CHICAGO, Oct. 23, 2023 /PRNewswire/ -- The report "Rare Earth Metals Leaching Chemicals Market by Type (Hydrochloric Acid, Sulfuric Acid, Nitric Acid, Ammonium Sulfate, Citric Acid), and Region (North America, Europe, Asia Pacific, Middle East and Africa, South America) - Global Forecast to 2027", size is expected to grow from USD 517 million in 2022 to USD 749 million by 2027 at a compound annual growth rate (CAGR) of 7.7% during the forecast period. The main factor driving the rare earth metals leaching chemicals market during the forecast period includes the rising demand towards electric vehicles, discovery of new rare earth deposits, and increasing incentives and regulations by government. Also, an increase in interests related to energy efficient options and related technology across the globe is providing momentum to the growth of the market.
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Rare earth metals recovery from secondary sources and usage of green solvents in rare earth metal mining are key to market growth.
The extraction of rare earth metals from secondary sources, often known as recycling, involves the extraction of these metals from waste items such as discarded consumer electronics, automobile catalysts, and industrial waste. This technique can be more cost-effective and environmentally friendly than mining for new rare earth metals. Recovery of rare earth metals from secondary sources has the potential to reduce reliance on China for rare earth metals. A drop in demand for new rare earth metals mined in China can have a significant impact on reducing reliance on China. For instance, recycling neodymium and dysprosium from discarded wind turbine magnets can help lessen dependency on China.
Strong base or oxidizing agents are required to assist convert rare earth elements into their oxide forms, which are soluble in strong acid solutions, to reduce the consumption of resources and ease the process. As a result, green solvents or lonic solvents, such as ionic liquids (ILs) and deep-eutectic solvents (DESS), methanesulphonic acid (MSA), and inobic liquid [Hbet] [Tf2N], are utilised to improve mineral separation and metal recovery. These systems are employed in leaching and extraction procedures as reactive agents. Green solvents are generally non-flammable and non-volatile, eliminating the risk of hydrometallurgy. The replacement of green solvents for hazardous solvents minimizes the risk of toxicity and flammability. This certainly has an impact on worker safety and environmental concerns, which are the primary obstacles for metallurgical processes. Therefore, green solvents are used in the leaching process, which is considered a sustainable way of reducing the consumption of energy and toxic waste regenerated in the leaching process of rare earth metals.
Hydrochloric acid is expected to have highest CAGR in the forecast period.
The rare earth metals leaching chemicals market is segmented as hydrochloric acid, sulfuric acid, nitric acid, ammonium sulfate, citric acid, and others by type. Hydrochloric acid (HCI) is a powerful mineral acid that is utilized in the extraction of rare earth elements (REES) from various minerals as a leaching agent. Hydrochloric acid is also utilized in the process of in-situ leaching. The advantages of in-situ leaching method include high resource recovery and versatility. Due to its availability, as well as its extremely acidic and affordable qualities, hydrochloric acid is widely being used in several rare earth element leaching technologies.
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The Asia Pacific to be the biggest market during the projection period.
Asia Pacific (APAC) is the leading region in terms of total rare earth metals leaching chemicals consumption, owing to rapidly expanding demand for rare earth metals in China from end-use industries such as automotive and electronics. Due to China's increasing manufacturing and extraction activities, the region is also predicted to see the fastest growth in terms of consumption. The growth of existing manufacturing capacity in Australia, Malaysia, China, and India will increase regional demand for rare earth metals leaching chemicals across the region.
The major key players in the rare earth metals leaching chemicals market are BASF SE (Germany), OxyChem (US), Olin Corporation (US), Aurubis (Germany), Solvay S. A. (Belgium), UBE Corporation (Japan), LANXESS AG (Germany), Westlake Chemical Partners (US), Gujarat Alkalies and Chemical Limited (GACL) (India), Gujarat State Fertilizers & Chemicals Limited (GSFC) (India).
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Rare-Earth Metals Market - Global Forecast to 2026
Rare Earth Metals Recycling Market - Global Forecast to 2026
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