Rare Earth Metals Recycling Market to be Valued at US$ 422 Million by 2026, at a CAGR of 11.2%, States MarketsandMarkets™
Rare Earth Metals Recycling is the process of recovering rare earth metals from products that are no longer in use or are considered end-of-life products. These metals are used in a variety of electronic and industrial products, including batteries, magnets, optical lenses, and catalysts. They are also used in the production of green energy technologies such as solar panels, wind turbines, and electric vehicles. The demand for rare earth metals is expected to increase as new technologies continue to be developed and adopted. As a result, the recycling of these metals is becoming increasingly important to reduce the need for mining them from ore sources. Recycling rare earth metals also helps to reduce the environmental impact of mining and the associated costs of extraction.
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The global rare earth metals recycling market size is expected to reach USD 422 million by 2026, according to a new report by MarketsandMarkets™, exhibiting a CAGR of 11.2% over the forecast period. The increasing demand for rare earth in electronics & magnets, automotive, and renewable energy, coupled with the growing need for sustainable and environment-friendly production processes, is expected to drive the market.
Moreover, the rising emphasis on developing secondary resources of rare earth, to reduce dependence on foreign countries, is expected to further support market growth. The rare earths industry has a huge potential to generate revenue. The major raw materials required to produce rare earth are recycled electronic products, such as mobile phones, computers, and televisions.
Among the various applications, the glass segment will control the market for recycling rare earth metals in terms of value throughout the anticipated timeframe.
The use of rare earth metals in the glass segment is expected to dominate the global rare earth metals recycling market in terms of value during the forecast period. Rare earth metals are used in glass manufacturing for a variety of purposes such as increasing the strength and durability of glass, providing better optical clarity, and improved chemical resistance. Additionally, rare earth metals are used in the production of auto glass, and in the production of specialized optical and medical glass products. Furthermore, rare earth metals are used in the production of specialty glass products such as heat-resistant, lightweight, and bulletproof glass, and in the production of glass for high-end consumer electronics products. This is driving the growth of the glass segment in the global rare earth metals recycling market.
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During the projection period, the hydrometallurgical technology segment is expected to experience a higher CAGR.
The hydrometallurgical technology segment of the rare earth metals market is expected to witness a higher CAGR during the forecast period from 2021 to 2026. Hydrometallurgy is a method used to extract metals from ore by dissolving the ore in an aqueous solution. This technology is used for the recovery of rare earth metals from ores. The increasing demand for rare earth metals for various applications such as magnets, catalysts, and phosphors is driving the growth of the segment. Moreover, hydrometallurgy is comparatively cheaper, easier, and more efficient than other extraction techniques. This is further expected to propel the segment’s growth during the forecast period.
During the projection period, fluorescent lamps will be the primary source of recycling rare earth metals.
Fluorescent lamps are one of the largest sources of rare earth metals recycling due to the prevalence of fluorescent lighting in commercial and residential applications. Fluorescent lamps contain rare earth metals such as cerium, yttrium, and neodymium that are used in the phosphor coating on the inside of the lamp. When fluorescent lamps reach their end of life, the rare earth metals can be recovered and recycled for reuse. The recycling of fluorescent lamps for rare earth metals is expected to grow significantly during the forecast period due to increasing awareness of the importance of resource conservation and the growing demand for rare earth metals from emerging technologies.
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Asia Pacific is the largest market for rare earth metals recycling
The Asia Pacific region is the largest market for rare earth metals recycling. This is because the region has many manufacturers and suppliers of rare earth metals, and it is also the largest consumer of these metals. Additionally, the region has some of the most advanced recycling technologies and facilities, which makes it more attractive for rare earth metal recycling.
The rare earth metals recycling market comprises major solution providers, Solvay SA (Belgium), Hitachi Metals, Ltd. (Japan), Umicore (Belgium), Osram Licht AG (Germany), Energy Fuels, Inc. (US), Global Tungsten & Powders Corp. (US), and REEcycle Inc.(US) among others.
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