The Rare Earth Recycling Market size was valued at USD 283.81 million in 2023 and is expected to reach USD 827.90 million by 2032 and grow at a CAGR of 11.30% over the forecast period of 2024-2032.
Permanent magnets, electric vehicles, cellphones, wind turbines, and other devices depend on rare earth metals, such as the lanthanide series, scandium, and yttrium. The elements must be refined before use because they are found naturally in ores as mixes. However, mining and separating the mineral ore is difficult and expensive in terms of both energy and waste. These substances currently place a heavy load on the environment. Despite having the potential for reuse, the vast majority are thrown away after just one usage.
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Recycling rare earth-containing items provides manufacturers with a reliable domestic source of rare earth resources while also lowering waste. With the incorporation of recovered materials, environmental damage and energy costs connected to their initial mining and separation should be reduced.
Drivers:
Increasing End-Use Industry Demand
Demand for Clean Energy Is Growing
Associations and regulatory bodies' initiative
Restraints:
Cost Variations for Rare Earth Metals
Mining of Rare Earth Metal Ores Without Permits
Opportunity:
Rare Earth Metal Recycling Promotes Consistent Material Sourcing
Setting Net-Zero Goals by 2050 to Encourage Rare Earth Metal Recycling
Challenge:
Safety of Workers in the Recycling of Rare Earth Metals
For several worldwide businesses, including the chemical industry, the first half of 2020 turned out to be an unanticipated turning point. By lowering the automobile and electronic sectors (among other sectors) and upsetting current supply chains, COVID-19's debut has made the issue worse. The industry for recycling rare earths has been severely impacted by the global epidemic. Due to the COVID-19 pandemic, the market players had to shut down production facilities or operate them at lower production levels in order to prevent the coronavirus from spreading. As a result, the recycling of rare earth metals has decreased. Production has also decreased as a result of the fall in e-waste collection and the limited supply of raw materials as a result of supply disruptions. In 2020, the global market for recycling rare earths will see a severe downturn as a result of lockdowns implemented in the majority of the world's regions to halt the spread of COVID-19 Manufacturers have developed a new approach, though, to address the difficulties encountered during the COVID-19 outbreak's initial phase. Furthermore, it is unlikely that the market for recycling rare earth materials will pick up again in the near future. The demand for rare earth recycling has decreased globally as a result of the closure of production facilities by the primary consumers of rare earth recycling, including the automobile, aerospace, machining tools, and wind energy industries. However, the need for rare earth recycling is increasing now that trade restrictions and lockdown measures have been lifted.
By Application
Alloy
Catalyst
Permanent magnets
Glass
Ceramics
Phosphor
Polishing materials
Hydrogen storage alloys
By Source
FCC
Fluorescent lamps
Magnets
Batteries
Industrial process
By Technology
Hydrometallurgical
Pyrometallurgical
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Asia-Pacific, North America, Europe, Latin America, and the Middle East and Africa are among the regions where the worldwide rare earth recycling market has been researched. In 2020, Asia-Pacific has a market share of more than 30% worldwide. To increase their market share, the major competitors in the Asia-Pacific market are implementing a variety of business tactics, including R&D, joint ventures, new product launches, portfolio expansions, contracts and agreements, and acquisitions.
The expansion of industrial players in nations like Germany and the UK is to blame for the expansion of the European market. Over the upcoming years, it is projected that high-level research and development operations across these countries would continuously develop new products, paving the way for moderate market expansions in the rare earth recycling sector. In all of North America, the US has one of the largest permanent magnet marketplaces. It is projected that widespread usage of permanent magnets in electronic devices including televisions, cell phones, speakers, and more will represent consistent rise in demand for the rare earth recycling industry in North America.
REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
Energy Fuels, Inc. (US), Solvay SA (Belgium), Global Tungsten & Powders Corp. (US), REEcycle Inc.(US), Umicore (Belgium), Osram Licht AG (Germany) and Hitachi Metals, Ltd. (Japan).
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 283.81 Million |
| Market Size by 2032 | US$ 827.90 Million |
| CAGR | CAGR of 11.30% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Application (Alloy, Catalyst, Permanent magnets, Glass, Ceramics, Phosphor, Polishing materials, Hydrogen storage alloys) • By Source (FCC, Fluorescent lamps, Magnets, Batteries, Industrial process) • By Technology (Hydrometallurgical, Pyrometallurgical) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Energy Fuels, Inc. (US), Solvay SA (Belgium), Global Tungsten & Powders Corp. (US), REEcycle Inc.(US), Umicore (Belgium), Osram Licht AG (Germany) and Hitachi Metals, Ltd. (Japan) |
| Key Drivers | • Increasing End-Use Industry Demand. • Demand for Clean Energy Is Growing |
| RESTRAINTS | • Cost Variations for Rare Earth Metals • Mining of Rare Earth Metal Ores Without Permits |
Ans: Rare Earth Recycling Market Size was valued at USD 283.81 million in 2023, and expected to reach USD 827.90 million by 2032, and grow at a CAGR of 11.30% over the forecast period 2024-2032.
Ans: Safety of Workers in the Recycling of Rare Earth Metals are the challenges faced by the Rare Earth Recycling Market.
Ans: Energy Fuels, Inc. (US), Solvay SA (Belgium), Global Tungsten & Powders Corp.(US), REEcycle Inc.(US), Umicore (Belgium), Osram Licht AG (Germany) and Hitachi Metals, Ltd. (Japan) are the major key players of Rare Earth Recycling Market.
Ans: Manufacturers, Consultant, aftermarket players, association, Research institute, private and universities libraries, suppliers and distributors of the product.
Ans: Key stakeholders considered in the study:
Raw material vendors
distributors/traders/wholesalers/suppliers
regulatory authorities, including government agencies and NGO
commercial research & development (r&d) institutions
importers and exporters
government organizations, research organizations, and consulting firms
trade/industrial associations
end-use industries are the stake holder of this report
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID 19 Impact Analysis
4.2 Impact of Ukraine-Russia War
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8.Rare Earth Recycling Market Segment, By Application
8.1 Alloy
8.2 Catalyst
8.3 Permanent magnets
8.4 Glass
8.5 Ceramics
8.6 Phosphor
8.7 Polishing materials
8.8 Hydrogen storage alloys
9.Rare Earth Recycling Market Segment, By Source
9.1 FCC
9.2 Fluorescent lamps
9.3 Magnets
9.4 Batteries
9.5 Industrial process
10.Rare Earth Recycling Market Segment, By Technology
10.1 Hydrometallurgical
10.2 Pyrometallurgical
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 USA
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4 Asia-Pacific
11.4.1 Japan
11.4.2 South Korea
11.4.3 China
11.4.4 India
11.4.5 Australia
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.1 Israel
11.5.2 UAE
11.5.3 South Africa
11.5.4 Rest
11.6 Latin America
11.6.1 Brazil
11.6.2 Argentina
11.6.3 Rest of Latin America
12. Company Profile
12.1 Energy Fuels, Inc. (US)
12.1.1 Financial
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 Solvay SA (Belgium)
12.3 Global Tungsten & Powders Corp. (US)
12.4 REEcycle Inc.(US)
12.5 Umicore (Belgium)
12.6 Osram Licht AG (Germany)
12.7 Hitachi Metals, Ltd. (Japan)
13.Competitive Landscape
13.1 Competitive Benchmark
13.2 Market Share analysis
13.3 Recent Developments
14. Conclusion
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