Austin, Jan. 20, 2025 (GLOBE NEWSWIRE) -- The Rare Earth Recycling Market is projected to reach a valuation of USD 871.16 million by 2032, growing at a compound annual growth rate (CAGR) of 8.7% from 2024 to 2032.
Key Trends Fueling the Rare Earth Recycling Market
Rare earth elements are critical for a wide range of advanced technologies, including electric vehicles (EVs), renewable energy systems, electronics, and military equipment. These elements, which include neodymium, dysprosium, lanthanum, and others, are used in the production of magnets, batteries, catalysts, phosphors, and numerous other applications. However, the extraction of these metals from traditional mining operations can be environmentally damaging and resource-intensive. This has prompted the growing emphasis on recycling as a more sustainable method for obtaining rare earth elements.
The rare earth recycling market is mainly driven by the increasing utilization of these elements in high-demand sectors such as electronics, automotive, and clean energy. In particular, the rapid growth of the electric vehicle market has significantly raised the need for rare earth metals, especially in magnets used in EV motors. This demand, combined with the finite nature of primary sources of rare earths, has led to a surge in recycling activities aimed at recovering these valuable materials from used products.
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Key Companies:
- Energy Fuels, Inc. (Rare Earth Carbonate, Thorium)
- Solvay SA (Cerium Oxide, Lanthanum Compounds)
- Global Tungsten & Powders Corp. (Tungsten Powders, Tungsten Carbides)
- REEcycle Inc. (Recycled Neodymium, Recycled Dysprosium)
- Umicore (Rare Earth Catalysts, Cobalt-Free Battery Materials)
- Osram Licht AG (Phosphors, Fluorescent Lamp Materials)
- Hitachi Metals, Ltd. (NdFeB Magnets, Ferrite Magnets)
- Lynas Rare Earths Ltd. (Rare Earth Oxides, Rare Earth Metals)
- MP Materials (Praseodymium-Nd Oxide, Cerium Concentrates)
- Arafura Resources (NdPr Oxide, Phosphoric Acid)
- Avalon Advanced Materials (Rare Earth Concentrates, Lithium-Tantalum Products)
- Iluka Resources (Monazite, Zircon-Rich Concentrates)
- Neo Performance Materials (Magnet Powders, Cerium Polishing Powders)
- Rainbow Rare Earths (Mixed Rare Earth Carbonate, NdPr Oxide)
- China Northern Rare Earth Group (Rare-Earth Alloys, Rare-Earth Magnets)
- Shenghe Resources Holding Co., Ltd. (Lanthanum Compounds, Yttrium Oxides)
- Molycorp (Lanthanum Oxide, Cerium Oxide)
- Iljin Materials (Rare Earth Alloys, Magnet Materials)
- Jiangxi Ganfeng Lithium Co. (Rare Earth Compounds, Battery-Grade Materials)
- Zhongke Sanhuan High-Tech (Magnetic Materials, Rare Earth Permanent Magnets)
Rare Earth Recycling Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 410.16 Million |
| Market Size by 2032 | USD 871.16 Million |
| CAGR | CAGR of 8.7% 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) |
| Key Drivers | • Demand for clean energy is growing which drives market growth. |
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Innovations in Rare Earth Recycling Technologies
The rare earth recycling industry has seen continuous advancements in processing technologies to enhance recovery efficiency and reduce costs. New techniques such as hydrometallurgical processing, advanced mechanical processes, and bioleaching have been developed to recover rare earth elements from end-of-life products, making the recycling process more efficient and less harmful to the environment.
For instance, hydrometallurgical techniques have been refined to separate and purify rare earth elements from other materials in electronic waste. These processes are being improved to increase the purity of recovered materials, making them suitable for reuse in high-performance applications. Similarly, mechanical processes have been optimized to break down used products, such as wind turbines, electric vehicle motors, and smartphones, to recover valuable rare earths like neodymium and dysprosium.
In addition, the industry is focusing on creating closed-loop recycling systems, where rare earth elements are continually recycled to minimize waste and reduce the need for primary extraction. These innovations are expected to reduce the environmental footprint of rare earth mining while meeting the growing demand for these materials.
Which Source Led the Market in 2023?
Magnets held the highest market share of more than 32% in 2023. The ubiquitous use of rare-earth permanent magnets, especially neodymium–iron–Boron (NdFeB) in high-tech and green energy industries is largely responsible for this. That also makes them vital components of EV motors, wind turbine generators, and many electronic devices, offering high strength and efficiency relative to ceramic magnets. The necessity of high-efficiency magnets used in wind turbines also promotes the demand for the renewable energy sector. Beyond those, there are also rapidly emerging applications in robotics, medical devices, and aerospace.
Which Application Segment Led the Market in 2023?
Permanent magnets held the largest market share around 28% in 2023. These strong permanent magnets based on rare earth elements (lanthanide metals: neodymium, praseodymium, dysprosium) availability are vital in supplying small lightweight, durable magnets for advanced technologies. Strong demand stems from automotive where permanent magnets are an unmovable part of EV motors due to their high energy efficiency and volume (definitely a must in automotive to increase vehicle performance and mileage). They are also one of the key components for the wind turbine generator in the renewable energy sector, as they play a crucial role in increasing energy conversion efficiency. Apart from energy and automotive, these magnets are used in electronics, robotics, and medical devices due to their high strength and unrivaled performance. In some new fields, the widespread adoption of them ensures that they have conquered an increasingly large share of the rare earth markets.
Which Region Dominated the Market in 2023?
Asia-Pacific dominated the rare earth recycling market in 2023, accounting for over 42% of the global market revenue. This region's growth is primarily attributed to the large-scale manufacturing activities in countries like China, Japan, and South Korea, which are major consumers and producers of rare earth elements.
China plays a critical role in the global rare earth market, both as a dominant supplier and consumer. The country's extensive manufacturing base, along with its position as the largest producer of rare earth elements, has driven the growth of rare earth recycling in the region. In addition, China’s focus on developing a circular economy and reducing its reliance on primary rare earth sources has contributed to the expansion of the recycling sector.
Japan and South Korea are also significant contributors to the rare earth recycling market due to their strong electronics industries and advanced recycling technologies. These countries are increasingly focusing on developing sustainable solutions to recover rare earths from electronic waste and used products.
North America and Europe are expected to experience steady growth in the rare earth recycling market, driven by the increasing adoption of electric vehicles and renewable energy technologies. Government initiatives, such as the European Union’s critical raw materials strategy and the United States’ focus on reducing reliance on foreign rare earth supplies, are expected to support market growth in these regions.
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Recent Developments in the Rare Earth Recycling Market
• 2023: Lynas Rare Earths announced the opening of a new rare earth recycling facility in the United States. This facility is expected to enhance the company’s ability to process e-waste and recover valuable rare earth elements for use in high-tech industries, including electronics and electric vehicles.
• 2023: Molycorp Inc., a leading rare earth company, unveiled plans to expand its rare earth recycling operations in Japan. The new recycling plant will focus on recovering rare earth elements from magnets used in motors, electronics, and renewable energy systems.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Rare Earth Recycling Market Segmentation, by Application
8. Rare Earth Recycling Market Segmentation, by Source
9. Rare Earth Recycling Market Segmentation, by Technology
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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