Black Mass Upgrading and Refining for Battery-Grade Materials Industry in Europe

FMI notes Black Mass Upgrading and Refining for Battery-Grade Materials Industry in Europe was valued at USD 0.47 billion in 2025, with industry valuation rising to USD 0.54 billion in 2026 and reaching USD 1.97 billion by 2036. Market expansion remains tied to the increasing need for battery-grade recovered materials across the European battery value chain. Hydrometallurgy is expected to lead the process route segment with a 68.0% share in 2026, reflecting its suitability for producing high-purity recovered outputs. Production scrap is projected to remain the leading feedstock source through 2036, supported by the region’s expanding battery manufacturing base and the continued availability of process waste ahead of larger end-of-life battery volumes.