Rare Earth Metals Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Rare Earth Metals Market grew at a CAGR of 7.8% between 2017-2021 and is estimated to be US$ 8,214.5Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 8.6% and is expected to reach a valuation of US$ 18,744.7Mn by 2032 end.
The market for rare-earth metals is projected to be driven by the growing use of these elements in permanent magnet applications. The need for rare earth metals in APAC is expanding quickly because of China’s rising production and consumption.
These innovative materials, which are given a significant boost by the widespread use of permanent magnets, are anticipated to propel the rare-earth metals market in the area.
INCREASING DEMAND FROM END-USE INDUSTRIES
Over the next five to ten years, rare-earth permanent magnets are anticipated to be the leading growth market. Neodymium, praseodymium, dysprosium, terbium, and yttrium are rare-earth elements used in endless magnet applications. These metals have unique qualities, including high coercivity and remanence, that prevent permanent magnets from losing their magnetism even over extended periods.
The automotive industry is where these magnets are used extensively, and it also determines their demand. The rare-earth permanent magnets are used in both hybrid and conventional automobiles. Since HEVs utilize more rare-earth magnets per vehicle than traditional vehicles, the HEV industry is anticipated to spur stronger growth for rare-earth interests shortly.
FLUCTUATING COSTS OF RARE-EARTH METALS
The rare-earth metals industry was affected negatively by the global crisis of 2008–2009 in several ways and were not an exception. 2011 saw a significant rise in the price of rare-earth metals as China cut its export quotas by 40%, citing environmental concerns. Due to increased demand and worries about future supply, the cost of dysprosium oxide used in nuclear reactors, lasers, and magnets increased from USD 700 to USD 740 to approximately USD 1,470 per kilogram.
The supply chains for rare-earth elements are becoming unstable as a result of these price volatility and growing energy expenditures. Because of this, it is challenging for manufacturers to produce high-quality goods at a profit.
NEW RECYCLING AND REUSE OF RARE-EARTH METALS
Before new uses for rare-earth metals were found, they were comparably less expensive. As a result, there was a mismatch in the rare-earth metals’ supply and demand, which led to a sharp rise in the metals’ prices.
The importance of metals was not as great earlier as it is now, five years later. Consequently, many of them were squandered due to uneven supply and demand. For rare-earth metals, the situation is different right now. Rare-earth metals are used extensively in many crucial areas, including green technology and defense. Due to the metals’ significant price increase in 2011, they were much more valuable and necessary for other nations, particularly the US, which sparked a global push for recycling.
Market Segments Covered in Report
By Region and Country:
Why is the neodymium oxide segment projected to lead the global rare-earth metals market?
Most modern cars, airplanes, and popular consumer devices like headphones, microphones, and computer discs all use magnets made of neodymium oxide. It is a component of extremely powerful permanent magnets, also referred to as neodymium-iron-boron (NdFeB) magnets, among the world’s strongest ones. The growing use of clean energy applications has driven the market.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
Leading businesses now face stiffer competition as the global Rare Earth Metals market grows. Companies in the industry are working to offer a wider range of products and solutions and implementing strategic techniques to expand further to maintain their leading positions.
The key developments in the Global Rare Earth Metals Market:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Application, Type, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 8.6%.
Increasing demand from end-use industries driving the market expansion.
Major global Rare Earth Metals Market players are 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., Alkane Resources Ltd., Aluminum Corporation of China Limited, Lynas Corporation, Ltd., Arafura Resources Ltd., Jiangxi Tungsten Industry Group Co. Ltd.
Fluctuating costs of rare-earth metals hampers the market growth
Asia Pacific Region is expected to account for the largest market revenue share in the Global Rare Earth Metals market.
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