Rare Earth Metals Market Overview
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.
Many industries use rare earth metals, including automotive, electronics, consumer products, and renewable energy. Wind turbines in the renewable energy sector use rare-earth magnets. Neodymium and dysprosium, two rare earth metals, are used to make permanent magnets. The wind turbine gears are divided using magnets, which minimizes weight and removes maintenance concerns.
Cerium and lanthanum are the most favored rare earth metals for catalyst systems. The oil and gas industry primarily uses these metals in fluid cracking catalysts and vehicle catalytic converters. Globally strict laws designed to reduce emissions from industry and vehicles have increased demand for auto catalysts. These regulations are further boosting sales of rare earth metals.
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ChemView Consulting has analyzed that over the next five to ten years, rare-earth permanent magnets will 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.
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.
Segments Covered in Report
- Permanent Magnets
- Metal Alloys
- Glass Polishing
- Glass Additives
- 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)
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Key Takeaways from the Rare Earth Metals Market
- Based on the type, 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.
- Based on the region, 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.
Key companies covered in the market study 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.
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Report Key Highlights and Coverage
- 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 impact 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.
About ChemView Consulting
ChemView Consulting is a leading information, market intelligence, and business consulting firm serving clients worldwide in Chemical & Materials, Food & Beverage, Oil & Gas, Clean Energy & Power, and Packaging domains. In their business transformation journey, we have collaborated with global enterprises, including 70% of the largest Forbes 1000 enterprises, helping them deliver on their business ambitions. ChemView Consulting serves clients in approximately 100 countries, with its office in New York, U.S., and Pune, India.
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