Rare earth elements have been the center of interest of a range of stakeholders due to the strategic and critical nature of these elements. Over the past 10 years, considerable focus of these players has been to assess and enhance the sustainability of rare earth elements mining projects in various parts of the world. A number of quantitative and/or qualitative indicators have come to the fore to assist stakeholders in achieving their objective. The use of such tools has expanded the potential in the rare earth elements market.
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The applications avenues of rare earth elements are seemingly vast. Alloys with rare earths have gathered traction in the steel industry. Further, these elements are used in a range of applications in the aluminum industry.
Several countries, especially in European Union, have been become conscious of the existing regulatory framework. These countries are assessing whether the regulations are robust enough to contain the environmental hazards associated with the mining of rare earth elements. The impact of regional legislations has been wide in shaping the contours of the evolution trajectories in the rare earth elements market. Another key focus of market players to ensure a consistent supply of rare earth elements. Recycling has become a viable option and the mining industry has been pinnng hopes on that in the path of adopting sustainability.
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Uptake of Better Extraction and Separation Method Open New Avenues
The wide adoption of catalysts is a key factor propelling demands for rare earth elements, world over. Striking advancements have been made in the extraction of rare earths from rare element concentrates. New resources of rare earths have emerged, opening new avenues in the market. The advent of better separation methods has also positively impacted the prospects of the market. Apart from mining, companies are expending efforts for recovering waste electric materials from rare earth elements. They are increasingly looking for cutting-edge separation techniques such as liquid–liquid extraction that leverage the strength of novel solvent ionic liquids. Such industry efforts are proving to enhance the attractiveness quotient in the market.