Rare earth elements

Rare earth elements are a group of 17 chemical elements that occur together. The group comprises yttrium and the 15 lanthanide elements (lanthanum, cerium, praseodymium, neodymium, promethium, samarium, europium, gadolinium, terbium, dysprosium, holmium, erbium, thulium, ytterbium, and lutetium). Scandium is found in most rare earth element deposits and sometimes classified as a rare earth element.

The International Union of Pure and Applied Chemistry includes scandium in its rare earth element definition. Rare earth elements are all metals, and the group is Often referred to as •rare-earth metals.’ These metals have many similar properties, often causing them to be found together in geologic deposits. They are also referred to as •rare-earth oxides,’ as many of them are typically sold as oxide compounds.

Rare earth metals are available in various forms, such as lanthanum, cerium, praseodymium, neodymium, promethium, samarium, europium, gadolinium, terbium, dysprosium, holmium, erbium, thulium, ytterbium, lutetium, and scandium. These oxides are widely used in permanent magnets, metal alloys, glass polishing, glass additives, catalysts, phosphors, ceramics, and other applications. Other emerging end users of rare earth metals are the aerospace & défense and medical sectors. According to MarketsandMarkets, rare earth metals market was valued at USD 5,380.54 million in 2023 and is projected to reach USD 10,904.96 million by 2029, at a CAGR of 12.56%, during the period.

Rare earth metals market: Drivers, restraints, opportunities, and challenges

Increasing demand for rare earth metals from various end-use industries, especially in the Asia Pacific region, is expected to drive the demand for rare earth metals soon. Rare earth metals are considered key elements in developing technologies in the communications, electronics, automotive, and military weapon markets. Rare earth elements are used in various applications that are further used in several end-use industries.

Demand for these elements is expected to increase soon these are components in emerging applications, such as green technology and electric and hybrid vehicles. The neodymium oxide segment accounted for a share of 48.3% of the overall market in 2023, in terms of value. Neodymium used with praseodymium to create some of the strongest permanent magnets.

This growth attributed to the increasing adoption of permanent magnets in a high number of clean energy applications, including wind turbines, hybrid electric vehicles, and auto catalyst. The permanent magnets segment led the rare earth metals market, based on application, with a share of 69.85% of the overall market, in terms of value, in 2023. The permanent magnets segment is expected to grow at the CAGR of 14.07% from 2024 to 2029. The magnets made from neodymium, praseodymium, and dysprosium are the strongest known permanent magnets. The automotive industry has a significant demand for permanent magnets.

The Asia Pacific region accounted for the largest share of 83.6% of the rare earth metals market in 2023. It is also expected to grow at the highest CAGR of 13.03% during the forecast period. The market in North America and Europe together accounted for a significant share of 10.32% of the global market in 2023, in terms of value.

Growing industrialization and extraction activities in China and Japan are the major growth drivers of the market. Rare earth metals or rare earth elements are a relatively abundant group of seventeen elements in the periodic table. Of the seventeen, fifteen elements comprise the lanthanide series found between atomic numbers 57 and 71. The elements scandium and yttrium are also considered rare earth elements as they are found in the same ore as other rare earth elements and have similar chemical properties.

Rare earth metals are key elements in developing technologies in the communications, electronics, automotive and military weapon markets. Rare earth elements are used in various applications, which are further used in several end-use industries. Demand for these elements is expected to increase in the near future as these are key components in emerging applications, such as green technology for electric and hybrid vehicles. The demand for rare earth metal commodities is a derived demand, which differs from the demand for consumer goods. The rare earth metals market is driven by factors such as growing demand in the current and emerging applications, rising demand for clean energy, and initiatives undertaken by governments and associations.

Key technologies

Ligand-assisted displacement (LAD) chromatography

Ligand-assisted displacement (LAD) chromatography a promising separation technique gaining attention in the rare earth metals market. This innovative method involves the use of specialized ligands that selectively bind to specific rare earth elements, facilitating their separation from complex mixtures.

LAD chromatography offers several advantages over traditional separation techniques, including higher selectivity, improved efficiency, and reduced environmental impact. By leveraging the unique properties of ligands to selectively capture and release rare earth metals, LAD chromatography enables more precise control over separation processes, resulting in higher purity and yield of individual rare earth elements. This technology has the potential to revolutionize the rare earth metals market by providing a more sustainable and cost-effective approach to production and purification, meeting the growing demand for high-quality rare earth materials in various industries.

Bioleaching

Bioleaching is a hydrometallurgical process that utilizes microorganisms to solubilize and release metal elements from a solid matrix, including rare earth elements (REES) from waste materials. This process involves the microorganisms that can produce leaching agents, such as acids, which facilitate the mobilization of the metal of interest from ores and other materials. Bioleaching offers a more sustainable and environmentally friendly approach to the recovery Of REES compared to traditional chemical methods, with lower environmental impact and higher efficiency. Bioleaching has the potential to revolutionize the REE market by providing a more sustainable and cost-effective approach to production and purification, meeting the growing demand for high-quality REE materials in various industries.

Bio sorption

Bio sorption is a biotechnological innovation and a cost-effective tool for the recovery of rare earth metals from aqueous solutions. This process involves the use of microorganisms or biomass to selectively bind and concentrate rare earth metals from dilute solutions, making it a promising technology for the removal of toxic and rare earth metals from wastewater. Bio sorption has been shown to be effective in the recovery of rare earth metals from synthetic leach solutions and real samples, with potential applications in urban bio mining and the recycling of rare earth metals from industrial waste.

The Offers several advantages over traditional chemical including lower environmental impact, higher efficiency, and the potential for zero loss of value of secondary sources of rare earth metals. Bio sorption has the potential to revolutionize the rare earth metals market by providing a more sustainable and cost-effective approach to production and purification, meeting the growing demand for high-quality rare-earth materials in various industries.