Impact of COVID-19 on Rare Earth Metals Recycling Market: Challenges, Demand, Solutions and Opportunities, MarketsandMarkets™ Report
The global rare earth metals recycling market is estimated to be USD 248 million in 2021 and is projected to reach USD 422 million by 2026, at a CAGR of 11.2% from 2021 to 2026. Rare earth metals are considered key elements in developing technologies in the communications, electronics, automotive, and military weapon sectors. The demand for these elements is expected to increase in the near future as these are key components in emerging applications, such as green technology and electric and hybrid vehicles.
The rare earth metals recycling market is segmented on the basis of source into fluorescent lamps, magnets, batteries, FCC, and industrial process. Fluorescent lamps to be the largest source of rare earth metals recycling during the forecast period. The inner lining of fluorescent tubes is coated with phosphors, which absorb the ultraviolet light from electrically charged mercury vapor and re-emit visible light based on a mix of blue, green, and red emitters. As these metals are difficult to mine, there is a great scope for recycling them. They can be recovered from red lamp phosphor, a powder that is used in fluorescent lamps such as neon tubes.
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On the basis of technology the market is segmented into hydrometallurgical and pyrometallurgical. Hydrometallurgical technology segment to witness higher growth rate during the forecast period. Hydrometallurgical processing technology methodologies routed through leaching, solvent extraction, and precipitation is often preferred as a prominent technique for recovering rare earth metals from secondary wastes such as batteries, spent magnets, e-wastes, and others. The technology has a number of advantages over the pyro-metallurgical route. The favorable features of this technique are low production costs, small amount of waste generation, and low levels of noxious gases emission, which prevent environmental contamination and enable a clean separation of targeted rare earth metals.
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The key players in the rare earth metals recycling market are Solvay SA (Belgium), Hitachi Metals, Ltd. (Japan), Umicore (Belgium), OSRAM Licht AG (Germany), Energy Fuels (US), and others. The rare earth metals recycling market report analyzes the key growth strategies adopted by the leading market players, between 2016 and 2021, which include expansions, mergers & acquisition, new product developments/launch, and collaborations.
Solvay SA is a manufacturer and distributor of chemical and plastic products. It operates through the following segments: advanced formulations, advanced materials, performance chemicals, and corporate and business services. The advanced formulations segment offers specialty formulations that impact surface chemistry and alter liquid behavior. The advanced materials segment provides materials for multiple applications in the automotive, aerospace, electronics, and health sectors. The performance chemicals segment operates in mature and resilient markets and has positions in chemical intermediates. The company has more than 20 research & innovation centers and presence in more than 64 countries. Solvay has two sites in France for recycling rare earth elements.
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Hitachi Metals, Ltd. is engaged in the manufacturing and sale of products for the automobile, electronics, and infrastructure sectors. It operates through the specialty steel, magnetic materials, functional components, and cable materials business divisions. The specialty steel division offers high-grade special steel, rolls, steel and ceramic structural parts, injection molding machine parts, and soft magnetic materials. The magnetic materials division offers magnets and ceramic products. The functional components division provides high-grade casting components for automobiles, piping and infrastructure components, and construction components. The cable materials division offers electric wires and functional items such as industrial wire, equipment wire, industrial rubber, cable processed products, automotive electrical components, and brake hose. The company has plants and research & development facilities in Osaka, Saga, Shimane, Mie, Saitama, Tochigi and Ibaraki and overseas offices in New York, Dusseldorf, London, Paris, Shanghai, Hong Kong, Taipei, and Singapore, among other cities.
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