The global rare earth metal recycling market size is expected to reach USD 623.39 million by 2030, according to a new study by Polaris Market Research. The report “Rare Earth Metal Recycling Market Share, Size, Trends, Industry Analysis Report, By Application (Permanent Magnets, Alloys, Polishing Materials, Glass, Catalyst, Phosphor, Ceramics, Hydrogen Storage Alloys), By Technology; By Region; Segment Forecast, 2022-2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
One of the key factors propelling the growth of the rare earth metal market is the increase in demand for clean energy across the globe. Therefore, rare earth metals are used in the manufacturing of catalysts and magnets for the automotive industry and are extensively used in the production of batteries for electric vehicles. The market is also influenced due to rare earth metals’ application in catalytic converters used in rechargeable batteries, cellphones, fluorescent lights, and vehicle exhaust systems.
Demand for consumer electronics has increased as a result of rising purchasing power parity and rising disposable income among many people. The market will have many areas to grow due to the environmental damage caused by metal processing and mining. Recycling is regarded as a key procedure for safeguarding the environment. These are all positive developments for the industry of recycling rare earth metals.
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Additionally, the growing end-use sectors such as industrialization, and urbanization, and the rising interest of numerous organizations and businesses in technology advancement all favor the rare earth metal market. Thus, it increases the global market. For instance, in May 2022, Energy fuels proposed to acquire 58 square miles of rare earth elements (REE) project, in Brazil. Energy fuels responsibly produce the raw materials needed for the clean energy revolution.
Many automobile manufacturers face a decline in their market share due to the effect of the pandemic. Thus, the global market of rare earth recycling decreases in the automotive sector. Also, the mining and extraction work of rare earth metals was stopped during the outbreak of the covid-19 virus. This has further reduced the market of rare earth metal recycling. Covid-19 has a negative effect on the global market. Due to the worldwide lockdown imposed by the governments, all the automobile manufacturing companies, which are users of rare earth metals, have shut down their manufacturing. Hence, hindering market growth during COVID-19.
Rare Earth Metal Recycling Market Report Highlights
Polaris Market Research has segmented the rare earth metal recycling market report based on application, technology, and region:
Rare Earth Metal Recycling, Application Outlook (Revenue - USD Million, 2018 - 2030)
Rare Earth Metal Recycling, Technology Outlook (Revenue - USD Million, 2018 - 2030)
Rare Earth Metal Recycling, Regional Outlook (Revenue - USD Million, 2018 - 2030)