Black Mass Recycling Market
Figure 9 In 2025, The Hydrometallurgy Segment Is Expected to Dominate the Black Mass Recycling Market
Figure 10 Black Mass Recycling Market, by Region, 2025 Vs. 2032
Figure 11 Factors Affecting Market Growth
Figure 12 Value Chain Analysis
Figure 13 Porter's Five Forces Analysis
Figure 14 Pre-Treatment Methods for Waste Lithium-Ion Battery
Figure 15 Lithium Recycling from Pre-Treated Waste Lib Components by Pyrometallurgy Process
Figure 16 Lithium-Ion Recycling from Pre-Treated Waste LiB Components by Hydrometallurgy Process
Figure 17 Global Black Mass Recycling Market, by Battery Type, 2025 Vs. 2032 (USD Million)
Figure 18 Global Black Mass Recycling Market, by Battery Source, 2025 Vs. 2032 (USD Million)
Figure 19 Global Black Mass Recycling Market, by Recycle Process, 2025 Vs. 2032 (USD Million)
Figure 20 Global Black Mass Recycling Market, by Region, 2025 Vs. 2032 (USD Million)
Figure 21 North America: Black Mass Recycling Market Snapshot
Figure 22 Europe: Black Mass Recycling Market Snapshot
Figure 23 Asia-Pacific: Black Mass Recycling Market Snapshot
Figure 24 Latin America: Black Mass Recycling Market Snapshot
Figure 25 Middle East & Africa: Black Mass Recycling Market
Figure 26 Key Growth Strategies Adopted by Leading Players, 2022-2025
Figure 27 Black Mass Recycling Market: Competitive Benchmarking, by Region
Figure 28 Competitive Dashboard: Black Mass Recycling Market
Figure 29 Black Mass Recycling Market Position Analysis, 2024
Figure 30 BASF SE: Financial Overview (2024)
Figure 31 Umicore SA: Financial Overview (2024)
Figure 32 Li-Cycle Holdings Corp.: Financial Overview (2024)
Figure 33 Fortum Corporation: Financial Overview (2024)
Figure 34 Tata Chemicals Limited: Financial Overview (2025)