As per the recent news received, the global rare earth metal market size in 2022 was witnessed at USD 4,952.36 million and is predicted to grow at a significant rate of 6.40% along with the market size of USD 10,487.72 million during the forecast period 2022-2030.
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Rare earth metals are the elements present together in the earth crust which possess similar physical and chemical properties. It consists of both light and hard categories of elements. Praseodymium and samarium are the light-weight elements and Terbium, Gadolinium, Thulium, Erbium, Dysprosium, Holmium, Lutetium, and more are heavy elements. Rare-earth magnets are used in hybrid electric vehicles, nearly 650 grams or 1,000 grams of neodymium is used in these vehicles. Thus, the rise in the hybrid electric vehicles market is boosting the rare earth metals market growth. These rare-earth metals are used in catalyst systems. Increasing demand for consumer durables like tablets, laptops, and smartphones is escalating the growth of the market. These metals are also used in wind turbines.
Due to their various superior properties, rare earth metals have a wide range of applications in several industries. Permanent magnet, phosphorous, metal alloys, catalysts, polishing, and glass additives are the few applications for the market growth. The rare-earth elements like Neodymium, Praseodymium, Dysprosium, Terbium, and Yttrium are used in the applications of permanent magnets. These metals include special properties like remanence, high coercivity which makes the magnetivity stronger for the permanent magnets even after long periods. The usage of rare-earth elements in permanent magnet applications is enhanced which is resulting in rising the rare-earth metals market.
The rare earth metals market opportunities are comparatively cheaper than other applications and rising demand for rare metals like Neodymium and Praseodymium is bolstering the market growth.
The rare earth metals market is analyzed into two forms type and end-use.
Type Segmentation: Based on the type, the rare earth metals market is classified into various types such as Lanthanum, Cerium, Neodymium, Samarium, Europium, and others.
End-user Segmentation: The rare earth metals market by end-user are categorized into magnets, metal alloys, polishing, catalysts, and others.
Based on the recent updates, the rare earth metals market is regionally divided into four major regions like Asia-Pacific, North America, Europe, and the Rest of the World. Out of these regions, Asia-Pacific is leading the highest market share due to the high consumption of these metals in China. Thus, Asia-Pacific is expected to be the largest consumer and producer of the rare earth metal market. North America is also expected to hold the significant share for the largest extraction of rare earth metals.
The rare earth metal market’s industry players are Lynas Corporation, Ltd (Australia), Alkane Resources Ltd (Austria), Baotou Steel Rare-earth(China), Arafura Resources Limited, Iluka Resources Limited, and others.
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According to the latest updates, the rare earth metals market is predicted to grow at a significant rate due to the forward integration in the value chain and the wide range of applications in various industries.
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