New York, NY, Jan. 11, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled “Rare Earth Metal Recycling Market Share, Size, Trends, Industry Analysis Report, By Application (Permanent Magnets, Alloys, Polishing Materials, Glass, Catalyst, Phosphor, Ceramics, Hydrogen Storage Alloys), By Technology; By Region; Segment Forecast, 2022-2030” in its research database
“According to the latest research study, the demand for global Rare Earth Metal Recycling Market size & share is expected to reach USD 623.39 Million By 2030 from USD 236.13 Million in 2021, at a compound annual growth rate (CAGR) of 11.4% during the forecast period 2022 to 2030”
Global Rare Earth Metal Recycling Market Overview
Rare earth metal recycling is essential to modern life and society. These metals are vital for various industries due to their chemical or physical properties. They find applications in the military, electronics, automotive, and communications industries. Rare earth metals, including the lanthanide series, scandium, and yttrium, play a key role in the development of new applications like green technology and electric and hybrid cars. These substances are used to enhance the physical or magnetic properties of other materials.
Recycling rare-earth-metal-containing products intend to provide a domestic source of rare earth to manufacturers, which is expected to reduce environmental impurities and energy costs associated with their primary mining and separations. Growing demand for rare earth metal recycling in emerging applications is expected to propel the rare earth metal recycling market growth.
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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)
Our Sample Report May Includes:
- 2030 Updated Report Introduction, Overview, and In-depth industry analysis.
- 115+ Pages Research Report (Inclusion of Updated Research).
- Provide Chapter-wise guidance on the Request.
- 2022 Updated Regional Analysis with Graphical Representation of Size, Share & Trends.
- Includes Updated List of tables & figures.
- The updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.
Key Offerings of the Industry Report
- Assessment of all opportunities and risks in the market
- Conclusive study about the growth of the market for forthcoming years
- In-depth understanding of market-particular drivers, constraints
- It provides historical and forecasts revenue of the market segments and sub-segments with
- respect to main geographies and their countries
- Country-level analysis of the market with respect to the current size and future prospective
The top Key Players in the Global Market Are:
Key players in the market include Solvay, Hitachi Metals, Umicore, OSRAM Licht, Energy Fuels, American Rare Earth, Arafura Resources, Jingui Silver Industry, Geomega Resources, Urban Mining, and Mitsubishi Electric.
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Growth Driving Factors
- Increasing applications of RE in consumer goods to flourish the market growth
Increased application of rare earth elements in a wide range of consumer goods, including electronics and automobiles, is one of the primary factors driving the rare earth metal recycling market size. Rare earth metals have various properties, special chemical, magnetic, electrical, and luminescence, making them critical for advanced technology like computers and MRIs. These factors fuel the demand for rare earth metal recycling. The rising necessity to develop and use technologies for recycling rare earth elements is boosting the market growth. Besides, a growing development of technologies that provide cleaner, greener energy employ rare earth elements along with great use of rare earth for a sustainable environment is predicted to flourish the rare earth metal recycling industry growth.
Furthermore, fluorescent lamps and rare earth magnets include significantly huge concentrations of rare earth elements and are therefore more cost-effective and recyclable. These applications majorly accelerate market growth. Increasing initiatives by governments across the globe to support a green environment and use green technologies like wind turbines, compact fluorescent lighting, and HE vehicles are further projected to push the rare earth metal recycling market sales. Wind turbines and water turbines offer growth opportunities for permanent magnets.
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Segmental Analysis
- Glass segment is predicted to witness the largest share in the rare earth metal recycling market
Based on application, the market is segmented into virtual permanent magnets, alloys, polishing materials, glass, catalyst, phosphor, ceramics, and hydrogen storage alloys. Glass category is anticipated to dominate the market. erbium, ytterbium, & neodymium are the three rare earth elements that are often utilized in the glass. Erbium mixed silica is utilized for optical communication, ytterbium mixed silica is utilized in engineering materials, & neodymium-doped glass lasers are used for inertial confinement fusion. Rare earth is utilized as a clarifier, decolorizer, colorant, & polishing powder in the glass industry. Thus these applications of these substances are driving the segment growth of the rare earth metal recycling market. Further, the permanent magnet, which is extracted from neodymium, praseodymium, and dysprosium, is predicted to experience the fastest growth.
- The hydrometallurgical technology segment is estimated to generate a higher CAGR throughout the anticipated period
On the basis of technology rare earth metal recycling market segmentation, the market is divided into hydrometallurgical and pyrometallurgical. The hydrometallurgy technology is likely to witness a major CAGR in the coming years. Hydrometallurgy is a method used to obtain metals from ores and waste such as batteries, e-wastes, spent magnets, and others by following three steps. Under high pressure and temperature, rare earth elements melt in acid. Then, the extraction process is performed through a solvent or using an ionic liquid, while ion exchange is used to detach the various REEs into refined and strong solutions. Finally, pure and unique earth metals are generated. Further, a small amount of waste generation, low levels of noxious gases emission, and low production costs are some of the key benefits of hydrometallurgical technology.
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Global Rare Earth Metal Recycling Market: Report Scope
| Report Attribute | Details |
| Revenue forecast in 2030 | USD 623.39 Million |
| Market size value in 2022 | USD 262.46 Million |
| Expected CAGR Growth | 11.4% from 2022 - 2030 |
| Base Year | 2022 |
| Forecast Year | 2022 - 2030 |
| Top Market Players | Solvay SA, Hitachi Metals, Umicore, OSRAM Licht AG, Energy Fuels, American Rare Earth LLC, Arafura Resources, Chenzhou City Jingui Silver Industry, Geomega Resources, Urban Mining Company, Mitsubishi Electric Corporation |
| Segments Covered | By Application, By Technology, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Geographic Overview
- Asia Pacific is projected to generate a major rare earth metal recycling market share
By geography, Asia Pacific dominated the market and is expected to maintain its dominance over the forecast period. The key rare earth metal recycling market trends fueling this growth include increased investment policies, a growing population, expanding economies, and various government initiatives to support the electronics and automobile industries. REEs, such as neodymium, yttrium, and terbium, are usually used in wind turbines, electric vehicles, and smartphones China is the major user of rare earth elements, which is driving the market demand. According to estimates, China produces 80% of rare earth elements.
Browse the Detail Report “Rare Earth Metal Recycling Market Share, Size, Trends, Industry Analysis Report, By Application (Permanent Magnets, Alloys, Polishing Materials, Glass, Catalyst, Phosphor, Ceramics, Hydrogen Storage Alloys), By Technology; By Region; Segment Forecast, 2022-2030” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/rare-earth-metal-recycling-market
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Recent Developments
- In Sept. 2022, Solvay announced a plan to expand its operations, in France to enter the European market & better serve clients in the rapidly expanding markets for electric vehicles, wind power, and electronics.
Frequently Asked Questions (FAQs):
- Who are the crucial companies operating the market?
- What are the major industry norms influencing the development of the industry?
- Which is the most propelling country in the industry?
- Which application or product type will obtain progressive development possibilities during the forecast period?
- What is the expected growth rate of the market during the foreseen period?
Polaris Market Research has segmented the rare earth metal recycling market report based on application, technology, and region:
By Application Outlook
- Virtual Permanent Magnets
- Alloys
- Polishing Materials
- Glass
- Catalyst
- Phosphor
- Ceramics
- Hydrogen Storage Alloys
By Technology Outlook
- Hydrometallurgical
- Pyrometallurgical
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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