Dublin, Jan. 31, 2024 (GLOBE NEWSWIRE) -- The "Rare Earth Metals Leaching Chemicals Market by Type (Hydrochloric Acid, Sulfuric Acid, Nitric Acid, Ammonium Sulfate, Citric Acid), and Region (North America, Europe, Asia Pacific, Middle East and Africa, South America) - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global rare earth metals leaching chemicals market is projected to grow from USD 517 Million in 2022 to USD 749 Million by 2027, at a CAGR of 7.7%
This research report categorizes the rare earth metals leaching chemicals market on the basis of type and region. The report includes detailed information regarding the major factors influencing the growth of the rare earth metals leaching chemicals market, such as drivers, restraints, challenges, and opportunities. A detailed analysis of the key industry players has been done to provide insights into business overviews, products & services, key strategies, expansions, new product developments, and recent developments associated with the market.
Rare earth metals leaching chemicals market is all about the leaching process which is performed to recover rare earth metals from sources. In the leaching process, strong leaching agents that are required to separate and recover rare earth metals from their sources are known as rare earth metals leaching chemicals.
These leaching chemicals are classified based on types such as hydrochloric acid, sulfuric acid, nitric acid, ammonium sulfate, citric acid, and others. The rising demand for rare earth metals in end-use industries such as automotive and clean energy and the growing chemical market in the Asia Pacific will drive the growth of rare earth metals leaching chemicals in the forecast period..
The development of cutting-edge rare earth metals leaching chemicals technologies seeks to boost both the economic and environmental performance of the mining industry. The reliability and affordability of water resources and energy supply may be impacted by climate change. For example, rising temperatures will make it more difficult for activities that depend on water in particular mine locations.
This would make site rehabilitation challenging and put mining firms in direct conflict with the local communities for these water resources. Due to its high energy consumption and global product trade, the mining industry will be more likely to be subject to energy and greenhouse gas emission laws.
The companies profiled in this market research report include are BASF SE (Germany), OxyChem (US), Olin Corporation (US), Aurubis (Germany), Solvay S. A. (Belgium), UBE Corporation (Japan), LANXESS AG (Germany), Westlake Chemical Partners (US), Gujarat Alkalies and Chemical Limited (GACL) (India), Gujarat State Fertilizers & Chemicals Limited (GSFC) (India), among others.
By type, Hydrochloric acid anticipated in order to record high ranking CAGR of 8.3% during the forecast period 2022-2027
Hydrochloric acid (HCI) is a powerful mineral acid that is utilised in the extraction of rare earth elements (REES) from various minerals as a leaching agent. The chemical bonds that exist between rare earth elements and mineral ores such as basanite and monazite are effectively dissolved by hydrochloric acid.
For example, the leaching of rare earth metals from bastnaesite with HCL is accomplished by first extracting the REE carbonate with a mild HCl solution, which is then reacted with NaOH at 96 C to convert the REE fluorides to hydroxides, which are then dissolved by leaching with HCL to produce rare earth metals. Alternative procedures exist that skip the initial leaching stage and instead, treat the bastnaesite with alkaline before leaching with HCL.
In the process of in-situ leaching, hydrochloric acid is also utilised. The method of obtaining minerals by dissolving them in place and pumping the solution to the surface for recovery is known as in-situ leaching. The advantages of the in-situ leaching method include high resource recovery and versatility. Because of its availability, as well as its extremely acidic and cost-effective qualities, hydrochloric acid is increasingly being used in numerous rare earth element leaching processes.
Asia Pacific region is predicted as the largest-growing region in the rare earth metals leaching chemicals market
In terms of value, the market in Asia Pacific is estimated to grow at the highest CAGR of 7.9% between 2022 and 2027, to reach USD 586.4 million by 2027. In terms of value, China was the largest market for rare earth metals leaching chemicals in the Asia Pacific in 2021. The market in the Chaina is estimated to grow at a CAGR of 8.4% between 2022 and 2027, in terms of value.
During the forecast period, Asia Pacific is expected to dominate the global rare earth metals leaching chemicals market. Because of the growth of sustainable practises in countries such as China, Australia, India, Malaysia, and the rest of Asia Pacific, the region has emerged as the largest consumer and promoter of rare earth metals leaching chemicals practises. The desire to protect the environment through better technology is expected to drive the rare earth metals leaching chemicals market in this region.
The report provides insights on the following pointers:
- Analysis of key drivers, restraints, opportunities and challenges influencing the growth of the rare earth metals leaching chemicals market
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the rare earth metals leaching chemicals market
- Market Development: Comprehensive information about lucrative markets - the report analyses the rare earth metals leaching chemicals market across varied regions along with recession impact
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the rare earth metals leaching chemicals market
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 201 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value (USD) in 2022 | $517 Million |
| Forecasted Market Value (USD) by 2027 | $749 Million |
| Compound Annual Growth Rate | 7.7% |
| Regions Covered | Global |
Company Profiles
- Arkema SA
- Aurubis
- BASF SE
- Cf Industries Holdings, Inc.
- Domo Chemicals
- Erco Worldwide
- Grupa Azoty SA
- Gujarat Alkalies & Chemicals Ltd.
- Gujarat State Fertilizers & Chemicals Limited
- Ineos Group AG
- Jones-Hamilton Co.
- Langyi Chem
- Lanxess AG
- Lsb Industries
- Olin Corporation
- Oxychem
- Qatar Acids Company
- Sasol
- Solvay SA
- Sumitomo Chemical Co. Ltd.
- Tkg Huchems Co. Ltd.
- Tronox Holdings PLC
- Ube Corporation
- Westlake Chemical Partners
- Weylchem Group of Companies
For more information about this report visit https://www.researchandmarkets.com/r/on4100
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