Global NCM Recycled Battery Black Mass Market Strategic Research Report

Scope of the Report

The global NCM Recycled Battery Black Mass market size is predicted to grow from US$ 858 million in 2025 to US$ 2,072 million in 2032; it is expected to grow at a CAGR of 13.5% from 2026 to 2032.

NCM Recycled Battery Black Mass refers to the black powdered active material rich in metallic elements such as nickel, cobalt, manganese, lithium, and graphite carbon, obtained after preprocessing steps—including discharge, crushing, pyrolysis, and physical separation—to remove battery casings, separators, and copper/aluminum foil current collectors from spent nickel-cobalt-manganese lithium-ion batteries. It serves as a key intermediate product connecting physical dismantling and chemical extraction in the lithium-battery recycling value chain, and it is the core raw material for hydrometallurgical recovery of battery-grade metal salts. The upstream segment mainly consists of equipment providers such as Dalan Environmental Protection, JieBang Precision, and Tianqi Shares, which supply core crushing, sorting, and pyrolysis equipment and are responsible for collecting and dismantling end-of-life batteries to produce black mass. The midstream segment represents the core of recycling and regeneration, utilizing hydrometallurgy and fine-purification technologies, such as those from Sunresin New Materials Co., Ltd. (Blue-Star), to efficiently extract, purify, and synthesize battery-grade ternary precursors or cathode materials from the black mass. The downstream application directly supplies power and energy-storage battery manufacturers, including CATL, Gotion High-tech, CALB, and EVE Energy, where the regenerated materials are used to manufacture new power batteries and energy-storage products, thereby forming an industrial closed loop of battery production, use, collection, recycling, and remanufacturing. In 2025, the average gross margin was approximately 48%, and the capacity utilization rate was about 71%. The production volume in 2025 reached around 135,000 tons, with an average price of USD 6,500 per ton.

NCM Recycled Battery Black Mass will be positioned as a strategic secondary resource rather than a simple recycling intermediate. Its demand will be supported by retired electric vehicle batteries and cathode production scrap, because nickel, cobalt, lithium, and manganese recovery has clear material value. Applications will concentrate on hydrometallurgical refining, battery-grade metal salts, cathode precursor production, and closed-loop supply for battery makers. Compared with LFP black mass, the commercial model is more sensitive to metal prices, impurity control, and recovery yield. Suppliers with stable feedstock sourcing, traceable recycling channels, high metal recovery efficiency, and battery-material qualification capability will have stronger bargaining power.

Key Questions Addressed in this Report

What is the 10-year outlook for the global NCM Recycled Battery Black Mass market?

What factors are driving NCM Recycled Battery Black Mass market growth, globally and by region?

Which technologies are poised for the fastest growth by market and region?

How do NCM Recycled Battery Black Mass market opportunities vary by end market size?

How does NCM Recycled Battery Black Mass break out by Type, by Application?

This report presents a comprehensive overview of the global NCM Recycled Battery Black Mass market, covering market size and forecast, segmentation by product type and application, competitive landscape, leading players and regional and country-level outlook.

Segment by Type

• NCM523
• NCM622
• Others

Segment by Technology

• Pyrometallurgical Smelting
• Hydrometallurgical Recovery

Segment by Content

• Li＜4%
• Li≥4%

Segment by Application

• Power Battery
• Energy Storage Battery
• Others

Who Can Use This Report?

This report is written for decision-makers who need a clear, data-backed view of the global NCM Recycled Battery Black Mass market:

• Manufacturers, suppliers and solution providers benchmarking their position and planning product, capacity and go-to-market strategy
• Distributors, channel partners and end users in Power Battery, Energy Storage Battery, Others evaluating demand and sourcing options
• Investors, financial analysts and consultants assessing growth opportunities, competitive dynamics and M&A potential
• Government agencies, industry associations and research institutions tracking industry developments and policy impact