Rare Earth Recycling Market to reach $871.16 million by 2032
From GlobeNewswire: 2025-01-20 08:35:00
The Rare Earth Recycling Market is projected to reach USD 871.16 million by 2032, growing at a CAGR of 8.7%. Key trends driving this market include the critical role of rare earth elements in advanced technologies like EVs, renewable energy systems, and electronics, leading to increased emphasis on recycling for sustainability.
The market is mainly driven by the high demand for rare earth elements in sectors like electronics, automotive, and clean energy, especially in magnets used in EV motors. Recycling activities have surged due to the finite nature of primary sources of rare earths, prompting the recovery of these valuable materials from used products.
Innovations in rare earth recycling technologies, such as hydrometallurgical processing and advanced mechanical processes, have enhanced recovery efficiency and reduced costs. The industry is focusing on closed-loop recycling systems to minimize waste and reduce environmental impact while meeting the growing demand for rare earth materials.
In 2023, magnets held the highest market share of over 32%, driven by their use in high-tech and green energy industries. Permanent magnets led the market in 2023 with a share of 28%, crucial for advanced technologies like EV motors and wind turbine generators. Asia-Pacific dominated the market in 2023, with China playing a critical role as a major supplier and consumer of rare earth elements. China, Japan, and South Korea lead the rare earth recycling market, focusing on sustainable solutions and advanced technologies. North America and Europe are expected to see growth due to electric vehicle adoption and government initiatives. Recent developments include Lynas Rare Earths opening a new facility in the US and Molycorp Inc. expanding operations in Japan.
The rare earth recycling market is driven by a shift towards circular economy models and reducing reliance on primary sources. Government initiatives in North America and Europe support market growth. Major companies like Lynas Rare Earths and Molycorp Inc. are investing in new recycling facilities to recover valuable rare earth elements from e-waste and used products.
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