Rare earth metal recycling market: An ingenious solution for removing toxic elements

Rare earth metals, including the lanthanide series, scandium, and yttrium, are essential elements in permeant magnets, electric vehicles, smartphones, and more. In the rare earth metal recycling market, the elements exist naturally as mixtures in ore and must be purified before usage. But the mining and separating mineral ores is daunting in addition to being energy and waste intensive. A fascinating option for mining is to recycle elements that have been processed into materials. However, the cost of re-separation is high. Only a minuscule fraction of rare earth-containing products are recycled.

According to the research report published by Polaris Market Research & Consulting, Inc. , the global rare earth metal recycling market was valued at USD 236.13 million in 2021 and is expected to reach USD 623.39 Million By 2030, growing at a CAGR of 11.4% during the forecast period.

What is the impact of rare earth metal recycling?

A sizeable portion of the cost of recycling rare earth elements is associated with their difficult separation. To enhance the economic advantages of recycling, simple chemistry is required that decontaminates targeted rare earth elements from technologically relevant mixtures. Attaching recycled rare earths as a contemporary source to the supply chain is anticipated to lessen the environmental pollution and energy costs linked with their primary mining and separation.

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The importance of recycling rare earth metals

·???????Help the environment: Rare earth production has a tension-filled effect on the natural environment. The majority of people immediately contemplate deforestation when it comes to mineral mining. But another negative side effect of poor management of rare earth metal disposal. When electronics are casually thrown away that contain rare earth metals, there is a risk of revealing the environments to those toxic elements in their rawest forms.

·???????Save health: When rare earth metals are not disposed of appropriately, toxins can leach out the neighboring areas and pollute livestock, crops, and wildlife. In the rare earth metal recycling market as these materials are not digested properly, the toxins are retained in the cells of the organism and passed up in the food chain in higher concentration through a process called bioaccumulation.

Green rare earth recycling is being commercialized in the US

An ingenious method of recycling rare earth elements from Critical Materials Institute, a US Department of Energy Innovation Hub spearheaded by Ames Laboratory, devised a new way to extract rare earth elements from prominent magnets in electronic waste. Big companies shred items such as computer hard drives to safeguard the information on them. Once the drive is shredded, recycling becomes more intricate as recycling depends on separating the magnets from other materials.

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Expansion of the market in the Asia Pacific

Asia Pacific has witnessed magnanimous growth in recent years because of investment policies augmenting population, swelling economies, and government capability to reinforce the electronics and automobile industries. REEs, such as neodymium, yttrium, and terbium, are crucial materials predominantly present in wind turbines, smartphones, and electric vehicles. Presently China produces 80% of the rare earth elements. Due to China's rapidly rising demand which attributes to the bulk of rare earth metal consumption globally, the region is the most significant user of rare earth elements.

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Key players

Key players in the market include Solvay, Hitachi Metals, Umicore, OSRAM Licht, Energy Fuels, American Rare Earth, Arafura Resources, Jingui Silver Industry, Geomega Resources, Urban Mining, and Mitsubishi Electric.

Final thoughts

Rare earth metals are regarded as critical elements in developing technologies in the communications, electronic, automotive, and military weapon sectors. In the rare earth metal recycling market, the demand for these elements is expected to escalate in the near future as these are critical elements in upcoming applications such as green technology and electric and hybrid vehicles.?