Table of Content

1 INTRODUCTION 21
1.1 STUDY OBJECTIVES 21
1.2 MARKET DEFINITION 21
1.3 STUDY SCOPE 22
1.3.1 MARKET SEGMENTATION & REGIONAL SCOPE 22
1.3.2 INCLUSIONS & EXCLUSIONS 23
1.4 YEARS CONSIDERED 23
1.5 CURRENCY CONSIDERED 24
1.6 UNIT CONSIDERED 24
1.7 LIMITATIONS 24
1.8 STAKEHOLDERS 24
2 RESEARCH METHODOLOGY 25
2.1 RESEARCH DATA 25
2.1.1 SECONDARY DATA 26
2.1.1.1 Key data from secondary sources 26
2.1.2 PRIMARY DATA 26
2.1.2.1 Key data from primary sources 27
2.1.2.2 Breakdown of interviews with experts 27
2.2 DEMAND-SIDE MATRIX 28
2.3 MARKET SIZE ESTIMATION 28
2.3.1 BOTTOM-UP APPROACH 29
2.3.2 TOP-DOWN APPROACH 29
2.3.2.1 Calculations for supply-side analysis 31
2.4 GROWTH FORECAST 31
2.5 DATA TRIANGULATION 31
2.6 RESEARCH ASSUMPTIONS 32
2.7 RESEARCH LIMITATIONS 33
2.8 RISK ASSESSMENT 33
3 EXECUTIVE SUMMARY 34
4 PREMIUM INSIGHTS 37
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN BLACK MASS RECYCLING MARKET 37
4.2 BLACK MASS RECYCLING MARKET FOR AUTOMOTIVE BATTERY SOURCES, BY REGION 37
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5 MARKET OVERVIEW 38
5.1 INTRODUCTION 38
5.2 MARKET DYNAMICS 38
5.2.1 DRIVERS 39
5.2.1.1 Increasing demand for electric vehicles 39
5.2.1.2 Stringent local and state government regulations and EPA guidelines 39
5.2.1.3 Rising demand for recycled products and materials 40
5.2.1.4 Depletion of earth metals 40
5.2.2 RESTRAINTS 41
5.2.2.1 Safety issues related to storage and transportation of spent batteries 41
5.2.3 OPPORTUNITIES 41
5.2.3.1 Subsidies to encourage battery recycling 41
5.2.3.2 Rising adoption of lithium-ion batteries due to declining prices 41
5.2.4 CHALLENGES 42
5.2.4.1 High cost of recycling and dearth of technologies 42
6 INDUSTRY TRENDS 43
6.1 GLOBAL MACROECONOMIC OUTLOOK 43
6.1.1 GDP 43
6.1.2 RISING ADOPTION OF ELECTRIC VEHICLES 45
6.2 SUPPLY/VALUE CHAIN ANALYSIS 46
6.3 ECOSYSTEM ANALYSIS 47
6.4 PORTER’S FIVE FORCES ANALYSIS 48
6.4.1 BARGAINING POWER OF SUPPLIERS 49
6.4.2 BARGAINING POWER OF BUYERS 49
6.4.3 THREAT OF NEW ENTRANTS 49
6.4.4 THREAT OF SUBSTITUTES 49
6.4.5 INTENSITY OF COMPETITIVE RIVALRY 49
6.5 PRICING ANALYSIS 50
6.5.1 AVERAGE SELLING PRICE OF LITHIUM CARBONATE, BY REGION 50
6.5.2 AVERAGE SELLING PRICE OF COBALT, BY REGION 51
6.5.3 AVERAGE SELLING PRICE OF NICKEL, BY REGION 52
6.5.4 INDICATIVE PRICING OF RECOVERED METALS FOR KEY PLAYERS 53
6.6 TARIFF AND REGULATORY LANDSCAPE 54
6.6.1 TARIFF DATA 54
6.6.2 REGULATORY LANDSCAPE 54
6.6.2.1 Regulatory bodies, government agencies, and other organizations 55
6.7 KEY CONFERENCES & EVENTS, 2024–2025 56
6.8 KEY STAKEHOLDERS AND BUYING CRITERIA 57
6.8.1 KEY STAKEHOLDERS IN BUYING PROCESS 57
6.8.2 BUYING CRITERIA 58
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6.9 PATENT ANALYSIS 58
6.9.1 METHODOLOGY 58
6.9.2 MAJOR PATENTS 59
6.10 TECHNOLOGY ANALYSIS 60
6.10.1 KEY TECHNOLOGIES 60
6.10.1.1 Lithium-ion battery recycling 60
6.10.1.2 Pyrometallurgy 61
6.10.1.3 Hydrometallurgy 61
6.10.1.4 Pyrolysis 61
6.10.1.5 Mechanical recycling 62
6.10.2 ADJACENT TECHNOLOGIES 62
6.10.2.1 Lead acid battery recycling 62
6.11 TRADE ANALYSIS 63
6.11.1 IMPORT SCENARIO OF LITHIUM CELLS AND BATTERIES 63
6.11.2 EXPORT SCENARIO OF LITHIUM CELLS AND BATTERIES 64
6.12 CASE STUDY ANALYSIS 65
6.12.1 REDWOOD MATERIALS: PIONEERING SUSTAINABLE BATTERY RECYCLING MODEL 65
6.12.2 RECYCLING OF LITHIUM-ION BATTERIES: OVERCOMING SUPPLY CHAIN DISRUPTIONS 66
6.13 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 66
6.14 INVESTMENT & FUNDING SCENARIO 67
6.15 IMPACT OF GENERATIVE AI ON BLACK MASS RECYCLING MARKET 68
6.15.1 INTRODUCTION 68
6.15.2 OVERVIEW OF IMPACT OF GENERATIVE AI ON BLACK MASS RECYCLING MARKET 68
6.15.2.1 Enhanced predictive analytics 68
6.15.2.2 Optimization of recycling processes 68
6.15.2.3 Waste sorting and classification 68
7 BLACK MASS RECYCLING MARKET, BY BATTERY TYPE 69
7.1 INTRODUCTION 70
7.2 LITHIUM-ION BATTERIES 71
7.2.1 NEED FOR SUSTAINABLE WASTE MANAGEMENT AND RESOURCE RECOVERY PRACTICES TO DRIVE MARKET 71
7.3 NICKEL-BASED BATTERIES 71
7.3.1 NEED FOR SUSTAINABLE PRACTICES IN CONSUMER ELECTRONICS INDUSTRY TO FUEL GROWTH 71
8 BLACK MASS RECYCLING MARKET, BY RECOVERED METAL 72
8.1 INTRODUCTION 72
8.2 NICKEL 72
8.3 COBALT 72
8.4 LITHIUM 72
8.5 COPPER 72
8.6 MANGANESE 73
8.7 OTHER METALS 73
9 BLACK MASS RECYCLING MARKET, BY RECYCLING PROCESS 74
9.1 INTRODUCTION 74
9.2 HYDROMETALLURGICAL PROCESS 75
9.2.1 HYDROMETALLURGICAL PROCESS COMPRISES LEACHING, SOLUTION CONCENTRATION & PURIFICATION, AND METAL RECOVERY STAGES 75
9.3 PYROMETALLURGICAL PROCESS 76
9.3.1 PYROMETALLURGICAL PROCESS EMITS HARMFUL GASES, SUCH AS SULFUR DIOXIDE AND CARBON MONOXIDE 76
9.4 OTHER RECYCLING PROCESSES 76
10 BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE 77
10.1 INTRODUCTION 78
10.2 AUTOMOTIVE BATTERIES 79
10.2.1 RISING DEMAND FOR ELECTRIC VEHICLES TO DRIVE BLACK MASS RECYCLING PROCESSES 79
10.3 INDUSTRIAL BATTERIES 80
10.3.1 RISING ADOPTION OF LITHIUM-ION BATTERIES IN DATA CENTERS AND INDUSTRIAL ENERGY STORAGE SYSTEMS TO DRIVE MARKET 80
10.4 CONSUMER ELECTRONIC BATTERIES 81
10.4.1 INCREASED USE OF LITHIUM-ION BATTERIES IN CONSUMER ELECTRONICS TO FUEL MARKET 81
10.5 POWER BATTERIES 81
10.5.1 RISING ADOPTION OF LARGE-SCALE LITHIUM-ION BATTERIES FOR GRID ENERGY STORAGE TO AMPLIFY DEMAND 81
10.6 MARINE BATTERIES 81
10.6.1 GROWING USE OF INDUSTRIAL BATTERIES IN MARINE INDUSTRY TO BOOST BLACK MASS RECYCLING MARKET 81
10.7 OTHER BATTERY SOURCES 82
11 BLACK MASS RECYCLING MARKET, BY REGION 83
11.1 INTRODUCTION 84
11.2 NORTH AMERICA 85
11.2.1 US 87
11.2.1.1 Need to ensure sustainable resource management and address environmental concerns to drive market 87
11.2.2 CANADA 88
11.2.2.1 Growing demand for EVs and consumer electronics to propel market 88
11.2.3 MEXICO 89
11.2.3.1 Investment by key players in development of electric vehicles to boost market 89
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11.3 ASIA PACIFIC 90
11.3.1 CHINA 94
11.3.1.1 Growing sales of electric vehicles to drive market 94
11.3.2 JAPAN 95
11.3.2.1 Government initiatives related to battery recycling to boost market 95
11.3.3 SOUTH KOREA 96
11.3.3.1 Substantial growth in automotive sector to boost market 96
11.3.4 INDIA 97
11.3.4.1 Development of smart cities to drive market 97
11.3.5 AUSTRALIA 98
11.3.5.1 Supportive government policies to aid market growth 98
11.3.6 THAILAND 99
11.3.6.1 Booming electric mobility sector to drive market 99
11.3.7 NEW ZEALAND 100
11.3.7.1 Supportive government policies to boost recycling of lithium batteries 100
11.3.8 SINGAPORE 101
11.3.8.1 Continuous advancements in battery technologies and recycling methods to drive market 101
11.3.9 REST OF ASIA PACIFIC 102
11.4 EUROPE 103
11.4.1 FRANCE 105
11.4.1.1 Development in battery recycling technologies to fuel market 105
11.4.2 GERMANY 106
11.4.2.1 Growing shift toward EVs and battery-powered machinery to drive market 106
11.4.3 NETHERLANDS 107
11.4.3.1 Growth in EV industry to boost market 107
11.4.4 UK 108
11.4.4.1 Surge in electric vehicle sales to drive market 108
11.4.5 NORWAY 109
11.4.5.1 Replacement of internal combustion engine vehicles with advanced EVs to drive market 109
11.4.6 SWEDEN 110
11.4.6.1 Growing investments in lithium-ion battery recycling to drive market 110
11.4.7 ITALY 111
11.4.7.1 Government initiatives to encourage black mass recycling 111
11.4.8 SPAIN 112
11.4.8.1 Growing investments to promote electric vehicle sales to propel market 112
11.4.9 REST OF EUROPE 113
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12 COMPETITIVE LANDSCAPE 115
12.1 INTRODUCTION 115
12.2 KEY PLAYER STRATEGIES/RIGHT TO WIN 115
12.3 REVENUE ANALYSIS, 2019–2023 116
12.4 MARKET SHARE ANALYSIS, 2023 117
12.5 BRAND/PRODUCT COMPARISON 120
12.5.1 RECYCLING PROCESS, BY UMICORE 120
12.5.2 RECYCLING PROCESS, BY BASF 120
12.5.3 RECYCLING PROCESS, BY TENOVA S.P.A. 120
12.5.4 RECYCLING PROCESS, BY LI-CYCLE CORP. 121
12.5.5 RECYCLING PROCESS, BY METSO 121
12.6 COMPANY EVALUATION MATRIX: KEY PLAYERS, 2023 121
12.6.1 STARS 121
12.6.2 EMERGING LEADERS 121
12.6.3 PERVASIVE PLAYERS 121
12.6.4 PARTICIPANTS 121
12.6.5 COMPANY FOOTPRINT: KEY PLAYERS, 2023 123
12.7 COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2023 128
12.7.1 PROGRESSIVE COMPANIES 128
12.7.2 RESPONSIVE COMPANIES 128
12.7.3 DYNAMIC COMPANIES 128
12.7.4 STARTING BLOCKS 128
12.7.5 COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2023 130
12.8 COMPANY VALUATION AND FINANCIAL METRICS 131
12.9 COMPETITIVE SCENARIO 132
12.9.1 DEALS 132
12.9.2 EXPANSION 133
13 COMPANY PROFILES 135
13.1 KEY PLAYERS 135
13.1.1 BASF 135
13.1.1.1 Business overview 135
13.1.1.2 Products/Solutions/Services offered 136
13.1.1.3 Recent developments 137
13.1.1.4 MnM view 138
13.1.1.4.1 Right to win 138
13.1.1.4.2 Strategic choices 138
13.1.1.4.3 Weaknesses and competitive threats 138
13.1.2 CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED (BRUNP RECYCLING) 139
13.1.2.1 Business overview 139
13.1.2.2 Products/Solutions/Services offered 140
13.1.2.3 Recent developments 140
13.1.2.3.1 Deals 140
13.1.2.4 MnM view 141
13.1.2.4.1 Right to win 141
13.1.2.4.2 Strategic choices 141
13.1.2.4.3 Weaknesses and competitive threats 141
13.1.3 CIRBA SOLUTIONS 142
13.1.3.1 Business overview 142
13.1.3.2 Products/Solutions/Services offered 142
13.1.3.3 Recent developments 143
13.1.3.3.1 Deals 143
13.1.3.4 MnM view 144
13.1.3.4.1 Right to win 144
13.1.3.4.2 Strategic choices 144
13.1.3.4.3 Weaknesses and competitive threats 144
13.1.4 GLENCORE 145
13.1.4.1 Business overview 145
13.1.4.2 Products/Solutions/Services offered 146
13.1.4.3 Recent developments 147
13.1.4.3.1 Deals 147
13.1.4.4 MnM view 148
13.1.4.4.1 Right to win 148
13.1.4.4.2 Strategic choices 148
13.1.4.4.3 Weaknesses and competitive threats 148
13.1.5 RECYCLICO BATTERY MATERIALS INC. 149
13.1.5.1 Business overview 149
13.1.5.2 Products/Solutions/Services offered 149
13.1.5.3 Recent developments 150
13.1.5.3.1 Deals 150
13.1.5.4 MnM view 151
13.1.5.4.1 Right to win 151
13.1.5.4.2 Strategic choices 151
13.1.5.4.3 Weaknesses and competitive threats 151
13.1.6 UMICORE 152
13.1.6.1 Business overview 152
13.1.6.2 Products/Solutions/Services offered 153
13.1.6.3 Recent developments 154
13.1.6.3.1 Deals 154
13.1.6.4 MnM view 155
13.1.6.4.1 Right to win 155
13.1.6.4.2 Strategic choices 155
13.1.6.4.3 Weaknesses and competitive threats 155
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13.1.7 REDWOOD MATERIALS 156
13.1.7.1 Business overview 156
13.1.7.2 Products/Solutions/Services offered 156
13.1.7.3 Recent developments 157
13.1.7.3.1 Deals 157
13.1.8 TENOVA S.P.A. 159
13.1.8.1 Business overview 159
13.1.8.2 Products/Solutions/Services offered 159
13.1.8.3 MnM view 160
13.1.8.3.1 Right to win 160
13.1.8.3.2 Strategic choices 160
13.1.8.3.3 Weaknesses and competitive threats 160
13.1.9 LI-CYCLE CORP. 161
13.1.9.1 Business overview 161
13.1.9.2 Products/Solutions/Services offered 162
13.1.9.3 Recent developments 163
13.1.10 METSO 166
13.1.10.1 Business overview 166
13.1.10.2 Products/Solutions/Services offered 167
13.1.10.3 MnM view 168
13.1.10.3.1 Right to win 168
13.1.10.3.2 Strategic choices 168
13.1.10.3.3 Weaknesses and competitive threats 168
13.1.11 LITHION TECHNOLOGIES 169
13.1.11.1 Business overview 169
13.1.11.2 Products/Solutions/Services offered 169
13.1.11.3 Recent developments 170
13.1.11.3.1 Deals 170
13.1.11.3.2 Expansion 170
13.1.12 AKKUSER OY 171
13.1.12.1 Business overview 171
13.1.12.2 Products/Solutions/Services offered 171
13.1.13 DUESENFELD GMBH 172
13.1.13.1 Business overview 172
13.1.13.2 Products/Solutions/Services offered 172
13.1.14 AQUA METALS, INC. 173
13.1.14.1 Business overview 173
13.1.14.2 Products/Solutions/Services offered 173
13.1.14.3 Recent developments 173
13.1.15 SUNGEEL HI-TECH. CO., LTD. 175
13.1.15.1 Business overview 175
13.1.15.2 Products/Solutions/Services offered 175
13.1.16 FORTUM 176
13.1.16.1 Business overview 176
13.1.16.2 Products/Solutions/Services offered 177
13.1.17 REDUX RECYCLING GMBH 178
13.1.17.1 Business overview 178
13.1.17.2 Products/Solutions/Services offered 178
13.1.18 TATA CHEMICALS LTD. 180
13.1.18.1 Business overview 180
13.1.18.2 Products/Solutions/Services offered 180
13.1.19 ATTERO RECYCLING PVT. LTD. 181
13.1.19.1 Business overview 181
13.1.19.2 Products/Solutions/Services offered 181
13.1.20 EXIGO RECYCLING PRIVATE LIMITED 182
13.1.20.1 Business overview 182
13.1.20.2 Products/Solutions/Services offered 182
13.1.21 ELECTRA BATTERY MATERIALS 183
13.1.21.1 Business overview 183
13.1.21.2 Products/Solutions/Services offered 183
13.1.22 RUBAMIN 184
13.1.22.1 Business overview 184
13.1.22.2 Products/Solutions/Services offered 184
13.1.23 HYDROVOLT 185
13.1.23.1 Business overview 185
13.1.23.2 Products/Solutions/Services offered 185
13.1.24 ECOGRAF 186
13.1.24.1 Business overview 186
13.1.24.2 Products/Solutions/Services offered 187
13.2 OTHER PLAYERS 188
13.2.1 LOHUM 188
13.2.2 ACE GREEN RECYCLING, INC. 189
13.2.3 LICO 189
13.2.4 AMERICAN BATTERY TECHNOLOGY COMPANY 190
13.2.5 TARGRAY 191
14 ADJACENT AND RELATED MARKETS 192
14.1 INTRODUCTION 192
14.2 LIMITATIONS 192
14.3 ADJACENT MARKETS 192
14.4 BATTERY RECYCLING MARKET 192
14.4.1 MARKET DEFINITION 192
14.4.2 MARKET OVERVIEW 192
14.4.3 BATTERY RECYCLING MARKET, BY CHEMISTRY 193
14.5 LEAD ACID 193
14.5.1 LOW RECYCLING COSTS AND HIGH RECOVERY RATES TO DRIVE DEMAND FOR LEAD ACID BATTERIES 193
14.6 NICKEL-BASED 194
14.6.1 HIGH POWER DENSITY OF NICKEL-BASED BATTERIES TO BOOST THEIR GROWTH 194
14.7 LITHIUM-BASED 195
14.7.1 INCREASING GLOBAL CONSUMPTION OF LITHIUM-BASED BATTERIES TO DRIVE THEIR POPULARITY 195
14.8 OTHERS 195
15 APPENDIX 196
15.1 DISCUSSION GUIDE 196
15.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 199
15.3 CUSTOMIZATION OPTIONS 201
15.4 RELATED REPORTS 201
15.5 AUTHOR DETAILS 202



List of Figures

FIGURE 1 BLACK MASS RECYCLING MARKET: RESEARCH DESIGN 25
FIGURE 2 MAIN MATRIX CONSIDERED WHILE CONSTRUCTING AND ASSESSING DEMAND
FOR BLACK MASS RECYCLING MARKET 28
FIGURE 3 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH 29
FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH 29
FIGURE 5 METHODOLOGY USED FOR SUPPLY-SIDE SIZING OF
BLACK MASS RECYCLING MARKET (1/2) 30
FIGURE 6 METHODOLOGY USED FOR SUPPLY-SIDE SIZING OF
BLACK MASS RECYCLING MARKET (2/2) 30
FIGURE 7 BLACK MASS RECYCLING MARKET: DATA TRIANGULATION 32
FIGURE 8 AUTOMOTIVE BATTERIES SEGMENT TO ACCOUNT FOR LARGEST SHARE
DURING FORECAST PERIOD 35
FIGURE 9 LITHIUM-ION BATTERIES SEGMENT TO ACCOUNT FOR LARGEST SHARE
DURING FORECAST PERIOD 35
FIGURE 10 NORTH AMERICA TO WITNESS HIGHEST GROWTH DURING FORECAST PERIOD 36
FIGURE 11 HIGH OUTPUT OF SPENT BATTERIES FROM ELECTRIC VEHICLES TO DRIVE MARKET GROWTH 37
FIGURE 12 NORTH AMERICA TO ACHIEVE HIGHEST CAGR DURING FORECAST PERIOD 37
FIGURE 13 BLACK MASS RECYCLING MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES AND CHALLENGES 38
FIGURE 14 PRICE OF LITHIUM-ION BATTERY PACK, 2013–2023 (USD/KWH) 42
FIGURE 15 GLOBAL BEV & PHEV SALES, 2018–2023 45
FIGURE 16 VALUE CHAIN ANALYSIS 46
FIGURE 17 ECOSYSTEM ANALYSIS 47
FIGURE 18 PORTER’S FIVE FORCES ANALYSIS 48
FIGURE 19 AVERAGE SELLING PRICE TREND OF LITHIUM CARBONATE, BY REGION 2020–2023 (USD THOUSAND/TON) 50
FIGURE 20 AVERAGE SELLING PRICE TREND OF COBALT, BY REGION 2020–2023 (USD THOUSAND/TON) 51
FIGURE 21 AVERAGE SELLING PRICE TREND OF NICKEL, BY REGION 2020–2023 (USD THOUSAND/TON) 52
FIGURE 22 INDICATIVE PRICING FOR RECOVERED METALS, BY KEY PLAYER 2022–2023 (USD THOUSAND/TON) 53
FIGURE 23 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR
MAJOR BATTERY SOURCES 57
FIGURE 24 KEY BUYING CRITERIA FOR TOP THREE BATTERY SOURCES 58
FIGURE 25 MAJOR PATENTS RELATED TO BLACK MASS RECYCLING 59
FIGURE 26 IMPORT DATA FOR LITHIUM CELLS AND BATTERIES (HS CODE: 850650) BY KEY COUNTRY, 2020–2023 (USD THOUSAND) 63
FIGURE 27 EXPORT DATA FOR LITHIUM CELLS AND BATTERIES (HS CODE: 850650) BY KEY COUNTRY, 2020–2023 (USD THOUSAND) 64
FIGURE 28 TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS 67
FIGURE 29 INVESTMENT & FUNDING SCENARIO 67
FIGURE 30 LITHIUM-ION BATTERIES SEGMENT TO ACCOUNT FOR
LARGEST SHARE DURING FORECAST PERIOD 70
FIGURE 31 LITHIUM-ION BATTERIES: RECYCLING PROCESSES 74
FIGURE 32 AUTOMOTIVE BATTERIES SEGMENT TO ACCOUNT FOR LARGEST SHARE
DURING FORECAST PERIOD 78
FIGURE 33 ASIA PACIFIC TO ACCOUNT FOR LARGEST SHARE DURING FORECAST PERIOD 84
FIGURE 34 NORTH AMERICA: BLACK MASS RECYCLING MARKET SNAPSHOT 85
FIGURE 35 ASIA PACIFIC: BLACK MASS RECYCLING MARKET SNAPSHOT 91
FIGURE 36 EUROPE: BLACK MASS RECYCLING MARKET SNAPSHOT 103
FIGURE 37 REVENUE ANALYSIS OF TOP THREE PLAYERS, 2019–2023 (USD BILLION) 117
FIGURE 38 MARKET SHARE ANALYSIS, 2023 117
FIGURE 39 BRAND/PRODUCT COMPARISON 120
FIGURE 40 BLACK MASS RECYCLING MARKET: COMPANY EVALUATION MATRIX
(KEY PLAYERS), 2023 122
FIGURE 41 COMPANY FOOTPRINT 123
FIGURE 42 BLACK MASS RECYCLING MARKET: COMPANY EVALUATION MATRIX, (STARTUPS/SMES), 2023 129
FIGURE 43 EV/EBITDA 131
FIGURE 44 COMPANY VALUATION 131
FIGURE 45 YEAR-TO-DATE (YTD) PRICE TOTAL RETURN AND FIVE-YEAR STOCK BETA OF
KEY MANUFACTURERS 132
FIGURE 46 BASF: COMPANY SNAPSHOT 136
FIGURE 47 CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED: COMPANY SNAPSHOT 139
FIGURE 48 GLENCORE: COMPANY SNAPSHOT 146
FIGURE 49 UMICORE: COMPANY SNAPSHOT 153
FIGURE 50 LI-CYCLE CORP.: COMPANY SNAPSHOT 162
FIGURE 51 METSO: COMPANY SNAPSHOT 167
FIGURE 52 FORTUM: COMPANY SNAPSHOT 177
FIGURE 53 ECOGRAF: COMPANY SNAPSHOT 186

List of Tables

TABLE 1 BLACK MASS RECYCLING MARKET: INCLUSIONS & EXCLUSIONS 23
TABLE 2 BLACK MASS RECYCLING MARKET SNAPSHOT: 2024 VS. 2032 34
TABLE 3 KEY COMPANIES IN LIB (LITHIUM-ION BATTERY) RECYCLING:
RECYCLING METHOD ADOPTED AND VOLUME PROCESSED 40
TABLE 4 REAL GDP GROWTH (ANNUAL PERCENTAGE CHANGE)
FOR KEY COUNTRIES, 2021–2023 43
TABLE 5 UNEMPLOYMENT RATE, BY KEY COUNTRY, 2021–2023 44
TABLE 6 INFLATION RATE (AVERAGE CONSUMER PRICE), BY KEY COUNTRY, 2021–2023 44
TABLE 7 FOREIGN DIRECT INVESTMENT, 2022 VS. 2023 45
TABLE 8 BLACK MASS RECYCLING MARKET: ROLE OF PLAYERS IN ECOSYSTEM 47
TABLE 9 PORTER’S FIVE FORCES ANALYSIS 48
TABLE 10 AVERAGE SELLING PRICE OF LITHIUM CARBONATE, BY REGION 2020–2023 (USD THOUSAND/TON) 51
TABLE 11 AVERAGE SELLING PRICE OF COBALT, BY REGION 2020–2023 (USD THOUSAND/TON) 52
TABLE 12 AVERAGE SELLING PRICE OF NICKEL, BY REGION 2020–2023 (USD THOUSAND/TON) 53
TABLE 13 INDICATIVE PRICING FOR RECOVERED METALS, BY KEY PLAYER 2022 (USD THOUSAND/TON) 54
TABLE 14 INDICATIVE PRICING FOR RECOVERED METALS, BY KEY PLAYER 2023 (USD THOUSAND/TONS) 54
TABLE 15 NORTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES AND OTHER ORGANIZATIONS 55
TABLE 16 EUROPE: REGULATORY BODIES, GOVERNMENT AGENCIES AND OTHER ORGANIZATIONS 55
TABLE 17 ASIA PACIFIC: REGULATORY BODIES, GOVERNMENT AGENCIES AND OTHER ORGANIZATIONS 56
TABLE 18 KEY CONFERENCES & EVENTS, 2024–2025 56
TABLE 19 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR
MAJOR BATTERY SOURCES (%) 57
TABLE 20 KEY BUYING CRITERIA FOR TOP THREE BATTERY SOURCES 58
TABLE 21 IMPORT DATA FOR LITHIUM CELLS AND BATTERIES (HS CODE: 850650) BY KEY COUNTRY, 2020–2023 (USD THOUSAND) 63
TABLE 22 EXPORT DATA FOR LITHIUM CELLS AND BATTERIES (HS CODE: 850650) BY KEY COUNTRY, 2020–2023 (USD THOUSAND) 64
TABLE 23 BLACK MASS RECYCLING MARKET, BY BATTERY TYPE, 2019–2022 (USD MILLION) 70
TABLE 24 BLACK MASS RECYCLING MARKET, BY BATTERY TYPE, 2023–2032 (USD MILLION) 70
TABLE 25 COMPARISON OF PROCESSES INVOLVED IN RECYCLING BATTERIES 75
TABLE 26 BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE 2019–2022 (USD MILLION) 78
TABLE 27 BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE 2023–2032 (USD MILLION) 79
TABLE 28 AUTOMOTIVE BATTERIES: BLACK MASS RECYCLING MARKET, BY REGION 2019-2022 (UNITS) 80
TABLE 29 AUTOMOTIVE BATTERIES: BLACK MASS RECYCLING MARKET, BY REGION 2023-2032 (UNITS) 80
TABLE 30 BLACK MASS RECYCLING MARKET, BY REGION, 2019–2022 (USD MILLION) 84
TABLE 31 BLACK MASS RECYCLING MARKET, BY REGION, 2023–2032 (USD MILLION) 84
TABLE 32 NORTH AMERICA: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE, 2019–2022 (USD MILLION) 86
TABLE 33 NORTH AMERICA: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE, 2023–2032 (USD MILLION) 86
TABLE 34 NORTH AMERICA: BLACK MASS RECYCLING MARKET, BY COUNTRY 2019–2022 (USD MILLION) 86
TABLE 35 NORTH AMERICA: BLACK MASS RECYCLING MARKET, BY COUNTRY 2023–2032 (USD MILLION) 87
TABLE 36 US: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE 2019–2022 (USD MILLION) 87
TABLE 37 US: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE 2023–2032 (USD MILLION) 88
TABLE 38 CANADA: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE 2019–2022 (USD MILLION) 88
TABLE 39 CANADA: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE 2023–2032 (USD MILLION) 89
TABLE 40 MEXICO: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE 2019–2022 (USD MILLION) 89
TABLE 41 MEXICO: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE 2023–2032 (USD MILLION) 90
TABLE 42 ASIA PACIFIC: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE 2019–2022 (USD MILLION) 92
TABLE 43 ASIA PACIFIC: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE 2023–2032 (USD MILLION) 92
TABLE 44 ASIA PACIFIC: BLACK MASS RECYCLING MARKET, BY COUNTRY 2019–2022 (USD MILLION) 93
TABLE 45 ASIA PACIFIC: BLACK MASS RECYCLING MARKET, BY COUNTRY 2023–2032 (USD MILLION) 93
TABLE 46 CHINA: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE 2019–2022 (USD MILLION) 94
TABLE 47 CHINA: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE 2023–2032 (USD MILLION) 94
TABLE 48 JAPAN: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE 2019–2022 (USD MILLION) 95
TABLE 49 JAPAN: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE 2023–2032 (USD MILLION) 95
TABLE 50 SOUTH KOREA: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE 2019–2022 (USD MILLION) 96
TABLE 51 SOUTH KOREA: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE 2023–2032 (USD MILLION) 96
TABLE 52 INDIA: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE 2019–2022 (USD MILLION) 97
TABLE 53 INDIA: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE 2023–2032 (USD MILLION) 97
TABLE 54 AUSTRALIA: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE 2019–2022 (USD MILLION) 98
TABLE 55 AUSTRALIA: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE 2023–2032 (USD MILLION) 98
TABLE 56 THAILAND: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE 2019–2022 (USD MILLION) 99
TABLE 57 THAILAND: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE 2023–2032 (USD MILLION) 99
TABLE 58 NEW ZEALAND: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE 2019–2022 (USD MILLION) 100
TABLE 59 NEW ZEALAND: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE 2023–2032 (USD MILLION) 100
TABLE 60 SINGAPORE: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE 2019–2022 (USD MILLION) 101
TABLE 61 SINGAPORE: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE 2023–2032 (USD MILLION) 101
TABLE 62 REST OF ASIA PACIFIC: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE, 2019–2022 (USD MILLION) 102
TABLE 63 REST OF ASIA PACIFIC: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE, 2023–2032 (USD MILLION) 102
TABLE 64 EUROPE: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE 2019–2022 (USD MILLION) 104
TABLE 65 EUROPE: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE 2023–2032 (USD MILLION) 104
TABLE 66 EUROPE: BLACK MASS RECYCLING MARKET, BY COUNTRY 2019–2022 (USD MILLION) 104
TABLE 67 EUROPE: BLACK MASS RECYCLING MARKET, BY COUNTRY 2023–2032 (USD MILLION) 105
TABLE 68 FRANCE: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE 2019–2022 (USD MILLION) 105
TABLE 69 FRANCE: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE 2023–2032 (USD MILLION) 106
TABLE 70 GERMANY: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE 2019–2022 (USD MILLION) 106
TABLE 71 GERMANY: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE 2023–2032 (USD MILLION) 107
TABLE 72 NETHERLANDS: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE 2019–2022 (USD MILLION) 107
TABLE 73 NETHERLANDS: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE 2023–2032 (USD MILLION) 108
TABLE 74 UK: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE 2019–2022 (USD MILLION) 108
TABLE 75 UK: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE 2023–2032 (USD MILLION) 109
TABLE 76 NORWAY: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE 2019–2022 (USD MILLION) 109
TABLE 77 NORWAY: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE 2023–2032 (USD MILLION) 110
TABLE 78 SWEDEN: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE 2019–2022 (USD MILLION) 110
TABLE 79 SWEDEN: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE 2023–2032 (USD MILLION) 111
TABLE 80 ITALY: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE 2019–2022 (USD MILLION) 111
TABLE 81 ITALY: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE 2023–2032 (USD MILLION) 112
TABLE 82 SPAIN: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE 2019–2022 (USD MILLION) 112
TABLE 83 SPAIN: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE 2023–2032 (USD MILLION) 113
TABLE 84 REST OF EUROPE: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE, 2019–2022 (USD MILLION) 113
TABLE 85 REST OF EUROPE: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE, 2023–2032 (USD MILLION) 114
TABLE 86 OVERVIEW OF STRATEGIES ADOPTED BY KEY PLAYERS, 2020–2024 115
TABLE 87 BLACK MASS RECYCLING MARKET: DEGREE OF COMPETITION 118
TABLE 88 COMPANY REGION FOOTPRINT 124
TABLE 89 COMPANY BATTERY SOURCE FOOTPRINT 125
TABLE 90 COMPANY RECYCLING PROCESS FOOTPRINT 126
TABLE 91 COMPANY RECOVERED METAL FOOTPRINT 127
TABLE 92 DETAILED LIST OF KEY STARTUP/SMES 130
TABLE 93 BLACK MASS RECYCLING MARKET: COMPETITIVE BENCHMARKING OF
KEY STARTUPS/SMES 130
TABLE 94 BLACK MASS RECYCLING MARKET: DEALS, JANUARY 2020–JULY 2024 132
TABLE 95 BLACK MASS RECYCLING MARKET: EXPANSION, JANUARY 2020–JULY 2024 133
TABLE 96 BASF: COMPANY OVERVIEW 135
TABLE 97 BASF: PRODUCTS/SOLUTIONS/SERVICES OFFERED 136
TABLE 98 BASF SE: DEALS 137
TABLE 99 BASF SE: EXPANSION 138
TABLE 100 CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED: COMPANY OVERVIEW 139
TABLE 101 CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED: PRODUCTS/SOLUTIONS/SERVICES OFFERED 140
TABLE 102 CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED: DEALS 140
TABLE 103 CIRBA SOLUTIONS: COMPANY OVERVIEW 142
TABLE 104 CIRBA SOLUTIONS: PRODUCTS/SOLUTIONS/SERVICES OFFERED 142
TABLE 105 CIRBA SOLUTIONS: DEALS 143
TABLE 106 GLENCORE: COMPANY OVERVIEW 145
TABLE 107 GLENCORE: PRODUCTS/SOLUTIONS/SERVICES OFFERED 146
TABLE 108 GLENCORE: DEALS 147
TABLE 109 RECYCLICO BATTERY MATERIALS INC.: COMPANY OVERVIEW 149
TABLE 110 RECYCLICO BATTERY MATERIALS INC.:
PRODUCTS/SOLUTIONS/SERVICES OFFERED 149
TABLE 111 RECYCLICO BATTERY MATERIALS INC.: DEALS 150
TABLE 112 UMICORE: COMPANY OVERVIEW 152
TABLE 113 UMICORE: PRODUCTS/SOLUTIONS/SERVICES OFFERED 153
TABLE 114 UMICORE: DEALS 154
TABLE 115 REDWOOD MATERIALS, INC: COMPANY OVERVIEW 156
TABLE 116 REDWOOD MATERIALS INC: PRODUCTS/SOLUTIONS/SERVICES OFFERED 156
TABLE 117 REDWOOD MATERIALS INC.: DEALS 157
TABLE 118 REDWOOD MATERIALS INC.: OTHERS 158
TABLE 119 TENOVA S.P.A.: COMPANY OVERVIEW 159
TABLE 120 TENOVA S.P.A.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 159
TABLE 121 LI-CYCLE CORP.: COMPANY OVERVIEW 161
TABLE 122 LI-CYCLE CORP.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 162
TABLE 123 LI-CYCLE CORP.: DEALS 163
TABLE 124 LI-CYCLE CORP.: EXPANSION 165
TABLE 125 METSO: COMPANY OVERVIEW 166
TABLE 126 METSO: PRODUCTS/SOLUTIONS/SERVICES OFFERED 167
TABLE 127 LITHION TECHNOLOGIES: COMPANY OVERVIEW 169
TABLE 128 LITHION TECHNOLOGIES: PRODUCTS/SOLUTIONS/SERVICES OFFERED 169
TABLE 129 LITHION TECHNOLOGIES: DEALS 170
TABLE 130 LITHION TECHNOLOGIES: EXPANSION 170
TABLE 131 AKKUSER OY: COMPANY OVERVIEW 171
TABLE 132 AKKUSER OY: PRODUCTS/SOLUTIONS/SERVICES OFFERED 171
TABLE 133 DUESENFELD GMBH: COMPANY OVERVIEW 172
TABLE 134 DUESENFELD GMBH: PRODUCTS/SOLUTIONS/SERVICES OFFERED 172
TABLE 135 AQUA METALS, INC.: COMPANY OVERVIEW 173
TABLE 136 AQUA METALS, INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 173
TABLE 137 AQUA METALS, INC.: DEALS 173
TABLE 138 AQUA METALS, INC.: EXPANSION 174
TABLE 139 SUNGEEL HI-TECH. CO., LTD.: COMPANY OVERVIEW 175
TABLE 140 SUNGEEL HI-TECH. CO., LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 175
TABLE 141 FORTUM: COMPANY OVERVIEW 176
TABLE 142 FORTUM: PRODUCTS/SOLUTIONS/SERVICES OFFERED 177
TABLE 143 REDUX RECYCLING GMBH: COMPANY OVERVIEW 178
TABLE 144 REDUX RECYCLING GMBH: PRODUCTS/SOLUTIONS/SERVICES OFFERED 178
TABLE 145 TATA CHEMICALS LTD.: COMPANY OVERVIEW 180
TABLE 146 TATA CHEMICALS LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 180
TABLE 147 ATTERO RECYCLING PVT. LTD.: COMPANY OVERVIEW 181
TABLE 148 ATTERO RECYCLING PVT. LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED 181
TABLE 149 EXIGO RECYCLING PRIVATE LIMITED: COMPANY OVERVIEW 182
TABLE 150 EXIGO RECYCLING PRIVATE LIMITED: PRODUCTS/SOLUTIONS/SERVICES OFFERED 182
TABLE 151 ELECTRA BATTERY MATERIALS: COMPANY OVERVIEW 183
TABLE 152 ELECTRA BATTERY MATERIALS: PRODUCTS/SOLUTIONS/SERVICES OFFERED 183
TABLE 153 RUBAMIN: COMPANY OVERVIEW 184
TABLE 154 RUBAMIN: PRODUCTS/SOLUTIONS/SERVICES OFFERED 184
TABLE 155 HYDROVOLT: COMPANY OVERVIEW 185
TABLE 156 HYDROVOLT: PRODUCTS/SOLUTIONS/SERVICES OFFERED 185
TABLE 157 ECOGRAF: COMPANY OVERVIEW 186
TABLE 158 ECOGRAF: PRODUCTS/SOLUTIONS/SERVICES OFFERED 187
TABLE 159 LOHUM: COMPANY OVERVIEW 188
TABLE 160 ACE GREEN RECYCLING, INC.: COMPANY OVERVIEW 189
TABLE 161 LICO: COMPANY OVERVIEW 189
TABLE 162 AMERICAN BATTERY TECHNOLOGY COMPANY: COMPANY OVERVIEW 190
TABLE 163 TARGRAY: COMPANY OVERVIEW 191
TABLE 164 BATTERY RECYCLING MARKET, BY CHEMISTRY, 2018–2020 (USD MILLION) 193
TABLE 165 BATTERY RECYCLING MARKET, BY CHEMISTRY, 2021–2030 (USD MILLION) 193