Global Rare Earth Metals Recycling Market Size, Share, and COVID-19 Impact Analysis, By Application (Alloy, Catalyst, Magnet, Glass, Ceramics & Others), By Technology (Hydrometallurgical & Pyrometallurgical), By Source (FCC, Fluorescent lamps, Coal, Batteries, Industrial process & Others), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa) Analysis and Forecast 2022-2030

KEY MARKET INSIGHTS

The rare earth metals recycling market was valued at USD 248 million in 2021. The market is projected to grow USD 421 millio in 2030, at a CAGR of 11.6%. Rare earth elements, or REEs, are a collection of seventeen elements from the periodic table, fifteen of which are lanthanides, as well as yttrium and scandium. Although their names imply that they are uncommon, this is not the case.

Some of these elements are plentiful, but their concentrations inside the ore are extremely low, earning them the moniker "rare earth elements." Rare earth elements are widely used in a variety of applications, from everyday consumer items to super-strong magnets used in wind energy generating and nuclear reactor shielding. Yttrium, scandium, lanthanum, cerium, and neodymium are some of the most extensively used rare earth elements. Several of these components have the potential to be recycled.

COVID-19 ANALYSIS

The outbreak of COVID-19 has impacted severely on the supply chain of the retail industry. The COVID-19 pandemic has significant impact on the rare earth metals recycling business. However, as soon as the lockdown was announced, internet sales increased dramatically. People were battling to get enough sleep when their routines changed. As a result, this increase reflected people looking for self-care solutions at a time when COVID-19 worry was causing a slew of sleep problems. As a result, there was an increase in spending on comfort and bedding, which aided the market's expansion.

LATEST TREND

Shifting Focus for Green Energy Technologies

The shifting focus for the growth of the green technologies fueling the market growth. One of the major factor is the decarbonizing the environment by using the rare earth metals. On the one hand, using green energy helps to reduce fossil fuel usage, but it also boosts demand for permanent magnets containing significant amounts of rare earth metals.  

DRIVING FACTORS

Increasing Usage of Electronic Devices Among the Population

The increasing disposable income among the population will in turn creating the demand of electronic devices will likely to boost the growth of the global rare earth metals recycling market. Usage of technological gadgets has rapidly been increasing among adolescents.

Moreover, the increasing high speed internet is required for better communications among the world. Also, consumers are heavily dependent on these devices. Few companies are investing rare earth metals in manufacturing like, Apple has used recycled gold, recycled tungsten, rare earth elements, and cobalt.

RESTRAINTS

High Initial Cost Required to Purify the Mixtures Obtained from Consumer Devices

Huge costs are required to extract the rare earth metals from the mixtures is likely to hamper the growth of the global rare earth metals recycling market. When the cost of raw materials rises unexpectedly, several businesses look for new suppliers to help them meet their revenue goals.

As a result, resources are sourced from lower-cost economies. The danger of disrupting the supply chain while switching to a different supplier of raw materials is substantial. Rare earth elements, unlike other precious and nonferrous metals, are not traded on commodities markets.

SEGMENTATION

The global rare earth metals recycling market is segmented by Application (Alloy, Catalyst, Magnet, Glass, Ceramics, and Others), by Technology (Hydrometallurgical and Pyrometallurgical), by Source (FCC, Fluorescent lamps, Coal and Others) and Region. Based on the application, the market is categorized alloy, catalyst, magnet, glass, ceramics, and others. Based on technology, the market is categorized into hydrometallurgical and pyrometallurgical. Based on source, the market is categorized into fcc, fluorescent lamps, coal, batteries, industrial process and others. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, South America, Middle East and Africa.

Application Insights

Based on the application segment, the magnet segment has dominated the rare earth metals recycling market share owing to the increasing applications such as vehicles, healthcare equipment, electronic gadgets amongst others.

Hybrid automobile engines and the expanding wind power turbine sector are two industries that require permanent magnets. Mobile phones, speakers, wind turbine generators, hard drives, hybrid electric vehicles, television, and transducers all use neodymium, boron, and iron alloys.

Technology Insights

Based on the technology segment, the global rare earth metals recycling market is categorized into hydrometallurgical, pyrometallurgical. The pyrometallurgical segment has dominated the market share in 2021 of global rare earth metals recycling market owing to the economically efficient and take full advantage of recovering a significant amount of precious metals.

Source Insights

Based on the source segment, the global rare earth metals recycling market is categorized into fcc, fluorescent lamps, coal, batteries, industrial process and others. The industrial process segment is dominated the market share in 2020 of global rare earth metals recycling market owing to the rising demand from different industries such as healthcare, manufacturing, mining, automotive, etc.

REGIONAL INSIGHTS

The global rare earth metals recycling market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.

Asia Pacific region is dominating the market share of global rare earth metals recycling market owing to the increasing population, attractive investment policies, growing economies, and government measures aimed at encouraging the region's electronics and automobile sectors are all contributing to the region's economic growth. Due to constantly expanding demand in China, which consumes the rare earth metals internationally.

However, North America region is anticipated to grow over the next few years of global rare earth metals recycling market owing to the early adopter of recycling technologies and technological advancement.

PLAYERS PROFILED:

• ams-OSRAM International GmbH
• Solvay
• Clean Earth
• Global Tungsten & Powders Corp.
• Hitachi Metals, Ltd.
• REEcycle Inc.
• RockLink GmbH
• Noveon
• ENERGY FUELS INC.
• Umicore
• Lynas Rare Earths Ltd
• Nth Cycle Inc.
• Geomega Resources
• Others

Key Developments:

February 2021- Lynas Rare Earths Ltd had signed an agreement with the US Government to develop a Light Rare Earth separation facility in the US to enhance their market position in the country.

SEGMENTATION

By Application

• Alloy
• Catalyst
• Magnet
• Glass
• Ceramics
• Others

By Technology

• Hydrometallurgical
• Pyrometallurgical

By Source

• FCC
• Fluorescent lamps
• Coal
• Batteries
• Industrial process
• Others

By Region

• North America- U.S., Mexico, Canada
• Europe- UK, France, Germany, Italy, Spain, Rest of Europe
• Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
• South America- Brazil, Argentina, Colombia, Rest of South America
• The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa