The global Rare Earth Metals Market is likely to attain a market value of USD 2.30 billion in 2027 from USD 1.20 billion in 2020. The CAGR for this market is likely to reach over 13.9% during the forecast period.
Rare earth metals are a group of elements with identical physical and chemical properties found in the earth's crust. These elements, which come in both hard and light forms, can be extracted and processed in their ore forms. Compared to heavy metals like europium, thulium, terbium, holmium, gadolinium, dysprosium, erbium, praseodymium, lutetium, ytterbium, and samarium are light metals that are easily detected. Credence Research is offering holistic information and absolute accuracy on the report titled "Global Rare Earth Minerals Market."
Key Market Drivers and Restraints
Factors that greatly impact the market growth of industrial electric vehicles will be covered here. Also, covers factors that may challenge or act as an opportunity for the market will be discussed to identify revenue generation.
Mounting demand from end-use industries
Rare-earth metals are used in various industries due to their diverse properties. These applications include permanent magnets, catalysts, metal alloys, phosphors, polishing, and glass additives.
Over the next five to ten years, rare-earth permanent magnets are projected to be the fastest-growing market. Neodymium, praseodymium, dysprosium, terbium, and yttrium are the most common rare-earth elements used in permanent magnets. These metals have unique properties, such as remanence and high coercivity, which prevent permanent magnets from losing their magnetism even after a long period of time.
Asia-Pacific to lead the global market in geographic regions
On the geographic front, the global market comprises six regions with all key economies pertaining to it. Credence Research provides in-depth insight into prominent regions of the global market. Asia-Pacific topped the market by acquiring a 45.1% share in 2020.
Phosphorus leads Global Market in terms of Type.
Cerium, Lanthanum, Praseodymium, Neodymium, Yttrium, Samarium, Terbium, Gadolinium, Dysprosium, Europium and Others are the various types of this market. Cerium dominated the global market share as it act as a catalyst in catalytic converters for exhaust systems in the automotive industry to reduce emissions. It's also used in NiMH batteries. Over the forecast era, the rising demand for hybrid vehicles is anticipated to greatly impact rare earth demand.
Phosphors dominate the global market in 2020 in terms of Application
Permanent Magnets, Type Alloys, Glass Polishing, Glass Additives, Catalysts, Phosphors, Ceramics and Others are the various applications of this market. The Phosphors segment is expected to develop at the fastest CAGR during the forecast era. Phosphors are used in fluorescent lamps, cathode ray tube displays, and other applications where color is needed in the light emitted. The elements yttrium, terbium and europium, are critical in this industry.
Frequently asked questions about the global industry.
Cerium, Lanthanum, Neodymium, Yttrium, Praseodymium, Samarium, Gadolinium, Dysprosium, Terbium, and others are the two Types available on the market
China Rare Earth Holdings, Arafura, Great Western Minerals, Avalon Rare Types, Molycorp, Indian Rare Earths, Alkane Resources, Lynas, and Rare Element Resources are the key players leading this market
Phosphors has the fastest growth at Application
Asia-Pacific has the largest share of the market
The CAGR for this market is likely to reach over 13.9% during the forecast period
