Rare Earth Metals Leaching Chemicals Market worth $749 million by 2027 | Key players Atlas BASF SE (Germany), OxyChem (US), Olin Corporation (US), Aurubis (Germany), Solvay S. A. (Belgium).

According to recent market research the "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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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.

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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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Occidental Chemical Corporation (OxyChem), a subsidiary of Occidental Petroleum Corporation, manufactures PVC resins, caustic soda, chlorine, and a range of chemical products, including potassium hydroxide, vinyl chloride monomer, calcium chloride, sodium hydroxide, and more. These products find applications in polymer production, pharmaceuticals, and water treatment. OxyChem also supplies catalysts and offers value-added supply chain services. The company operates in the Americas, Europe, and Asia. Due to its affiliation with Occidental Petroleum Corporation, OxyChem is not required to disclose its financial performance.

Olin Corporation operates in three divisions: Chlor Alkali Products and Vinyls, Epoxy, and Winchester. They manufacture chemicals like hydrogen, potassium hydroxide, and various chlor-alkali products. Olin's hydrochloric acid is used in diverse applications. Their Electrochemical Unit generates chlorine, caustic soda, and hydrogen from salt electrolysis. Olin serves markets in North America, Europe, Asia Pacific, and South America. Winchester, a division, specializes in arms and ammunition. Olin acquired the Chlor-Alkali and Epoxy businesses from Dow Chemical in 2015.

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