Rare Earth Metals Market

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.

Market Dynamic

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 Application:

• Permanent Magnets
• Metal Alloys
• Glass Polishing
• Glass Additives
• Catalysts
• Phosphors
• Ceramics
• Others

By Type:

• Cerium Oxide
• Lanthanum Oxide
• Neodymium Oxide
• Yttrium Oxide
• Praseodymium Oxide
• Samarium Oxide
• Gadolinium Oxide
• Dysprosium Oxide
• Terbium Oxide
• Europium Oxide
• Other Oxides

By Region and Country:

• North America (U.S., Canada)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
• Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
• Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Segment-Wise Analysis

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.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.

• Due to the rapidly rising demand in China, which accounts for most of the world’s rare-earth consumption, APAC is the top region in terms of total rare-earth material consumption, with a market share of 63.2%. With an estimated market revenue of over USD 5.2 billion, it was the largest consumer of rare-earth elements.
• During the forecast period, Europe is anticipated to grow at the second-fastest rate. This is primarily because imports of rare earth metals from Europe account for sizable portions of the global total.

Competition Analysis

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:

• In May 2019, developing rare earth separation capacity in the US is the goal of a joint venture between Lynas Corporation and Blue Line.
• In May 2019, Australia’s Calidus Resources Limited, a business engaged in gold exploration, the corporation invested USD 2.16 million.

A list of some of the key suppliers present in the market 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.

Report Coverage and Highlights

• Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
• Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
• The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
• Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
• Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
• Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
• Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
• Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
• Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
• Strategic market analysis, recommendations, and future headways on crucial winning strategies.