ブラックマスリサイクル市場 – 2032年までの世界予測

Black Mass Recycling Market - Global Forecast to 2032

ブラックマスリサイクル市場 - バッテリーの種類 (リチウムイオン、ニッケル)、バッテリーソース (自動車、家庭用電化製品、電力、船舶)、リサイクルプロセス (パイロ、ハイドロ)、回収された金属 (ニッケル、コバルト、リチウム、銅)、および地域 - 2032年までの世界予測
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

商品番号 : SMB-68035

出版社MarketsandMarkets
出版年月2025年2月
ページ数208
図表数221
価格タイプシングルユーザライセンス
価格USD 4,950
種別英文調査報告書

Report Overview

The global black mass recycling market 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.

世界のブラックマスリサイクル市場は、予測期間中に17.3%のCAGRで、2024年の144億1,000万米ドルから2032年までに517億米ドルに成長すると予測されています。

The industry for recycling black mass is expanding significantly due to surge in automotive, consumer electronics, and other sectors. Demand for portable devices and electric vehicles is growing, compounded by the scarcity and increasing prices of critical battery materials. Critical is the need to introduce a more efficient recycling solution. Meanwhile, consumers and manufacturers alike are being driven harder by increasingly stringent environment regulations and growing awareness among consumers on sustainability issues, making them look more enthusiastically towards battery recycling as a better way forward for environmentally responsible end-of-life batteries management.

ブラックマスリサイクル業界は、自動車、家電、その他の分野の急増により大幅に拡大しています。ポータブル機器や電気自動車の需要は増加しており、重要なバッテリー材料の不足と価格上昇によってさらに悪化しています。より効率的なリサイクル ソリューションを導入する必要性が重要です。一方、消費者とメーカーは同様に、環境規制がますます厳しくなり、持続可能性問題に対する消費者の意識が高まっていることにより、より厳しい状況に追い込まれており、環境に責任を持った使用済みバッテリー管理のより良い方法として、バッテリーのリサイクルにますます熱心に目を向けるようになっています。

ブラックマスリサイクル市場 - 2032年までの世界予測
black-mass-recycling-market-Overview

“Nickel-based battery segment, by battery type, is estimated to account for the second largest share during the forecast period.”

The nickel-based battery segment is projected to secure the second-largest share in the forecast period. This mainly attributes to the fact that such batteries are widely applied in industrial usage, power tools, and hybrid vehicles. The increasing market for energy storage and electric mobility has, therefore, immensely fueled nickel-based battery recycling, as the extracted metal nickel is highly valued and essential for battery manufacturing. Recovery of this key metal from black mass is a must to solve raw material shortages and facilitate more sustainability through the transition toward more sustainable battery supply chains.

“By battery source, consumer electronics segment accounted for the second largest share during the forecast period.”

The consumer electronics segment by battery source is expected to have the second-largest share of the black mass recycling market. primarily fuelled by continuous surges in consumer devices like smartphones, tablets, and smartwatches. With the latter gaining wider acceptance, spent batteries are piling up at volumes that increasingly constitute a need for recycling to recover valuable metals such as lithium and cobalt. The momentum for sustainability and reducing e-waste will only create further growth in importance, thereby positioning consumer electronics battery recycling as an important segment within the circular economy for battery materials.

“Europe region is estimated to account for the second largest share during the forecast period.”

Europe is likely to take the second-biggest share, primarily on account of a few significant factors. This includes the leadership of the region in embracing electric vehicles and renewable energy, thereby increasing volumes of end-of-life batteries, and the fact that this region has very stringent environmental regulations and a strong focus on the circular economy, which have boosted investments in recycling infrastructure. The ready domestic demand for these materials recycled is created by the European automotive and battery manufacturing companies.

Profile break-up of primary participants for the report:

  • By Company Type: Tier 1 – 65%, Tier 2 – 20%, and Tier 3 – 15%
  • By Designation: Directors– 30%, Managers– 25%, and Others – 45%
  • By Region: North America – 20%, Europe – 25%, and Asia Pacific – 55%

Contemporary Amperex Technology Co., Limited (China), Cirba Solutions (US), Glencore (Switzerland), Recyclico Battery Materials Inc. (Canada), and Umicore (Belgium) are some of the major players operating in the black mass recycling market. These players have adopted strategies such as acquisitions, expansions, product launches, and partnerships to increase their market share business revenue.

Research Coverage:

The report defines, segments, and projects the black mass recycling market based on battery type, battery source, recycling process, recovered metal, and region. It provides detailed information regarding the major factors influencing the growth of the market, such as drivers, restraints, opportunities, and challenges. It strategically profiles, black mass recycling manufacturers and comprehensively analyses their market shares and core competencies as well as tracks and analyzes competitive developments, such as expansions, agreements, product launches, and acquisitions, undertaken by them in the market.

Reasons to Buy the Report:

The report is expected to help the market leaders/new entrants in the market by providing them the closest approximations of revenue numbers of the black mass recycling market and its segments. This report is also expected to help stakeholders obtain an improved understanding of the competitive landscape of the market, gain insights to improve the position of their businesses, and make suitable go-to-market strategies. It also enables stakeholders to understand the pulse of the market and provide them information on key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:

  • Analysis of key drivers (Increasing demand for electric vehicles, Stringent local and state government regulations and EPA guidelines, Rising demand for recycled products and materials, Depletion of earth metals), restraints (Safety issues related to storage and transportation of spent batteries), opportunities (Subsidies to encourage battery recycling, Rising adoption of lithium-ion batteries due to declining prices), and challenges (High cost of recycling and dearth of technologies) influencing the growth of the black mass recycling market.
  • Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities in the black mass recycling market.
  • Market Development: Comprehensive information about lucrative markets – the report analyses the black mass recycling market across varied regions.
  • Market Diversification: Exhaustive information about new products, various types, untapped geographies, recent developments, and investments in the black mass recycling market.
  • Competitive Assessment: In-depth assessment of market shares, growth strategies and product offerings of leading players such as Contemporary Amperex Technology Co., Limited (China), Cirba Solutions (US), Glencore (Switzerland), Recyclico Battery Materials Inc. (Canada), and Umicore (Belgium), and others in the black mass recycling market.

Table of Contents

1               INTRODUCTION              22

1.1           STUDY OBJECTIVES       22

1.2           MARKET DEFINITION   22

1.3           STUDY SCOPE   23

1.3.1        MARKET SEGMENTATION & REGIONAL SCOPE 23

1.3.2        INCLUSIONS & EXCLUSIONS       24

1.4           YEARS CONSIDERED      24

1.5           CURRENCY CONSIDERED            25

1.6           UNIT CONSIDERED        25

1.7           LIMITATIONS    25

1.8           STAKEHOLDERS               25

2               RESEARCH METHODOLOGY       26

2.1           RESEARCH DATA              26

2.1.1        SECONDARY DATA          27

2.1.1.1    Key data from secondary sources       27

2.1.2        PRIMARY DATA 27

2.1.2.1    Key data from primary sources           28

2.1.2.2    Breakdown of interviews with experts               28

2.2           DEMAND-SIDE MATRIX 29

2.3           MARKET SIZE ESTIMATION         29

2.3.1        BOTTOM-UP APPROACH              30

2.3.2        TOP-DOWN APPROACH                30

2.3.2.1    Calculations for supply-side analysis 32

2.4           GROWTH FORECAST      32

2.5           DATA TRIANGULATION                32

2.6           RESEARCH ASSUMPTIONS           33

2.7           RESEARCH LIMITATIONS             34

2.8           RISK ASSESSMENT           34

3               EXECUTIVE SUMMARY  35

4               PREMIUM INSIGHTS       38

4.1           ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN BLACK MASS RECYCLING MARKET         38

4.2           BLACK MASS RECYCLING MARKET FOR AUTOMOTIVE BATTERY SOURCES, BY REGION                38

5               MARKET OVERVIEW       39

5.1           INTRODUCTION              39

5.2           MARKET DYNAMICS       39

5.2.1        DRIVERS               40

5.2.1.1    Increasing demand for electric vehicles            40

5.2.1.2    Stringent local and state government regulations and EPA guidelines               40

5.2.1.3    Rising demand for recycled products and materials        41

5.2.1.4    Depletion of earth metals   41

5.2.2        RESTRAINTS      42

5.2.2.1    Safety issues related to storage and transportation of spent batteries 42

5.2.3        OPPORTUNITIES              42

5.2.3.1    Subsidies to encourage battery recycling          42

5.2.3.2    Rising adoption of lithium-ion batteries due to declining prices                 42

5.2.3.3    Surge in waste volume of EV batteries              43

5.2.4        CHALLENGES    43

5.2.4.1    High cost of recycling and dearth of technologies           43

6               INDUSTRY TRENDS         44

6.1           GLOBAL MACROECONOMIC OUTLOOK                44

6.1.1        GDP       44

6.1.2        RISING ADOPTION OF ELECTRIC VEHICLES        46

6.2           SUPPLY/VALUE CHAIN ANALYSIS             47

6.3           ECOSYSTEM ANALYSIS  48

6.4           PORTER’S FIVE FORCES ANALYSIS           49

6.4.1        BARGAINING POWER OF SUPPLIERS       50

6.4.2        BARGAINING POWER OF BUYERS             50

6.4.3        THREAT OF NEW ENTRANTS      50

6.4.4        THREAT OF SUBSTITUTES          50

6.4.5        INTENSITY OF COMPETITIVE RIVALRY 50

6.5           PRICING ANALYSIS          51

6.5.1        AVERAGE SELLING PRICE OF LITHIUM CARBONATE, BY REGION                51

6.5.2        AVERAGE SELLING PRICE OF COBALT, BY REGION                 52

6.5.3        AVERAGE SELLING PRICE OF NICKEL, BY REGION                 53

6.5.4        INDICATIVE PRICING OF RECOVERED METALS FOR KEY PLAYERS              54

6.6           TARIFF AND REGULATORY LANDSCAPE               55

6.6.1        TARIFF DATA    55

6.6.2        REGULATORY LANDSCAPE         55

6.6.2.1    Regulatory bodies, government agencies, and other organizations                 56

6.7           KEY CONFERENCES & EVENTS, 2024–2025              57

6.8           KEY STAKEHOLDERS AND BUYING CRITERIA     58

6.8.1        KEY STAKEHOLDERS IN BUYING PROCESS           58

6.8.2        BUYING CRITERIA           59

6.9           PATENT ANALYSIS          59

6.9.1        METHODOLOGY              59

6.9.2        MAJOR PATENTS              60

6.10         TECHNOLOGY ANALYSIS             61

6.10.1      KEY TECHNOLOGIES     61

6.10.1.1  Lithium-ion battery recycling             61

6.10.1.2  Pyrometallurgy     62

6.10.1.3  Hydrometallurgy  62

6.10.1.4  Pyrolysis 62

6.10.1.5  Mechanical recycling            63

6.10.2      ADJACENT TECHNOLOGIES       63

6.10.2.1  Lead acid battery recycling 63

6.11         TRADE ANALYSIS             64

6.11.1      IMPORT SCENARIO OF LITHIUM CELLS AND BATTERIES                 64

6.11.2      EXPORT SCENARIO OF LITHIUM CELLS AND BATTERIES                 65

6.12         CASE STUDY ANALYSIS 66

6.12.1      REDWOOD MATERIALS: PIONEERING SUSTAINABLE BATTERY RECYCLING MODEL   66

6.12.2      RECYCLING OF LITHIUM-ION BATTERIES: OVERCOMING SUPPLY CHAIN DISRUPTIONS     67

6.13         TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS            67

6.14         INVESTMENT & FUNDING SCENARIO     68

6.15         IMPACT OF GENERATIVE AI ON BLACK MASS RECYCLING MARKET     69

6.15.1      INTRODUCTION              69

6.15.2      OVERVIEW OF IMPACT OF GENERATIVE AI ON BLACK MASS RECYCLING MARKET         69

6.15.2.1  Enhanced predictive analytics            69

6.15.2.2  Optimization of recycling processes 69

6.15.2.3  Waste sorting and classification         69

7               BLACK MASS RECYCLING MARKET, BY BATTERY TYPE                 70

7.1           INTRODUCTION              71

7.2           LITHIUM-ION BATTERIES            72

7.2.1        NEED FOR SUSTAINABLE WASTE MANAGEMENT AND RESOURCE RECOVERY PRACTICES TO DRIVE MARKET  72

7.3           NICKEL-BASED BATTERIES         72

7.3.1        NEED FOR SUSTAINABLE PRACTICES IN CONSUMER ELECTRONICS INDUSTRY TO FUEL GROWTH    72

8               BLACK MASS RECYCLING MARKET, BY RECOVERED METAL 73

8.1           INTRODUCTION              73

8.2           NICKEL 73

8.3           COBALT               73

8.4           LITHIUM              73

8.5           COPPER                73

8.6           MANGANESE     74

8.7           OTHER METALS                74

9               BLACK MASS RECYCLING MARKET, BY RECYCLING PROCESS              75

9.1           INTRODUCTION              75

9.2           HYDROMETALLURGICAL PROCESS         76

9.2.1        HYDROMETALLURGICAL PROCESS COMPRISES LEACHING, SOLUTION CONCENTRATION & PURIFICATION, AND METAL RECOVERY STAGES               76

9.3           PYROMETALLURGICAL PROCESS             77

9.3.1        PYROMETALLURGICAL PROCESS EMITS HARMFUL GASES, SUCH AS SULFUR DIOXIDE AND CARBON MONOXIDE                 77

9.4           OTHER RECYCLING PROCESSES                77

10            BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE                78

10.1         INTRODUCTION              79

10.2         AUTOMOTIVE BATTERIES           80

10.2.1      RISING DEMAND FOR ELECTRIC VEHICLES TO DRIVE BLACK MASS RECYCLING PROCESSES    80

10.3         INDUSTRIAL BATTERIES               81

10.3.1      RISING ADOPTION OF LITHIUM-ION BATTERIES IN DATA CENTERS AND INDUSTRIAL ENERGY STORAGE SYSTEMS TO DRIVE MARKET         81

10.4         CONSUMER ELECTRONIC BATTERIES    82

10.4.1      INCREASED USE OF LITHIUM-ION BATTERIES IN CONSUMER ELECTRONICS TO FUEL MARKET    82

10.5         POWER BATTERIES         82

10.5.1      RISING ADOPTION OF LARGE-SCALE LITHIUM-ION BATTERIES FOR GRID ENERGY STORAGE TO AMPLIFY DEMAND                 82

10.6         MARINE BATTERIES       82

10.6.1      GROWING USE OF INDUSTRIAL BATTERIES IN MARINE INDUSTRY TO BOOST BLACK MASS RECYCLING MARKET                 82

10.7         OTHER BATTERY SOURCES         83

11            BLACK MASS RECYCLING MARKET, BY REGION 84

11.1         INTRODUCTION              85

11.2         NORTH AMERICA             86

11.2.1      US           88

11.2.1.1  Need to ensure sustainable resource management and address environmental concerns to drive market           88

11.2.2      CANADA               89

11.2.2.1  Growing demand for EVs and consumer electronics to propel market    89

11.2.3      MEXICO                90

11.2.3.1  Investment by key players in development of electric vehicles to boost market          90

11.3         ASIA PACIFIC     91

11.3.1      CHINA  95

11.3.1.1  Growing sales of electric vehicles to drive market           95

11.3.2      JAPAN   96

11.3.2.1  Government initiatives related to battery recycling to boost market    96

11.3.3      SOUTH KOREA  97

11.3.3.1  Substantial growth in automotive sector to boost market                 97

11.3.4      INDIA    98

11.3.4.1  Development of smart cities to drive market   98

11.3.5      AUSTRALIA         99

11.3.5.1  Supportive government policies to aid market growth   99

11.3.6      THAILAND          100

11.3.6.1  Booming electric mobility sector to drive market            100

11.3.7      NEW ZEALAND 101

11.3.7.1  Supportive government policies to boost recycling of lithium batteries 101

11.3.8      SINGAPORE        102

11.3.8.1  Continuous advancements in battery technologies and recycling methods to drive market      102

11.3.9      REST OF ASIA PACIFIC   103

11.4         EUROPE               104

11.4.1      FRANCE                106

11.4.1.1  Development in battery recycling technologies to fuel market                 106

11.4.2      GERMANY           107

11.4.2.1  Growing shift toward EVs and battery-powered machinery to drive market          107

11.4.3      NETHERLANDS 108

11.4.3.1  Growth in EV industry to boost market            108

11.4.4      UK          109

11.4.4.1  Surge in electric vehicle sales to drive market 109

11.4.5      NORWAY              110

11.4.5.1  Replacement of internal combustion engine vehicles with advanced EVs to drive market            110

11.4.6      SWEDEN              111

11.4.6.1  Growing investments in lithium-ion battery recycling to drive market    111

11.4.7      ITALY    112

11.4.7.1  Government initiatives to encourage black mass recycling                 112

11.4.8      SPAIN    113

11.4.8.1  Growing investments to promote electric vehicle sales to propel market    113

11.4.9      REST OF EUROPE             114

12            COMPETITIVE LANDSCAPE         116

12.1         INTRODUCTION              116

12.2         KEY PLAYER STRATEGIES/RIGHT TO WIN            116

12.3         REVENUE ANALYSIS, 2019–2023  117

12.4         MARKET SHARE ANALYSIS, 2023                 118

12.5         BRAND/PRODUCT COMPARISON             121

12.5.1      RECYCLING PROCESS, BY UMICORE        121

12.5.2      RECYCLING PROCESS, BY BASF 121

12.5.3      RECYCLING PROCESS, BY TENOVA S.P.A.              121

12.5.4      RECYCLING PROCESS, BY LI-CYCLE CORP.           122

12.5.5      RECYCLING PROCESS, BY METSO             122

12.6         COMPANY EVALUATION MATRIX: KEY PLAYERS, 2023                 122

12.6.1      STARS   122

12.6.2      EMERGING LEADERS     122

12.6.3      PERVASIVE PLAYERS      122

12.6.4      PARTICIPANTS 122

12.6.5      COMPANY FOOTPRINT: KEY PLAYERS, 2023         124

12.6.5.1  Company footprint               124

12.6.5.2  Region footprint   125

12.6.5.3  Battery source footprint      126

12.6.5.4  Recycling process footprint 127

12.6.5.5  Recovered metal footprint  128

12.7         COMPANY EVALUATION MATRIX: STARTUPS/SMES, 2023        129

12.7.1      PROGRESSIVE COMPANIES         129

12.7.2      RESPONSIVE COMPANIES            129

12.7.3      DYNAMIC COMPANIES  129

12.7.4      STARTING BLOCKS         129

12.7.5      COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2023                 131

12.7.5.1  Detailed list of key startups/SMEs    131

12.7.5.2  Competitive benchmarking of key startups/SMEs          132

12.8         COMPANY VALUATION AND FINANCIAL METRICS                 132

12.9         COMPETITIVE SCENARIO             133

12.9.1      DEALS  133

12.9.2      EXPANSION        135

13            COMPANY PROFILES      136

13.1         KEY PLAYERS     136

13.1.1      BASF      136

13.1.1.1  Business overview 136

13.1.1.2  Products/Solutions/Services offered 137

13.1.1.3  Recent developments           138

13.1.1.4  MnM view              139

13.1.1.4.1                Right to win           139

13.1.1.4.2                Strategic choices   139

13.1.1.4.3                Weaknesses and competitive threats 139

13.1.2      CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED (BRUNP RECYCLING)  140

13.1.2.1  Business overview 140

13.1.2.2  Products/Solutions/Services offered 141

13.1.2.3  Recent developments           141

13.1.2.3.1                Deals      141

13.1.2.4  MnM view              142

13.1.2.4.1                Right to win           142

13.1.2.4.2                Strategic choices   142

13.1.2.4.3                Weaknesses and competitive threats 142

13.1.3      CIRBA SOLUTIONS          143

13.1.3.1  Business overview 143

13.1.3.2  Products/Solutions/Services offered 143

13.1.3.3  Recent developments           144

13.1.3.3.1                Deals      144

13.1.3.4  MnM view              145

13.1.3.4.1                Right to win           145

13.1.3.4.2                Strategic choices   145

13.1.3.4.3                Weaknesses and competitive threats 145

13.1.4      GLENCORE         146

13.1.4.1  Business overview 146

13.1.4.2  Products/Solutions/Services offered 147

13.1.4.3  Recent developments           148

13.1.4.3.1                Deals      148

13.1.4.4  MnM view              149

13.1.4.4.1                Right to win           149

13.1.4.4.2                Strategic choices   149

13.1.4.4.3                Weaknesses and competitive threats 149

13.1.5      RECYCLICO BATTERY MATERIALS INC. 150

13.1.5.1  Business overview 150

13.1.5.2  Products/Solutions/Services offered 150

13.1.5.3  Recent developments           151

13.1.5.3.1                Deals      151

13.1.5.4  MnM view              152

13.1.5.4.1                Right to win           152

13.1.5.4.2                Strategic choices   152

13.1.5.4.3                Weaknesses and competitive threats 153

13.1.6      UMICORE            154

13.1.6.1  Business overview 154

13.1.6.2  Products/Solutions/Services offered 155

13.1.6.3  Recent developments           156

13.1.6.3.1                Deals      156

13.1.6.4  MnM view              157

13.1.6.4.1                Right to win           157

13.1.6.4.2                Strategic choices   157

13.1.6.4.3                Weaknesses and competitive threats 157

13.1.7      REDWOOD MATERIALS 158

13.1.7.1  Business overview 158

13.1.7.2  Products/Solutions/Services offered 158

13.1.7.3  Recent developments           159

13.1.7.3.1                Deals      159

13.1.8      TENOVA S.P.A.  162

13.1.8.1  Business overview 162

13.1.8.2  Products/Solutions/Services offered 162

13.1.8.3  Recent developments           163

13.1.8.3.1                Deals      163

13.1.8.4  MnM view              163

13.1.8.4.1                Right to win           163

13.1.8.4.2                Strategic choices   163

13.1.8.4.3                Weaknesses and competitive threats 163

13.1.9      LI-CYCLE CORP.                164

13.1.9.1  Business overview 164

13.1.9.2  Products/Solutions/Services offered 165

13.1.9.3  Recent developments           166

13.1.10   METSO 170

13.1.10.1                 Business overview 170

13.1.10.2                 Products/Solutions/Services offered 171

13.1.10.3                 Recent developments           172

13.1.10.4                 MnM view              173

13.1.10.4.1             Right to win           173

13.1.10.4.2             Strategic choices   173

13.1.10.4.3             Weaknesses and competitive threats 173

13.1.11   LITHION TECHNOLOGIES           174

13.1.11.1                 Business overview 174

13.1.11.2                 Products/Solutions/Services offered 174

13.1.11.3                 Recent developments           175

13.1.11.3.1             Deals      175

13.1.11.3.2             Expansion              175

13.1.12   AKKUSER OY      176

13.1.12.1                 Business overview 176

13.1.12.2                 Products/Solutions/Services offered 176

13.1.13   DUESENFELD GMBH      177

13.1.13.1                 Business overview 177

13.1.13.2                 Products/Solutions/Services offered 177

13.1.14   AQUA METALS, INC.       178

13.1.14.1                 Business overview 178

13.1.14.2                 Products/Solutions/Services offered 178

13.1.14.3                 Recent developments           178

13.1.15   SUNGEEL HI-TECH. CO., LTD.    180

13.1.15.1                 Business overview 180

13.1.15.2                 Products/Solutions/Services offered 180

13.1.16   FORTUM              181

13.1.16.1                 Business overview 181

13.1.16.2                 Products/Solutions/Services offered 182

13.1.17   REDUX RECYCLING GMBH           183

13.1.17.1                 Business overview 183

13.1.17.2                 Products/Solutions/Services offered 183

13.1.18   TATA CHEMICALS LTD.                 185

13.1.18.1                 Business overview 185

13.1.18.2                 Products/Solutions/Services offered 185

13.1.19   ATTERO RECYCLING PVT. LTD.                 186

13.1.19.1                 Business overview 186

13.1.19.2                 Products/Solutions/Services offered 186

13.1.20   EXIGO RECYCLING PRIVATE LIMITED   187

13.1.20.1                 Business overview 187

13.1.20.2                 Products/Solutions/Services offered 187

13.1.21   ELECTRA BATTERY MATERIALS                188

13.1.21.1                 Business overview 188

13.1.21.2                 Products/Solutions/Services offered 188

13.1.22   RUBAMIN            189

13.1.22.1                 Business overview 189

13.1.22.2                 Products/Solutions/Services offered 189

13.1.23   HYDROVOLT     190

13.1.23.1                 Business overview 190

13.1.23.2                 Products/Solutions/Services offered 190

13.1.24   ECOGRAF            191

13.1.24.1                 Business overview 191

13.1.24.2                 Products/Solutions/Services offered 192

13.2         OTHER PLAYERS              193

13.2.1      LOHUM                 193

13.2.2      ACE GREEN RECYCLING, INC.    194

13.2.3      LICO      194

13.2.4      AMERICAN BATTERY TECHNOLOGY COMPANY                 195

13.2.5      TARGRAY             196

14            ADJACENT AND RELATED MARKETS      197

14.1         INTRODUCTION              197

14.2         LIMITATIONS    197

14.3         ADJACENT MARKETS     197

14.4         BATTERY RECYCLING MARKET 197

14.4.1      MARKET DEFINITION   197

14.4.2      MARKET OVERVIEW       197

14.4.3      BATTERY RECYCLING MARKET, BY CHEMISTRY                 198

14.5         LEAD ACID         198

14.5.1      LOW RECYCLING COSTS AND HIGH RECOVERY RATES TO DRIVE DEMAND FOR LEAD ACID BATTERIES              198

14.6         NICKEL-BASED 199

14.6.1      HIGH POWER DENSITY OF NICKEL-BASED BATTERIES TO BOOST THEIR GROWTH        199

14.7         LITHIUM-BASED              200

14.7.1      INCREASING GLOBAL CONSUMPTION OF LITHIUM-BASED BATTERIES TO DRIVE THEIR POPULARITY           200

14.8         OTHERS                200

15            APPENDIX           201

15.1         DISCUSSION GUIDE        201

15.2         KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL                204

15.3         CUSTOMIZATION OPTIONS        206

15.4         RELATED REPORTS         206

15.5         AUTHOR DETAILS           207

LIST OF TABLES

TABLE 1                BLACK MASS RECYCLING MARKET: INCLUSIONS & EXCLUSIONS 24

TABLE 2                BLACK MASS RECYCLING MARKET SNAPSHOT: 2024 VS. 2032       35

TABLE 3                KEY COMPANIES IN LIB (LITHIUM-ION BATTERY) RECYCLING: RECYCLING METHOD ADOPTED AND VOLUME PROCESSED    41

TABLE 4                REAL GDP GROWTH (ANNUAL PERCENTAGE CHANGE) FOR KEY COUNTRIES, 2021–2023           44

TABLE 5                UNEMPLOYMENT RATE, BY KEY COUNTRY, 2021–2023              45

TABLE 6               INFLATION RATE (AVERAGE CONSUMER PRICE), BY KEY COUNTRY, 2021–2023       45

TABLE 7                FOREIGN DIRECT INVESTMENT, 2022 VS. 2023                 46

TABLE 8                BLACK MASS RECYCLING MARKET: ROLE OF PLAYERS IN ECOSYSTEM              48

TABLE 9                PORTER’S FIVE FORCES ANALYSIS           49

TABLE 10              AVERAGE SELLING PRICE OF LITHIUM CARBONATE, BY REGION,

2020–2023 (USD THOUSAND/TON)           52

TABLE 11              AVERAGE SELLING PRICE OF COBALT, BY REGION,

2020–2023 (USD THOUSAND/TON)           53

TABLE 12              AVERAGE SELLING PRICE OF NICKEL, BY REGION,

2020–2023 (USD THOUSAND/TON)           54

TABLE 13             INDICATIVE PRICING FOR RECOVERED METALS, BY KEY PLAYER,

2022 (USD THOUSAND/TON)     55

TABLE 14             INDICATIVE PRICING FOR RECOVERED METALS, BY KEY PLAYER,

2023 (USD THOUSAND/TONS)   55

TABLE 15              NORTH AMERICA: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS                 56

TABLE 16              EUROPE: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS           56

TABLE 17              ASIA PACIFIC: REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS                 57

TABLE 18              KEY CONFERENCES & EVENTS, 2024–2025                 57

TABLE 19              INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR MAJOR BATTERY SOURCES (%)    58

TABLE 20              KEY BUYING CRITERIA FOR TOP THREE BATTERY SOURCES         59

TABLE 21              IMPORT DATA FOR LITHIUM CELLS AND BATTERIES (HS CODE: 850650),

BY KEY COUNTRY, 2020–2023 (USD THOUSAND)                64

TABLE 22              EXPORT DATA FOR LITHIUM CELLS AND BATTERIES (HS CODE: 850650), BY KEY COUNTRY, 2020–2023 (USD THOUSAND)           65

TABLE 23              BLACK MASS RECYCLING MARKET, BY BATTERY TYPE, 2019–2022 (USD MILLION)                71

TABLE 24              BLACK MASS RECYCLING MARKET, BY BATTERY TYPE, 2023–2032 (USD MILLION)                71

TABLE 25              COMPARISON OF PROCESSES INVOLVED IN RECYCLING BATTERIES                76

TABLE 26              BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE,

2019–2022 (USD MILLION)            79

TABLE 27              BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE,

2023–2032 (USD MILLION)            80

TABLE 28              AUTOMOTIVE BATTERIES: BLACK MASS RECYCLING MARKET, BY REGION,

2019-2022 (UNITS)            81

TABLE 29              AUTOMOTIVE BATTERIES: BLACK MASS RECYCLING MARKET, BY REGION,

2023-2032 (UNITS)            81

TABLE 30              BLACK MASS RECYCLING MARKET, BY REGION, 2019–2022 (USD MILLION)            85

TABLE 31              BLACK MASS RECYCLING MARKET, BY REGION, 2023–2032 (USD MILLION)            85

TABLE 32              NORTH AMERICA: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE, 2019–2022 (USD MILLION)                 87

TABLE 33              NORTH AMERICA: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE, 2023–2032 (USD MILLION)                 87

TABLE 34              NORTH AMERICA: BLACK MASS RECYCLING MARKET, BY COUNTRY,

2019–2022 (USD MILLION)            87

TABLE 35              NORTH AMERICA: BLACK MASS RECYCLING MARKET, BY COUNTRY,

2023–2032 (USD MILLION)            88

TABLE 36              US: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE,

2019–2022 (USD MILLION)            88

TABLE 37              US: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE,

2023–2032 (USD MILLION)            89

TABLE 38              CANADA: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE,

2019–2022 (USD MILLION)            89

TABLE 39              CANADA: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE,

2023–2032 (USD MILLION)            90

TABLE 40              MEXICO: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE,

2019–2022 (USD MILLION)            90

TABLE 41              MEXICO: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE,

2023–2032 (USD MILLION)            91

TABLE 42              ASIA PACIFIC: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE,

2019–2022 (USD MILLION)            93

TABLE 43              ASIA PACIFIC: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE,

2023–2032 (USD MILLION)            93

TABLE 44              ASIA PACIFIC: BLACK MASS RECYCLING MARKET, BY COUNTRY,

2019–2022 (USD MILLION)            94

TABLE 45              ASIA PACIFIC: BLACK MASS RECYCLING MARKET, BY COUNTRY,

2023–2032 (USD MILLION)            94

TABLE 46              CHINA: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE,

2019–2022 (USD MILLION)            95

TABLE 47              CHINA: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE,

2023–2032 (USD MILLION)            95

TABLE 48              JAPAN: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE,

2019–2022 (USD MILLION)            96

TABLE 49              JAPAN: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE,

2023–2032 (USD MILLION)            96

TABLE 50              SOUTH KOREA: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE,

2019–2022 (USD MILLION)            97

TABLE 51              SOUTH KOREA: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE,

2023–2032 (USD MILLION)            97

TABLE 52              INDIA: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE,

2019–2022 (USD MILLION)            98

TABLE 53              INDIA: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE,

2023–2032 (USD MILLION)            98

TABLE 54              AUSTRALIA: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE,

2019–2022 (USD MILLION)            99

TABLE 55              AUSTRALIA: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE,

2023–2032 (USD MILLION)            99

TABLE 56              THAILAND: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE,

2019–2022 (USD MILLION)            100

TABLE 57              THAILAND: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE,

2023–2032 (USD MILLION)            100

TABLE 58              NEW ZEALAND: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE,

2019–2022 (USD MILLION)            101

TABLE 59              NEW ZEALAND: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE,

2023–2032 (USD MILLION)            101

TABLE 60              SINGAPORE: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE,

2019–2022 (USD MILLION)            102

TABLE 61              SINGAPORE: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE,

2023–2032 (USD MILLION)            102

TABLE 62              REST OF ASIA PACIFIC: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE, 2019–2022 (USD MILLION)            103

TABLE 63              REST OF ASIA PACIFIC: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE, 2023–2032 (USD MILLION)            103

TABLE 64              EUROPE: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE,

2019–2022 (USD MILLION)            105

TABLE 65              EUROPE: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE,

2023–2032 (USD MILLION)            105

TABLE 66              EUROPE: BLACK MASS RECYCLING MARKET, BY COUNTRY,

2019–2022 (USD MILLION)            105

TABLE 67              EUROPE: BLACK MASS RECYCLING MARKET, BY COUNTRY,

2023–2032 (USD MILLION)            106

TABLE 68              FRANCE: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE,

2019–2022 (USD MILLION)            106

TABLE 69              FRANCE: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE,

2023–2032 (USD MILLION)            107

TABLE 70              GERMANY: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE,

2019–2022 (USD MILLION)            107

TABLE 71              GERMANY: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE,

2023–2032 (USD MILLION)            108

TABLE 72              NETHERLANDS: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE,

2019–2022 (USD MILLION)            108

TABLE 73              NETHERLANDS: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE,

2023–2032 (USD MILLION)            109

TABLE 74              UK: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE,

2019–2022 (USD MILLION)            109

TABLE 75              UK: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE,

2023–2032 (USD MILLION)            110

TABLE 76              NORWAY: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE,

2019–2022 (USD MILLION)            110

TABLE 77              NORWAY: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE,

2023–2032 (USD MILLION)            111

TABLE 78              SWEDEN: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE,

2019–2022 (USD MILLION)            111

TABLE 79              SWEDEN: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE,

2023–2032 (USD MILLION)            112

TABLE 80              ITALY: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE,

2019–2022 (USD MILLION)            112

TABLE 81              ITALY: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE,

2023–2032 (USD MILLION)            113

TABLE 82              SPAIN: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE,

2019–2022 (USD MILLION)            113

TABLE 83              SPAIN: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE,

2023–2032 (USD MILLION)            114

TABLE 84              REST OF EUROPE: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE, 2019–2022 (USD MILLION)                 114

TABLE 85              REST OF EUROPE: BLACK MASS RECYCLING MARKET, BY BATTERY SOURCE, 2023–2032 (USD MILLION)                 115

TABLE 86              OVERVIEW OF STRATEGIES ADOPTED BY KEY PLAYERS, 2020–2024         116

TABLE 87              BLACK MASS RECYCLING MARKET: DEGREE OF COMPETITION 119

TABLE 88              COMPANY REGION FOOTPRINT               125

TABLE 89              COMPANY BATTERY SOURCE FOOTPRINT                 126

TABLE 90              COMPANY RECYCLING PROCESS FOOTPRINT                 127

TABLE 91              COMPANY RECOVERED METAL FOOTPRINT                 128

TABLE 92              DETAILED LIST OF KEY STARTUP/SMES                 131

TABLE 93              BLACK MASS RECYCLING MARKET: COMPETITIVE BENCHMARKING OF

KEY STARTUPS/SMES    132

TABLE 94              BLACK MASS RECYCLING MARKET: DEALS, JANUARY 2020–JULY 2024               134

TABLE 95              BLACK MASS RECYCLING MARKET: EXPANSION, JANUARY 2020–JULY 2024               135

TABLE 96              BASF: COMPANY OVERVIEW       136

TABLE 97              BASF: PRODUCTS/SOLUTIONS/SERVICES OFFERED             137

TABLE 98              BASF SE: DEALS 138

TABLE 99              BASF SE: EXPANSION     139

TABLE 100            CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED: COMPANY OVERVIEW               140

TABLE 101            CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED: PRODUCTS/SOLUTIONS/SERVICES OFFERED                 141

TABLE 102            CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED: DEALS               141

TABLE 103            CIRBA SOLUTIONS: COMPANY OVERVIEW                 143

TABLE 104            CIRBA SOLUTIONS: PRODUCTS/SOLUTIONS/SERVICES OFFERED    143

TABLE 105            CIRBA SOLUTIONS: DEALS          144

TABLE 106            GLENCORE: COMPANY OVERVIEW          146

TABLE 107            GLENCORE: PRODUCTS/SOLUTIONS/SERVICES OFFERED             147

TABLE 108            GLENCORE: DEALS         148

TABLE 109            RECYCLICO BATTERY MATERIALS INC.: COMPANY OVERVIEW   150

TABLE 110            RECYCLICO BATTERY MATERIALS INC.:

PRODUCTS/SOLUTIONS/SERVICES OFFERED    150

TABLE 111            RECYCLICO BATTERY MATERIALS INC.: DEALS                 151

TABLE 112            UMICORE: COMPANY OVERVIEW             154

TABLE 113            UMICORE: PRODUCTS/SOLUTIONS/SERVICES OFFERED             155

TABLE 114            UMICORE: DEALS             156

TABLE 115            REDWOOD MATERIALS, INC: COMPANY OVERVIEW          158

TABLE 116            REDWOOD MATERIALS INC: PRODUCTS/SOLUTIONS/SERVICES OFFERED    158

TABLE 117            REDWOOD MATERIALS INC.: DEALS       159

TABLE 118            REDWOOD MATERIALS INC.: EXPANSION                 160

TABLE 119            REDWOOD MATERIALS INC.: OTHERS   161

TABLE 120            TENOVA S.P.A.: COMPANY OVERVIEW   162

TABLE 121            TENOVA S.P.A.: PRODUCTS/SOLUTIONS/SERVICES OFFERED    162

TABLE 122            TENOVA S.P.A.: DEALS  163

TABLE 123            LI-CYCLE CORP.: COMPANY OVERVIEW                 164

TABLE 124            LI-CYCLE CORP.: PRODUCTS/SOLUTIONS/SERVICES OFFERED    165

TABLE 125            LI-CYCLE CORP.: DEALS                166

TABLE 126            LI-CYCLE CORP.: EXPANSION    169

TABLE 127            METSO: COMPANY OVERVIEW  170

TABLE 128            METSO: PRODUCTS/SOLUTIONS/SERVICES OFFERED             171

TABLE 129            METSO: EXPANSION       172

TABLE 130            LITHION TECHNOLOGIES: COMPANY OVERVIEW          174

TABLE 131            LITHION TECHNOLOGIES: PRODUCTS/SOLUTIONS/SERVICES OFFERED    174

TABLE 132            LITHION TECHNOLOGIES: DEALS            175

TABLE 133            LITHION TECHNOLOGIES: EXPANSION 175

TABLE 134            AKKUSER OY: COMPANY OVERVIEW       176

TABLE 135            AKKUSER OY: PRODUCTS/SOLUTIONS/SERVICES OFFERED    176

TABLE 136            DUESENFELD GMBH: COMPANY OVERVIEW                 177

TABLE 137            DUESENFELD GMBH: PRODUCTS/SOLUTIONS/SERVICES OFFERED    177

TABLE 138            AQUA METALS, INC.: COMPANY OVERVIEW                 178

TABLE 139            AQUA METALS, INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED    178

TABLE 140            AQUA METALS, INC.: DEALS       178

TABLE 141            AQUA METALS, INC.: EXPANSION             179

TABLE 142            SUNGEEL HI-TECH. CO., LTD.: COMPANY OVERVIEW          180

TABLE 143            SUNGEEL HI-TECH. CO., LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED    180

TABLE 144            FORTUM: COMPANY OVERVIEW               181

TABLE 145            FORTUM: PRODUCTS/SOLUTIONS/SERVICES OFFERED             182

TABLE 146            REDUX RECYCLING GMBH: COMPANY OVERVIEW          183

TABLE 147            REDUX RECYCLING GMBH: PRODUCTS/SOLUTIONS/SERVICES OFFERED    183

TABLE 148            TATA CHEMICALS LTD.: COMPANY OVERVIEW                 185

TABLE 149            TATA CHEMICALS LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED    185

TABLE 150            ATTERO RECYCLING PVT. LTD.: COMPANY OVERVIEW          186

TABLE 151            ATTERO RECYCLING PVT. LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED    186

TABLE 152            EXIGO RECYCLING PRIVATE LIMITED: COMPANY OVERVIEW   187

TABLE 153            EXIGO RECYCLING PRIVATE LIMITED: PRODUCTS/SOLUTIONS/SERVICES OFFERED    187

TABLE 154            ELECTRA BATTERY MATERIALS: COMPANY OVERVIEW          188

TABLE 155            ELECTRA BATTERY MATERIALS: PRODUCTS/SOLUTIONS/SERVICES OFFERED    188

TABLE 156            RUBAMIN: COMPANY OVERVIEW             189

TABLE 157            RUBAMIN: PRODUCTS/SOLUTIONS/SERVICES OFFERED             189

TABLE 158            HYDROVOLT: COMPANY OVERVIEW      190

TABLE 159            HYDROVOLT: PRODUCTS/SOLUTIONS/SERVICES OFFERED    190

TABLE 160            ECOGRAF: COMPANY OVERVIEW             191

TABLE 161            ECOGRAF: PRODUCTS/SOLUTIONS/SERVICES OFFERED             192

TABLE 162            LOHUM: COMPANY OVERVIEW 193

TABLE 163            ACE GREEN RECYCLING, INC.: COMPANY OVERVIEW          194

TABLE 164            LICO: COMPANY OVERVIEW       194

TABLE 165            AMERICAN BATTERY TECHNOLOGY COMPANY: COMPANY OVERVIEW   195

TABLE 166            TARGRAY: COMPANY OVERVIEW             196

TABLE 167            BATTERY RECYCLING MARKET, BY CHEMISTRY, 2018–2020 (USD MILLION)            198

TABLE 168            BATTERY RECYCLING MARKET, BY CHEMISTRY, 2021–2030 (USD MILLION)            198

LIST OF FIGURES

FIGURE 1              BLACK MASS RECYCLING MARKET: RESEARCH DESIGN                26

FIGURE 2              MAIN MATRIX CONSIDERED WHILE CONSTRUCTING AND ASSESSING

DEMAND FOR BLACK MASS RECYCLING MARKET             29

FIGURE 3              MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH              30

FIGURE 4              MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH                30

FIGURE 5              METHODOLOGY USED FOR SUPPLY-SIDE SIZING OF BLACK MASS RECYCLING MARKET (1/2)          31

FIGURE 6              METHODOLOGY USED FOR SUPPLY-SIDE SIZING OF BLACK MASS RECYCLING MARKET (2/2)          31

FIGURE 7              BLACK MASS RECYCLING MARKET: DATA TRIANGULATION             33

FIGURE 8              AUTOMOTIVE BATTERIES SEGMENT TO ACCOUNT FOR LARGEST SHARE DURING FORECAST PERIOD                 36

FIGURE 9              LITHIUM-ION BATTERIES SEGMENT TO ACCOUNT FOR LARGEST SHARE DURING FORECAST PERIOD                 36

FIGURE 10            NORTH AMERICA TO WITNESS HIGHEST GROWTH DURING FORECAST PERIOD  37

FIGURE 11            HIGH OUTPUT OF SPENT BATTERIES FROM ELECTRIC VEHICLES TO DRIVE MARKET GROWTH          38

FIGURE 12            NORTH AMERICA TO ACHIEVE HIGHEST CAGR DURING FORECAST PERIOD       38

FIGURE 13            BLACK MASS RECYCLING MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES,

AND CHALLENGES          39

FIGURE 14            PRICE OF LITHIUM-ION BATTERY PACK, 2013–2023 (USD/KWH)               43

FIGURE 15            GLOBAL BEV & PHEV SALES, 2018–2023   46

FIGURE 16            VALUE CHAIN ANALYSIS               47

FIGURE 17            ECOSYSTEM ANALYSIS  48

FIGURE 18            PORTER’S FIVE FORCES ANALYSIS           49

FIGURE 19            AVERAGE SELLING PRICE TREND OF LITHIUM CARBONATE, BY REGION,

2020–2023 (USD THOUSAND/TON)           51

FIGURE 20            AVERAGE SELLING PRICE TREND OF COBALT, BY REGION,

2020–2023 (USD THOUSAND/TON)           52

FIGURE 21            AVERAGE SELLING PRICE TREND OF NICKEL, BY REGION,

2020–2023 (USD THOUSAND/TON)           53

FIGURE 22           INDICATIVE PRICING FOR RECOVERED METALS, BY KEY PLAYER,

2022–2023 (USD THOUSAND/TON)           54

FIGURE 23            INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR MAJOR BATTERY SOURCES            58

FIGURE 24            KEY BUYING CRITERIA FOR TOP THREE BATTERY SOURCES         59

FIGURE 25            MAJOR PATENTS RELATED TO BLACK MASS RECYCLING        60

FIGURE 26            IMPORT DATA FOR LITHIUM CELLS AND BATTERIES (HS CODE: 850650),

BY KEY COUNTRY, 2020–2023 (USD THOUSAND)                64

FIGURE 27            EXPORT DATA FOR LITHIUM CELLS AND BATTERIES (HS CODE: 850650),

BY KEY COUNTRY, 2020–2023 (USD THOUSAND)                65

FIGURE 28            TRENDS/DISRUPTIONS IMPACTING CUSTOMER BUSINESS   68

FIGURE 29            INVESTMENT & FUNDING SCENARIO     68

FIGURE 30            LITHIUM-ION BATTERIES SEGMENT TO ACCOUNT FOR LARGEST SHARE DURING FORECAST PERIOD                 71

FIGURE 31            LITHIUM-ION BATTERIES: RECYCLING PROCESSES         75

FIGURE 32            AUTOMOTIVE BATTERIES SEGMENT TO ACCOUNT FOR LARGEST SHARE DURING FORECAST PERIOD                 79

FIGURE 33            ASIA PACIFIC TO ACCOUNT FOR LARGEST SHARE DURING FORECAST PERIOD        85

FIGURE 34            NORTH AMERICA: BLACK MASS RECYCLING MARKET SNAPSHOT       86

FIGURE 35            ASIA PACIFIC: BLACK MASS RECYCLING MARKET SNAPSHOT       92

FIGURE 36            EUROPE: BLACK MASS RECYCLING MARKET SNAPSHOT          104

FIGURE 37            REVENUE ANALYSIS OF TOP THREE PLAYERS, 2019–2023 (USD BILLION)             118

FIGURE 38            MARKET SHARE ANALYSIS, 2023                 118

FIGURE 39            BRAND/PRODUCT COMPARISON             121

FIGURE 40            BLACK MASS RECYCLING MARKET: COMPANY EVALUATION

MATRIX (KEY PLAYERS), 2023     123

FIGURE 41            COMPANY FOOTPRINT 124

FIGURE 42            BLACK MASS RECYCLING MARKET: COMPANY EVALUATION

MATRIX, (STARTUPS/SMES), 2023              130

FIGURE 43            EV/EBITDA         132

FIGURE 44            COMPANY VALUATION 133

FIGURE 45            YEAR-TO-DATE (YTD) PRICE TOTAL RETURN AND FIVE-YEAR STOCK

BETA OF KEY MANUFACTURERS               133

FIGURE 46            BASF: COMPANY SNAPSHOT      137

FIGURE 47            CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED: COMPANY SNAPSHOT               140

FIGURE 48            GLENCORE: COMPANY SNAPSHOT          147

FIGURE 49            UMICORE: COMPANY SNAPSHOT             155

FIGURE 50            LI-CYCLE CORP.: COMPANY SNAPSHOT                 165

FIGURE 51            METSO: COMPANY SNAPSHOT  171

FIGURE 52            FORTUM: COMPANY SNAPSHOT               182

FIGURE 53            ECOGRAF: COMPANY SNAPSHOT             191