The rare earth metals industry has garnered $7,063.9 million revenue in 2021, and it is advancing at the rate of 9.1% from 2021 to 2030, to generate $15,473.3 million revenue in 2030.It is led by the rising application of these elements in the energy, aerospace, consumer electronics, and automobile industries.

It is ascribed to the growing usage of neodymium magnets in MRI machines, to capture internal views of human views, in absence of radiation. It is ascribed to burgeoning investment in the healthcare sector by major industry players and the government.

In addition, the numerous applications of these metals in defense equipment, which consists of night-vision goggles, communication equipment, stealth technology, and precision-guided weapons boost demand for rare earth metals.

Furthermore, the rising consumer durables production in emerging economies propels the sales of rare earth elements. For instance, HP Development Company L.P. in India has started to produce laptops government initiative, Make in India. The planned vision of the company for expanding its product portfolio in India propels the electronics industry.

Additionally, the alloys used in wind turbines, nuclear reactors, and electric vehicles are mixed with dysprosium, while cerium is deployed in light bulbs. Lanthanum is massively used in digital camera lenses, more specifically cell phone cameras.

Catalysts based on lanthanum are used to refine petroleum. Moreover, red-green-blue phosphors are deployed in TVs, panels, and light bulbs.

The worldwide advancements in the IoT, AI, and wirelessly connected devices experience massive demand for semiconductors.

Mostly, such devices are equipped with a single system on chip, to provide major levels of integration. In addition, a single system on chip facilitates devices to function with high-power efficiency and better security with the integration of memory, RF transceivers, power management, sensors, and connectivity components in a single unit.

The global pandemic has transformed the digital communication mode, which has boosted the need for SoC-powered devices. Rare earth metals are used in the manufacturing process of semiconductors.

Neodymium is projected to capture around $7 billion revenue in 2030. It is ascribed to the rising usage of neodymium magnets in aircraft, hybrid electric vehicles, and consumer electronics, including audio systems, mobile phones, and TVs.

Furthermore, the high strength of neodymium helps in reducing electric motors’ size for EVs. The global electric motor industry has recorded more than $100 billion revenue in 2020, which reflects the rising need for this mineral.

Neo magnets are utilized in wind turbines, for generating electricity. Hence, they are massively used in China, led by increasing shift toward renewable sources.

In the same manner, the U.S., and European countries have boosted the adoption of neo-magnet technology to generate power.

Therefore, the growing demand for rare earth metals is led by rising investments in the healthcare sector.