Global Rare Earth Metals Market is expected to foresee significant growth. Asia Pacific to lead the growth!
Global rare earth metals market is expected to cross the market valuation of US$ 10 billion by 2027 expanding at a reasonable CAGR of above 10% during the forecast period (2021-2027). Increasing use of these metals in magnet application and growing demand of electric vehicles are some of the factors which are fueling the growth of the market.
Stringent government regulations are predicted to propel the growth of the rare earth metals market during the forecast period. In addition, increasing demand of magnets in consumer durables and uses of rare earth metals in manufacture of aircraft engines which require strong metal may further propel the overall demand for rare earth metals.
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During the Covid-19 pandemic in the early 2020, majority of the countries and region witnessed a country wide lockdown. This has impacted the overall demand for rare earth metals. Majority of decline was witnessed in the industrial sector, where countries had imposed shut down of manufacturing facilities to reduce the spread of Covid-19. However, demand for rare earth metal is expected to come to normal post 2020.
- Based on metals, the global rare earth metals market is divided into lanthanum, cerium, neodymium, praseodymium, samarium, europium, and others. Among all, neodymium significantly captured the market in 2020. Further, owing to increasing carbon footprints, governments are supporting clean energy and are moving towards low-carbon economy. According to IEA, electric car shares as per the sustainable development scenario in 2016 was 0.2% and rose to 0.8% in 2019, further it is projected to increase at an influential rate and reach 4.85% in 2025. Therefore, with increasing demand of electric vehicles demand of neodymium would increase during the forecast period.
- Based on application, the segment is categorized as magnets, metal alloys, batteries, polishing agents, catalysts, phosphors, and others. Among all, magnets held a lucrative market share owing to its high demand from manufacturers of headphones, loudspeakers, dynamos, televisions, hard drives, motors, and refrigerators. Rare earths are also necessary in the manufacture of catalytic converters for vehicle emission control of hybrid and petrol-fueled cars, in modern rechargeable batteries, and as an alloying agent to create high-strength metals in aircraft engines.
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For a better understanding of the market adoption, report provide detailed analysis for major region and countries including North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), and Rest of World. China held the significant revenue share in global rare earth metals market in 2020 owing to supporting government policies and leading rare earth minerals producer globally. For instance, in 2020, China held the highest number of reserves of rare earth minerals at 44 million metric tons and produced 1,40,000 MT of rare earth minerals. In addition, according to the U.S. Geological Survey, in 2019, China was responsible for 80% of rare earth metals imports.
Global Rare Earth Metals Market Segmentation
Market Insight, by Metals
Market Insight, by Application
- Metal Alloys
- Polishing Agents
Market Insight, by Region
- North America Rare Earth Metals Market
- United States
- Rest of North America
- Europe Rare Earth Metals Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Rare Earth Metals Market
- Rest of Asia-Pacific
- Rest of World Rare Earth Metals Market
- Lynas Corporation
- Alkane Resources Ltd.
- Arafura Resources Ltd.
- China Minmetals Rare Earth Co Ltd
- Avalon Advanced Materials Inc.
- Iluka Resource Ltd.
- Metall Rare Earth Limited
- Northern Minerals Ltd.
- Canada Rare Earth Corporation
- India Rare Earths Corporation