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RARE EARTH RECYCLING MARKET REPORT OVERVIEW
Global Rare Earth Recycling Market size was USD 13.8 Billion in 2023 and market is projected to touch 175 Billion by 2032, exhibiting a CAGR of 15.6% during the forecast period.
The recycling of the rare elements (REE) is an activity of retrieving and recycling these REEs from end-of-life products, industries waste streams, and scrap products. Rare earth elements (REE) are subgroup of 17 similar elements, e.g. lanthanum, cerium, neodymium, or dysprosium, which show similar chemical properties. It is a necessary element for technology applications including which electronics, green energy technologies, and electric vehicles.
COVID-19 Impact: Market Growth restrained by the Pandemic due to Disruption of Supply Chains
The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.
Pandemics always affects the global supply chains. Especially, COVID-19 pandemic hampered the procedure of collection, transportation, and processing of the waste mainly rare earth elements from the end-of-life products and industrial wastes. Lockdowns, bans on travel, and social distancing created a back-up in the stream of recycling operations, and the availability of scrap materials also decreased, which was a negative role in rare cost recovery.
LATEST TRENDS
"Circular Economy Initiatives to Drive Market Growth"
Those companies, as well as national administrations and environmental organizations, get more into the habit of labeling the circular economy as the main tool for efficient recycling and lowering the waste amount. Rare earth element recycling is among the key steps to mitigate the problem of material loops from end-of-life products, improve resource efficiency, and eventually, decrease the world's overdependence on rare earth elements from primary mining. This is precisely the goal of circular economy projects that are oriented towards the effective use of resources and the reduction of waste to the extent possible by enhancing the input of materials to reuse, recycle, and recover them. Rare earth recycling is a conservation resource that work to beat the source of valuable rare earth elements from waste products, industrial waste streams and out-of-production materials, this leads to a reduced demand for primary mine and new materials.
RARE EARTH RECYCLING MARKET SEGMENTATION
By Type
Based on type the global market can be categorized into Metallurgical Recycling and Extraction Recycling.
- Mettalurgical Recycling- The alloying recycling or, moving it to direct recycling, implies the recovery of rare earth elements out of scrap materials and end-of-life products through melting and alloying processes.
- Extraction Recycling- The extraction recycling or "chemical recycling" means the use chemical approach in treating materials which are scrap or a waste stream to separate rare earth elements by means of the dissolution and classification.
By Application
Based on application the global market can be categorized into Permanent Magnets, Catalyst, Glass, Ceramics, Phosphor, Alloy Manufacturing and Others.
- Permanent Magnets- Recycled rare earth magnets find application in devices such as hard disk drives, loudspeakers, headphones, and sensors- all which have magnetic effects.
- Catalyst- Recycled rare earth catalysts processed in car catalyst converters do the deed of decreasing harmful emissions of such pollutants as the nitric oxide (NOx), carbon monoxide (CO) and the hydrocarbons (HC) from the exhaust gases of cars.
- Glass and Ceramics- Today, rare earth materials are the primary material used in the making of LCD, LED display panels for mobile phones, tablets, TVs, and computers, which help to give screens their rich colors and high resolution.
- Phosphor- Phosphore from recycled rare earth is used to produce LED lighting, like illumination, traffic lights and sign boards,the color emitted to LED lights is adjustable and demarcate range of the color.
- Alloy Manufacturing- Rare earth recycled alloys are utilized in aerospace to, thereby, strengthening the engines and turbine blades, add corrosion resistance, and also allow structuring of the aircraft components at a high temperature.
DRIVING FACTORS
"Corporate Sustainability Goals to Boost the Market"
One of the key driving factors in the global Rare Earth Recycling market growth is the Corporate Sustainability Goals. A vast amount of corporations right now have the most ambitious sustainability strategies like those for cutting waste and resources, regulating carbon emissions to zero level. A rare earth recycling scheme is in line with the overall sustainability goals in businesses as it promotes waste reduction while at the same time prolonging the life cycle of the resources conserved. It does this by reducing the ecological impacts of the product life cycle. Consequently, most enterprises operate their supply chains in ways that is conservation-oriented and environment-friendly. The rare earth recycling strategy is therefore consistent with these objectives as prioritising the conservation of existing resources and thereby reducing the magnitude of primary mining which is frequently accompanied by disruptive practices.
"Environmental Sustainability to Expand the Market"
Another driving factor in the global Rare Earth Recycling market is Environmental Sustainability. The environmental consequences of the extraction, recycling and discarding of REMs such as destruction of a lot of habitats, pollution of air and water, and creation of harmful wastes have prompted the continuous search of new eco-friendly methods. Rare-earth recovery as a recycling processor assists to environmental sustainability by saving of natural resources, lessening of the energy consumption, and minimizing the pollution of the environment in the field of primary extraction. The rare earth recycling process plays a pivotal role conserving valuable, natural resources by regenerating and reusing rare earth elements from lime-to-life products, industrial by-products and scraps materials. Recycling is an important means to prolong the life of existing products and therefore it eliminates the need to dig new mining sites to acquire new raw materials which has high possibility of causing environmental degradation like habitat destruction, pollution among others.
RESTRAINING FACTORS
"Lack of Awareness and Education to Potentially Impede Market Growth"
One of the key restraining factors in the global Rare Earth Recycling market is the Lack of Awareness and Education. The lower level of knowledge and understanding regarding rare earth metal recycling by consumers, business, and policy can impede growth of markets and investment in precious metals recycling infrastructures. Campaigns of educating the public and the pros of recycling of rare earth materials and their possible environmental and economic benefits need to be promoted alongside sustainable solutions for effect. Without a substantive appreciation of the significance of recycling rare earth elements right on the part of the users, they might not consider recycling programs or properly dispose of items that contain rare earth elements that are no longer usable. As a result, precious resources may be lost to tips, where they actually belong to recovery and re-circulation.
RARE EARTH RECYCLING MARKET REGIONAL INSIGHTS
"Asia Pacific Region Dominating the Market due to Presence of Key Rare Earth Consumers and Manufacturers. "
The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.
Asia Pacific has emerged as the most dominant region in the global Rare Earth Recycling market share due to several factors. The Asia Pacific is the home of several biggest consumers and producers (who mainly work in areas like electronics, automotive industry etc.) of rare earth materials. Those countries have a convenient position in the supply of rare earth materials due to the different industries, such as renewable energy, manufacturing etc. For example: There are China, Japan and South Korea that are quite famous for manufacturing their goods which depend a lot on rare earth materials. The market of recycling and reuse of rare earth is now significantly growing.
KEY INDUSTRY PLAYERS
"Key Industry Players Shaping the Market through Innovation and Market Expansion"
The Rare Earth Recycling market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of Rare Earth Recycling options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, introducing innovative designs, materials, and smart features in Rare Earth Recycling, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.
LIST OF TOP RARE EARTH RECYCLING MARKET COMPANIES
- Hitachi Metals (Japan)
- Geomega Resources (Canada)
- Chenzhou City Jingui (China)
- Huahong Technology (China)
- Shenghe Holding (China)
INDUSTRIAL DEVELOPMENT
2020: Umicore and Volkswagen collaboration will start by building precursor and cathode material production layers in Europe to supply Volkswagen’s European battery cell manufacturing.
REPORT COVERAGE
The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.
The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 13.8 Billion in 2023 |
Market Size Value By |
US$ 175 Billion by 2032 |
Growth Rate |
CAGR of 28.4% from 2023 to 2032 |
Forecast Period |
2023-2032 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered | |
By Type
|
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By Application
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Frequently Asked Questions
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Which is the leading region in the Rare Earth Recycling market?
Asia Pacific is the prime area for the Rare Earth Recycling market owing to the vast population in the region.
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Which are the driving factors of the Rare Earth Recycling market?
Corporate Sustainability Goals and Environmental Sustainability are some of the driving factors of the Rare Earth Recycling market.
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What are the Rare Earth Recycling market segments?
The Rare Earth Recycling market segmentation that you should be aware of, which includes, based on type the Rare Earth Recycling market is classified as Metallurgical Recycling and Extraction Recycling. Based on application the Rare Earth Recycling market is classified as Permanent Magnets, Catalyst, Glass, Ceramics, Phosphor, Alloy Manufacturing and Others.