The global rare earth recycling market size is projected to register a CAGR of around 5.79% to reach USD 735.65 million by the end of 2030.
The global rare earth recycling market size is anticipated to be driven by increasing awareness among researchers and allied companies regarding the essence of recycling rare earth metals due to surge in demand from electric vehicle manufacturers. Apart from increased adoption of electric vehicles across developed economies of the world, increasing focus on utilization of wind energy is yet another key attribute supporting growth of the rare earth metal recycling market.
The primary factor driving the global mobile emission catalysts market are growing awareness among common natives globally regarding environmental implications of mining rare earth metal disposals. Additionally, increasing adoption rate of e-waste recycling across developed economies of North America and Europe is further poised to streamline developments in the field of research aligning to disposal norms, thereby substantially boosting market development over the foreseeable future.
Covid Impact Analysis
The outbreak of COVID-19 has resulted in halting of various critical manufacturing units globally, thereby resulting in lower demand for products. Temporary ceasure of businesses across industries and markets have resulted in lower demand for essential feedstocks including rare earth metals across key end-use application markets. However, given the worst situations during the pandemic various governments and managements have imposed a number of fiscal and monetary policies across the globe to limit the damage caused by COVID-19, which is expected to result in certain relief for consumers.
The global rare earth recycling market size has been segmented on the basis of type, application, and region
On the basis of type, the global rare earth recycling market size has been segmented into light rare earth recycling and medium heavy rare earth recycling. The light rare earth recycling segment accounted for the largest market share in 2020, with the highest CAGR of over 6.95%. It is extensively used to polish glass surfaces, used in batteries of electric vehicles and more.
By application, the rare earth recycling market size has been categorized into permanent magnets, catalysts, glass, ceramics, phosphor, alloy manufacturing, and others. Among these, permanent magnets occupy a significant revenue share of 27.19% in 2020 and is anticipated to reflect steady growth on accounts of increased consumption of the product in electronic gadgets devices across countries.
Based on region, the global market is classified into North America, Europe, Asa Pacific, Latin America, and Middle East Africa. Asia Pacific is projected to witness the witness the fastest growth due to major capacity expansion of electronic goods manufacturers across countries such as China, Malaysia, and South Korea among others.
Key Findings of the Study:
The global rare earth recycling market size is projected to reach a value of USD 735.65 million by 2030, with a CAGR of around 5.79% during the forecast period from 2021 to 2030.
Europe accounted for the largest market share in 2020; this is due to the high production and sales of automobiles in countries such as Germany, Spain, and France.
Asia Pacific is expected to be the fastest-growing regional market registering a CAGR of over 8% over the forecast period.
With the rising concern regarding environmental health, the demand for recycling of rare earth metals is increasing. These practices are increasingly being adopted by key market players to establish sustainable businesses globally.
The proliferating automotive industry in Europe coupled with intensive focus on product innovation and novel technology development are observed to be the key opportunities in this market.
MRFR recognizes the following companies as the key players in the global rare earth recycling market size— Solvay (Belgium), Hitachi Metals (Japan), REEcycle, Inc. (US), Jiangsu Huahong Technology Co., Ltd (China), Lynas (Malaysia), GanZhou QianDong Rare Earths Group Co., Ltd (China), Mitsubishi Chemical Corporation (Japan), Nissan Motor Co Ltd (Japan), Geomega Resources (Canada), and Shenghe Resources Holdings Co., Ltd. (China) among others.
Access Full Report: https://www.marketresearchfuture.com/reports/rare-earth-recycling-market-10793