Future Prospects of Rare Earth Metals Market and Industry Forecast
The rare earth metals market is valued at US$ 5.6 billion as of 2023. The market is projected to grow at a CAGR of 10.1% during the forecast period, and by 2033, the market is expected to reach a valuation of US$ 14.6 billion.
The surging demand for rare earth metals can be ascribed to the
increase in the sales of consumer electronics. Be it smartphones or laptops.
These metals are used in the speakers of these devices. Apart from that, the
key players in the electronics sector are betting on the high-temperature
resistance offered by these metals, which allows them to function with higher
efficiency.
Furthermore,
growth in the sales of electric vehicles is also expected to surge the demand
for rare earth metals during the forecast period. This is owing to the fact
that rare earth metals assist in miniaturizing the size of the circuit, which
makes electric vehicles work using lesser components.
Moreover,
rapid urbanization worldwide is also expected to surge the market growth of
rare earth metals. This is owing to the fact that rare earth metals are used in
the construction industry as well. Apart from this, rare earth metals are also
used in the process of digitization, which is happening at a rapid rate in
developing countries.
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Even the
healthcare sector has seen a surge in the application of rare earth metals.
These are specifically used for manufacturing MRI machines, insulin pumps,
pacemakers, etc. Apart from that, these are also used as high-strength aluminum
alloys, metal halide lamps, etc.
Additionally,
the majority of the companies are looking to work on the idea of
sustainability, as a result of which they are developing plans to cut down
emissions. Thus, these firms have started adopting renewable sources of energy.
The implementation of rare earth metals supports the functioning of renewable
energy systems, which is expected to further surge their market growth.
Thus,
from the insights delivered by FMI researchers, it can be inferred that “an
increase in the adoption of electric vehicles, coupled with the increased
application across sectors and a number of other factors are expected to surge
the rare earth metals market share during the forecast period.”
Key
Takeaways:
- The market of rare earth
metals is expected to surge at a CAGR of 10.1% during the period
2023-2033.
- The rare earth metals market
is valued at US$ 5.6 billion as of 2023.
- By 2033, the market is
expected to reach a valuation of US$ 14.6 billion.
- As per the regional
analysis, Asia Pacific is the largest rare earth metals market, having a
share of nearly 70% in 2022.
- Based on the country-wise
analysis, China market is the largest market, and is expected to grow at a
CAGR of 11.6%.
- The USA market is
anticipated to grow at a CAGR of 7.5%.
- Brazil market is expected to
grow at a CAGR of 5.3%.
- India rare earth metals
market is expected to grow at a CAGR of 10%.
- Japan market is projected to
grow at a CAGR of 7.4%.
- As per application, the
magnets segment is expected to have the highest market share during the
forecast period, growing at a CAGR of 10.2%.
- As per metal type, the
neodymium segment is expected to have the highest market share during the
forecast period, growing at a CAGR of 10.8%.
Competitive
Landscape
The key
players operating in the rare earth metals market are mainly focusing on
merging with other key players tap into each other’s crucial resources. Apart
from that, the market is also witnessing strategic collaborations with players
from the other niches.
Some of
the recent developments in the rare earth metals market are:
- In August 2022, the Arafura
Resources examined pathways to decarbonisation and how Mining, Oil &
Gas companies can prosper in a low carbon world using innovative solutions
& emerging cost-effective technologies.
- In July 2022, Lynas Rare
Earth was shortlisted for prestigious WA Golden Gecko environmental
excellence award.
Companies
Profiled
- Arafura Resources
- Lynas Rare Earths
- Alkane Resources
- China Northern Rare Earth
(Group) High-Tech Co., Ltd,
- RISING NONFERROUS METALS
CO., LTD,
- China Minmetals Rare Earth
Co., Ltd,
- Beijing Zhongke Sanhuan
High-tech Co. Ltd.
Rare
Earth Metals Market Segmentation
By
Application:
- Catalysts,
- Permanent Magnets,
- Metallurgy and Alloys,
- Polishing,
- Glass,
- Phosphors,
- Ceramics,
- Others
By Metal
Type:
- Neodymium,
- Yttrium,
- Dysprosium,
- Terbium,
- Europium,
- Cerium,
- Lanthanum
By Region:
- North
America
- Latin
America
- Western
Europe
- Eastern
Europe
- Asia
Pacific Excluding Japan
- Japan
- Middle
East & Africa
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