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  • Published On : Nov 2022
  • Code : CMI293
  • Industry : Advanced Materials
  • Pages : 110
  • Formats :

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  | Coherent Market Insights

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.

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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  | Coherent Market Insights

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. 

Rare earth metals, also known as rare-earths, are a group of 17 nearly indistinguishable silvery white, nearly-matte heavy alloys. These metals, which come from the Earth's crust and are extracted through several chemical processes, are used in the electronics industry, defense applications, and in various other industries. The rare earth metals that are extracted are generally not prepared in the mining process, meaning that the alloys and minerals from the earth come to the market with great deformity and are often found in a very limited range of different shapes.

Market Dynamics

Growing demand for renewable source of energy is expected to foster the rare earth metals market growth. According to the center for climate change and energy solutions, renewables made up 26.2% of global electricity generation in 2018 and is expected to rise to 45% by 2040.  will likely come from solar, wind, and hydropower. Rapid growth in end-use industries is also expected to stimulate the market growth.

On the other hand, fluctuating cost of raw materials is expected to hinder the market growth.

Key features of the study:

  • This report provides an in-depth analysis of the rare earth metals market, and provides market size (US$ Million) and compound annual growth rate (CAGR%) for the forecast period (2022–2030 ), considering 2021 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
  • It profiles key players in the global rare earth metals market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
  • Key companies covered as a part of this study 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.
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
  • The global rare earth metals market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global rare earth metals market

Detailed Segmentation:

  • Global Rare Earth Metal Market, By Metals:
    • Neodymium
    • yttrium
    • Dysprosium
    • Terbium
    • Europium
    • Cerium
    • Lanthanum
  • Global Rare Earth Metal Market, By Application:
    • Catalysts
    • Permanent Magnets
    • Metallurgy & Alloy
    • Polishing
  • Global Rare Earth Metal Market, By Region:
    • North America
      • By Countries:
        • U.S.
        • Canada
    • Latin America
      • By Countries
        • Brazil
        • Mexico
        • Rest of Latin America
    • Asia Pacific except Japan
      • By Countries
        • China
        • India
        • ASIAN
        • Rest of Asia Pacific except Japan
    • Japan
    • Western Europe
      • By Countries
        • EU5
        • BENELUX
        • Nordic
    • Eastern Europe
      • By Countries
        • Russia
        • Rest of Eastern Europe
    • Middle East Africa
      • By Countries
        • GCC
        • South Africa
        • Rest of Middle East Africa
  • Company Profiles
    • China Northern Rare Earth (Group) High-Tech Co., Ltd*
      • Company Overview
      • Product Portfolio
      • Key Strategies
      • Recent Developments
      • Future Plans
    • 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.
    • 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).

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