SEATTLE (Recycling Monster): According to SNS Insider's most recent industry research analysis, the worldwide rare earth recycling market is expected to develop significantly in the future. According to the analysis, the market will reach USD 871.16 million by the end of the forecast period, with a compound annual growth rate (CAGR) of 8.7% from 2024 to 2032.
The use of rare earth elements is growing in a number of high-demand industries, including clean energy, electronics, and automobiles. The demand for rare earth metals from the electric vehicle sector has grown significantly due in part to the necessity of these metals in the magnets used in these vehicles.
The development of novel processing methods targeted at improving recovery efficiency and cutting costs has been expanding quickly in the sector. These include methods that have been shown to be less detrimental to the environment, such as hydrometallurgical processing, sophisticated mechanical procedures, and bioleaching.
The analysis states that in 2023, magnets held the largest market share, at about 32%. With over 42% of the market's total revenue, the Asia-Pacific region led the rare earth recycling market in 2023. Large-scale industrial operations in nations like China, Japan, and South Korea were the main contributors to this market.
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