Rare Earth Metals Market size is set to grow by USD 6.31 billion from 2024-2028, Growing demand for electronic appliances and personal equipment boost the market, Technavio

NEW YORK, June 3, 2024 /PRNewswire/ -- The global rare earth metals market size is estimated to grow by USD 6.31 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 9.59%  during the forecast period. 

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Market Driver

Rare earth metals, a group of 17 chemically similar elements, are in high demand due to their use in aerospace, clean energy, electronics, and high-tech technologies. Countries like India, South Africa, Brazil, Australia, Canada, Vietnam, and Malaysia are investing in their reserves, aiming to challenge China's dominance. New developments in North America and Africa are expanding resources. In June 2022, Lynas Rare Earths received a USD120m contract from the US DoD for a HRE separation facility, underscoring geopolitical significance. Prices of rare earth metals and oxides continue to rise in the renewable energy sector. 

Market Challenges

• Rare earth metals, essential for high-tech technologies and renewable energy, are primarily produced in the US and China. Concentrated mining sites and environmental concerns lead to price volatility and supply chain disruptions. Key metals like Neodymium, Praseodymium, and Yttrium are used in magnets, glass & ceramics, LED lamps, and phosphors. Production is scarce in other geographies, leading to reliance on imports and potential environmental issues like habitat destruction and water contamination.

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Segment Overview 

1. Application 
• 1.1 Permanent magnets
• 1.2 Metal alloys
• 1.3 Catalysts
• 1.4 Polishing powder
• 1.5 Others
2. Type 
• 2.1 Light rare earth elements
• 2.2 Heavy rare earth elements
• 2.3 Other element type
3. Geography 
• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Permanent magnets-  The Rare Earth Metals Market encompasses 17 chemically similar elements, including Terbium, Thulium, Dysprosium, Ytterbium, Yttrium, and Neodymium. These metals are essential for high-tech technologies, particularly in the production of permanent magnets using Neodymium-iron-boron (NdFeB). Major applications include aerospace, defense, wind turbines, batteries, catalyst systems, and electronics.

Companies like Solvay play a significant role in the supply chain. Rare earth metals are extracted from the Earth's crust, often leading to water contamination and habitat destruction. Geopolitical factors, such as China's dominance in NdFeB magnet production, add complexity to the market. These metals are used in various industries, including clean energy, glass & ceramics, and automotive, where they contribute to air contamination and auto-catalysts.

Some rare earth metals, like Terbium, Erbium, and Europium, are used in LED lamps and magnetic catches. Others, such as Dysprosium, Gadolinium, and Neodymium oxide, are crucial for military technologies and aerospace applications. Environmental impacts and the potential for substitutes are ongoing concerns for the Rare Earth Metals Market.

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Research Analysis

The Rare Earth Metals market encompasses the production, trade, and application of 17 chemically similar elements, namely Neodymium, Praseodymium, Dysprosium, Terbium, Yttrium, and others including Cerium, Erbium, Europium, Lanthanum, Promethium, Samarium, and Gadolinium. These elements are primarily sourced from concentrated deposits in the Earth's crust and are essential components in various industries.

Notably, they are crucial for the manufacturing of rare-earth magnets, which are integral to catalyst systems and wind turbines. Rare earth metals are indispensable in numerous high-tech applications, including catalytic converters, rechargeable batteries, and high-performance alloys. The global market for these metals is expected to grow significantly due to increasing demand from the renewable energy sector and the expanding electric vehicle industry.

Market Research Overview

The Rare Earth Metals market encompasses a significant array of elements, including Neodymium, Europium, Cerium, Lanthanum, Praseodymium, Terbium, Dysprosium, Erbium, Yttrium, and Scandium. These elements are crucial in various high-tech applications such as magnets, batteries, catalysts, and phosphors. The demand for these metals is on the rise due to the increasing use of electric vehicles and renewable energy technologies.

China, as the world's largest producer, dominates the market, but efforts are being made to reduce dependence on Chinese supplies through the exploration and production of rare earth metals in other countries. The European Union, the United States, and Australia are among the leading explorers and producers. The market is expected to grow steadily due to the increasing demand for high-tech applications and the efforts to diversify the supply chain.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• Permanent Magnets
• Metal Alloys
• Catalysts
• Polishing Powder
• Others
• Type
• Light Rare Earth Elements
• Heavy Rare Earth Elements
• Other Element Type
• Geography
• APAC
• North America
• Europe
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

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SOURCE Technavio