Stratview Research on the Rare Earth Metals Market provides a thorough analysis of the market that can help users to understand the competitive dynamics and different factors driving or restraining industry growth.

Market Insights

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.

What are rare earth metals?

Rare earth metals are a group of elements found in the earth's crust with similar physical and chemical properties. These extracted elements can be processed in their ore forms and fall into both hard and light categories. Praseodymium and Samarium are light metals that are more easily found as compared to heavy metals like terbium, holmium, gadolinium, europium, thulium, dysprosium, and ytterbium, etc.

COVID-19 IMPACT

The rare earth metals market was majorly impacted by the global pandemic in the year 2020. Worldwide lockdowns and restrictions led to the downfall of the market in the year 2020. However, the market is likely to rebound from the year 2021.

Segment-wise analysis

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.

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.

Key players

Some of the key companies that are profiled in this report 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.

Research Methodology

The study incorporates a wide range of analytical resources along with primary and secondary research methodologies.

Frequently Asked Questions (FAQs)

• What will be the growth of Rare Earth Metals Market in the foreseeable future?
• Who are the key players mentioned in the report?
• Which region is dominant in the market in the coming years?
• How long will it take to recover from the covid19 effect?

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