We have an updated report [Version - 2024] available. Kindly sign up to get the sample of the report.
all report title image
  • Published On : Nov 2022
  • Code : CMI293
  • Pages :110
  • Formats :
      Excel and PDF
  • Industry : Advanced Materials

Cerium, praseodymium, neodymium, yttrium, lanthanum, and dysprosium are some of the rare earth metals. These metals are a class of elements that are found together in the earth's crust. They are widely used across a wide range of applications such as permanent magnets, pigment, metallurgy, phosphors, metal alloys, catalysts, glass, and ceramics.

Global rare earth metals market was valued at US$ 4710.8 Million in 2021 in terms of revenue, exhibiting a CAGR of 6.24 % during the forecast period (2022 to 2030).

Drivers

Growing demand for renewable energy around the globe is a prime factor fueling the market growth. The renewable energy industry is one of the major industries that consumes rare earth metals and the products. For instance, permanent magnets produced from rare earth metals such as neodymium and dysprosium are majorly used in the manufacturing of wind turbines.

The rising demand for hybrid and electric vehicles is projected to foster the rare earth metal market growth of rare earth metals. The electric vehicles industry is another key end-use industry for rare earth metals. They find applications in the manufacturing of batteries that power these electric vehicles. In the case of hybrid vehicles, magnets developed from rare earth metals are key components of electric motors that propel these vehicles. Thus, robust growth in the EV industry is propelling the rare earth metal market growth of rare earth metals.

Industries including automotive and electronics were significantly impacted by the COVID19 pandemic. The pandemic has inflicted damage on the production of rare earth metals and their supply, as mining activities were put on hold to mitigate the spread of the virus. Companies operating in the metal industry were unable to obtain rare earth minerals to produce alloys. The decline in the production rates of permanent magnets affected the manufacturing of vehicles and consumer electronic products. However, the demand for magnets from ventilator manufacturers decelerated the implications of COVID-19 on the market.

Figure 1. Global Rare Earth Metals Market Value (US$ Mn), by Region, 2021

RARE EARTH METALS MARKET

To learn more about this report, request a free sample copy

Market Restraints

Industries such as renewable energy, electronics, automotive, and defense are key end users of rare earth metals. The growth of all these industries are influenced by overall economic growth and other economic factors. Over the past few years, the global economy has experienced a relatively subdued growth due to various economic factors. This is expected to hamper the market growth.

Fluctuating costs of rare earth metals is another major factor hampering the demand. This is turn is expected to restrict the rare earth metal market growth of the rare earth metal over the forecast period.

Rare Earth Metals Market Report Coverage

Report Coverage Details
Base Year: 2022 Market Size in 2021: US$ 4710.8 Mn
Historical Data for: 2017-2020 Estimated Year: 2022
Forecast Period 2022 to 2030 CAGR: 6.24 % Forecast Period: 2022-2030
Geographies covered:
  • By Regions: North America, Asia Pacific except Japan, Japan, Latin America, Western Europe, Eastern Europe, and Middle East & Africa
Segments covered:
  • By Metals: Neodymium, Yttrium, Dysprosium, Terbium, Europium, Cerium, and Lanthanum
  • By Application: Catalysts, Permanent Magnets, Metallurgy & Alloys, and Polishing
Companies covered:

China Northern Rare Earth (Group) High-Tech Co., Ltd, RISING NONFERROUS METALS CO., LTD, China Minmetals Rare Earth Co., Ltd, Aluminum Corporation of China Limited, Lynas Corporation, Ltd., Beijing Zhongke Sanhuan High-tech Co. Ltd., Jiangxi Tungsten Industry Group Co. Ltd., Arafura Resources Ltd., and Alkane Resources Ltd.

Growth Drivers:
  • Increasing demand for renewable source of energy
  • Rise in the Electronic sector and growing demand in the Permanent Magnets 
Restraints & Challenges:
  • Fluctuating cost of raw materials 

Market Trends

The glass polishing segment is emerging in the market due to the growing production of glass around the globe. Cerium oxide is widely used in the polishing and surface smoothening of glass. It is majorly used for the thinning and smoothening the inner surface of glass which leads to a reduction in the weight of the screen. These lightweight glasses are widely used in the creation of LCD TVs and other consumer electronic products. Thus increasing production of consumer electronic goods are projected to propel the market growth.

Growing strategic partnership and agreement among key manufacturers is one of the key trends in the market. This ongoing trend will favor market growth over the forecast timeframe. For instance, in January 2020, Australia and the U.S. partnered to find news sources of critical minerals, including rare earth minerals and reduce their reliance on China which currently dominates supply and demand.

Figure 2. Global Rare Earth Metals Market Share, By Metals, 2021

RARE EARTH METALS MARKET

To learn more about this report, request a free sample copy

Recent Developments

  • In July 2021, scientists at the Department of Energy, Lawrence Berkeley National Laboratory developed an ultrathin 2D magnet that is chemically stable under ambient conditions and can be used in high-density, compact spintronic memory devices
  • In August 2020, Lynas Corporation, Ltd. announced the installation of a new industrial-scale dryer at its Mt. Weld mine, improving the operational efficiency in the production by replacing manual drying of concentrates, making the process faster and cost-effective
  • In June 2021, Arafura Resources Ltd. raised US$ 40 Mn through SPP (Share Purchase Plan) for its Nolan NdPr Project, focused solely on the sustainable extraction of Neodymium

Competitive Section

Major players operating in the global rare earth metals market include China Northern Rare Earth (Group) High-Tech Co., Ltd, RISING NONFERROUS METALS CO., LTD, China Minmetals Rare Earth Co., Ltd, Aluminum Corporation of China Limited, Lynas Corporation, Ltd., Beijing Zhongke Sanhuan High-tech Co. Ltd., Jiangxi Tungsten Industry Group Co. Ltd., Arafura Resources Ltd., and Alkane Resources Ltd. 

Frequently Asked Questions

Global rare earth metals market was valued at around US$ 4710.8 Million in 2021.

The market size is estimated to be valued at US$ 4710.8 Million in 2021 and is expected to exhibit a CAGR of 6.24 % between 2022 and 2030.

Growing strategic partnership and agreement among key manufacturers is one of the key trends in the market 

Fluctuating cost of raw materials and slowdown of economy due to COVID-19 are expected to hinder the market. 

Major players operating in the market include, China Northern Rare Earth (Group) High-Tech Co., Ltd, RISING NONFERROUS METALS CO., LTD, China Minmetals Rare Earth Co., Ltd, Aluminium Corporation of China Limited, Lynas Corporation, Ltd., Beijing Zhongke Sanhuan High-tech Co. Ltd., Jiangxi Tungsten Industry Group Co. Ltd., Arafura Resources Ltd., and Alkane Resources Ltd.

The market is estimated to grow at around 6.24 % CAGR during the forecast period (2022-2030).

View Our Licence Options

Need a Custom Report?

We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports

Customize Now

Want to Buy a Report but have a Limited Budget?

We help clients to procure the report or sections of the report at their budgeted price. Kindly click on the below to avail

Request Discount
Logo

Reliability and Reputation

ESOMAR
DUNS Registered
Clutch
DMCA Protected

9001:2015

Reliability and Reputation

27001:2022

Reliability and Reputation

EXISTING CLIENTELE

Joining thousands of companies around the world committed to making the Excellent Business Solutions.

View All Our Clients
trusted clients logo