Rare Earth Metals Market
The Rare Earth Metals Market was estimated around USD 4,198 million in 2019 and is anticipated to reach USD 9,264 million by the end of 2027, growing at a CAGR of 10.4% over the forecast period (2020-2027).
The factors driving the growth of Rare Earth Metals Market includes increasing use of rare earth metals in the manufacturing of smartphones, computers, and cameras, growing emphasis on reducing carbon emissions and rise in the building and construction activities around the world. According to the report published by Statista, around 3,668 million smartphone users were estimated globally in 2016 and this figure is predicted to reach 7,690 million by the end of 2027, which will boost the Global Rare Earth Metals Market in the approaching years. Moreover, the increasing sales of hybrid and electric vehicles across the globe, growing focus on reducing the dependency on petroleum, rise in the number of nuclear plants and the development of non-conventional energy sources, are some of the additional factors supplementing the Rare Earth Metals Market share. In addition, technological advancements in the Automotive industry, increasing investments by leading players on research and development, growing demand for clean energy and rising disposable incomes, are further contributing to the market growth.
However, the growth of Rare Earth Metals Market is hindered due to variations in the prices of rare-earth metals.
The leading players operating in the Rare Earth Metals Market are Avalon Advanced Materials Inc., Alkane Resources, Arafura Resources Ltd., Inner Mongolia Baotou Steel Rare Earth Hi-Tech Corporation, Quest Rare Minerals Limited, Indian Rare Earths Limited, China Rare Earth Holdings Limited, Chinalco Yunnan Copper Resources Ltd., Lynas Corporation Ltd., and Great Western Minerals Group, among others.
Type: Segment Analysis
Based on Type, the Cerium segment is projected to expand at a significant CAGR during the forecast period attributed to its increasing use in aluminum, iron alloys, stainless steel, and incandescent gas mantles.
Application: Segment Analysis
Based on Application, the Permanent Magnets segment is predicted to capture the largest market share over the forecast period. Rise in the energy consumption across the globe, increasing use of permanent magnets in computer hard drives and microwave power tubes and the expansion of the Automotive industry, are some of the factors responsible for the segment’s growth.
Regional: Segment Analysis
Based on Region, the Asia-Pacific region is expected to grow at a remarkable CAGR during the forecast period. Presence of the leading players such as Indian Rare Earths Limited and China Rare Earth Holdings Limited, Government initiatives to boost the manufacturing of electric vehicles, rising per capita incomes and high population density, are some of the important factors propelling the market growth in Asia-Pacific region,
Global Rare Earth Metals Market by Type
Global Rare Earth Metals Market by Application
- Permanent Magnets
- Glass Polishing
- Metal Alloy
- Glass Additives
Global Rare Earth Metals Market by Region
- Asia Pacific
- Rest of APAC
- North America
- United States of America
- United Kingdom
- Rest of Europe
- South Africa
- Saudi Arabia
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