Opportunities in Critical Rare Earth Metal Recycling Value Chains for Economic Growth with Sustainable Technological Innovations

Rare earth elements (REEs) are often referred to as the industrial vitamins and the key drivers of the industry 4.0 revolution. The current global supply chain of REEs for green and high-tech applications with more than 220 metric kilotons per year involves a huge environmental impact (backpack) as well as the piling up of radioactive by-products to about 1.5 times the amount of REEs produced. E-wastes and municipal solid waste streams are attractive secondary resources. The current opinion paper discusses the recycling of rare earth metals along the value chain with the opportunities and challenges associated with it. The way to mitigate the economic constraints has been pointed out in terms of competitive quality and recovery of the REEs when compared with the mineral exploration options in the market. It is also emphasised that the technical complexity, capital expenditures and operating expenses need to fit the economic boundary conditions to make the recycling viable. In future, the appropriate REE-rich feedstocks such as fluorescent lamp e-waste powders and magnets can be potential secondary sources of the critical raw materials necessary for the green transition. The success of the viable recycling approaches and technologies will largely depend on the public–private partnerships based on hybrid financing models and local know-how generation to compete with quasi-monopoly in the REE supply chains. However, to break the monopolies, it will not be sufficient to only recycle the REEs; it will also be relevant to diversify the industries that produce REE-containing goods from recycled waste streams.