Market Overview:

The rare earth metals market was estimated at USD 5.84 billion in 2022 and is likely to grow at a CAGR of 12.42% during 2023-2028 to reach USD 11.78 billion in 2028.

Market Dynamics

Several factors are driving the rare earth metals market. A few are mentioned below –

• Rise in adoption of electronic gadgets and other consumer electronics – Neodymium, one of the rare earth metals, is widely used in mobile phones, headphones, computer discs, etc. The rising use of consumer electronics thus rises the demand for this rare metal.
• Increasing numbers of Electric motors – Rare earth metals are used in manufacturing electric motors. With the growing environmental concerns, there is a surge in demand for clean energy which requires more electric vehicles, and motors parallelly. Electric cars fleet counted ~26 million in 2022, marking a 60% surge from the previous year. International Energy Agency estimates the number of electric vehicles on the roads crossing an impressive milestone of ~350 million by 2030. This, as a result, increases the need for rare earth metals.
• Growing use of rare earth magnets in wind turbines - Rare earth metals is crucial in the construction of direct-drive wind turbines. The rising use of turbines hence rises the demand for rare earth metals and magnets.

What you get in this report–

• People looking for growth potential with respect to product categories can get all the desired information in this report, along with supporting figures and facts.
• The report studies various competitive dynamics of the market by profiling key players to gain overall market growth.
• It also includes a significant amount of analytical data about the impact of these advancements on the future of market growth.
• The business development trends, and marketing networks are analysed in this study.

NOTE: Our analysts monitoring the market situation across the globe indicate that the market will generate compensable prospects for the manufacturers post COVID-19 crisis.

Market Segmentation -

The market is segmented into Lanthanum Oxide, Cerium Oxide, Praseodymium, Neodymium, Samarium, Europium, Gadolinium, Terbium, Dysprosium, Yttrium, and Others. Cerium oxide is the most dominant rare earth metal accounting for >40% of the market in 2022, followed by Lanthanum oxide with a >20% share. Cerium oxide and Lanthanum oxide are cheaper than other rare earth metals and are widely used in metal alloys, catalysts, and glass phosphors.

The market is segmented into Permanent Magnets, Catalysts, Glass Polishing, Phosphors, Ceramics, Metal Alloy, Glass Additives, and Others. The top three applications (permanent magnets, metal alloys, and catalysts), together accounted for more than 60% of the market in 2022 and will continue to remain the dominant applications during the forecast period. Permanent magnets are likely to remain the growth engine during the forecast period driven by increasing penetration in traditional applications as well as emerging applications.

Asia-Pacific is expected to remain the largest producer and consumer of the market with a volume share of >70% in 2022. China owns the largest reserves of rare earth metals worldwide. China is both the leading producer as well as consumer of rare earth metals. The imposition of restrictions on China’s export and growing rare earth metals demand within China would create a demand-supply gap in the rare earth metals market worldwide.

The market is likely to witness significant changes in the coming years. New sources of supply are scheduled to be developed across the globe. China, which is the major producer of rare earth metals worldwide, is witnessing consolidation by state-owned enterprises. China owns the largest reserves of rare earth metals followed by Brazil. China will continue to remain the largest producer during the forecast period.

The top leading players operating in the market:

The key players of the global Rare Earth Metals Market are –

• Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co Ltd.
• Molycorp Inc
• China Minmetals Rare Earth Co. Ltd
• Great Western Minerals Group Ltd.
• Alkane Resources Ltd
• Arafura Resources Ltd.
• Lynas Corp.
• Avalon Rare Metals
• Canada Rare Earth Corporation
• India Rare Earth Ltd.

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