According to a research report "Rare Earth Metals Recycling Market by Application (Permanent Magnets, Alloys, Polishing Materials, Glass, Catalyst, Phosphor, Ceramics, Hydrogen Storage Alloys), Technology (Hydrometallurgical, Pyrometallurgical) and Region - Global Forecasts to 2026" published by MarketsandMarkets, the global rare earth metals recycling market is estimated to be USD 248 million in 2021 and is projected to reach USD 422 million by 2026, at a CAGR of 11.2% from 2021 to 2026. Rare earth metals are considered key elements in developing technologies in the communications, electronics, automotive, and military weapon sectors. The demand for these elements is expected to increase in the near future as these are key components in emerging applications, such as green technology and electric and hybrid vehicles.
Asia Pacific has witnessed tremendous growth in the past few years, driven by the growing population, favorable investment policies, growing economies, and government initiatives directed at promoting electronics and automobile industries in the region. The region is the largest consumer of rare earth materials due to rapidly increasing demand in China, which accounts for the maximum consumption of rare earth metals globally.
The rare earth metals recycling market comprises major solution providers, Solvay SA (Belgium), Hitachi Metals, Ltd. (Japan), Umicore (Belgium), Osram Licht AG (Germany), Energy Fuels, Inc. (US), Global Tungsten & Powders Corp. (US), and REEcycle Inc.(US) among others.
