Rare Earth Metals Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2016–2024

Rare earth metals are chemical elements which are found in Earth’s crust. The rare earth elements are a group of seventeen metallic elements, which includes fifteen lanthanides, with atomic numbers 57 (lanthanum, La) to 71 (lutetium, Lu), together with yttrium (Y, atomic number 39) and scandium (Sc, atomic number 21). The lower atomic weight elements lanthanum to samarium (Sm), with atomic numbers 57 to 62, are referred to as the light rare earth elements; while europium (Eu) to lutetium, with atomic numbers 63 to 71, are the heavy rare earth elements. These metals have many similar properties, and that often causes them to be found together in geologic deposits.  Cerium oxide is one of the abundant rare earth metal, which is used as a catalyst in catalytic converters and various metal alloys to reduce emission in automotive exhaust system.  Rare earth metals enhance the efficiency of industrial processes such as catalytic cracking, chemical catalysis, glass manufacturing, automotive emission control, energy storage, energy efficient electrical motors, manufacturing lighter and less brittle steel alloys, energy efficient fluorescent lamps acoustic devices, military and defense electronics. Rare earth metals are also used in positron emission tomography (PET) scan, magnetic resonance imagery (MRI) contrast agents, x-ray tubes, nuclear medicine imaging, and portable x-ray machines, for genetic screening tests, medical cancer treatment applications and dental lasers. Rare earth metals have contributed in establishing of advanced technologies due to their unique luminescent, magnetic and electrochemical properties, with reduced emissions, weight, and energy consumption.

Rare Earth Metals Market Taxonomy

On the basis of product type, the global market is classified into:

  • Cerium,
  • Neodymium
  • Lanthanum
  • Praseodymium
  • Yttrium
  • Europium
  • Samarium

On the basis of applications, the global market is classified into:

  • Phosphors
  • Polishing
  • Metals Alloys
  • Magnets
  • Additives
  • Batteries
  • Catalysts

In industry, the primary use of scandium is to strengthen metal compounds. Yttrium is a non-lanthanide many vital applications, such as superconductors, powerful pulsed lasers, cancer treatment drugs, rheumatoid arthritis medicines, and surgical supplies. Lanthanum has wide range application in wastewater treatment and petroleum refining as well as camera and telescope lenses. Cerium oxide is used as a catalyst in catalytic converters, magnesium and aluminum alloys, certain types of electrodes, and carbon-arc lighting. Praseodymium has found application in manufacturing aircraft engines and in flint for starting fires. Neodymium is also used to make high-powered, infrared lasers for industrial and defense applications.  Samarium is used to control rods of nuclear reactors, contributing to their safe use. In combination with other compounds for intravenous radiation treatment it can kill cancer cells and is used to treat lung, prostate, breast and some forms of bone cancer.

Rare Earth Metals Market Outlook – Increasing Demand for Recyclable and Environment Friendly Materials to be the Major Market Driver

Rare earth metals have major application in catalyst followed by metallurgy and alloys which are expected to be key drivers for growth of rare earth metals market. According to The Wall Street Journal, China produces around 90% share of the total rare earth metals globally, which has attracted many industries depending on the rare earth metals.  Asia Pacific is expected to be the most potential market for Rare Earth Metals companies with relatively high growth in terms of value over the forecast period. This is mainly attributed to the major rare earth metal resources found in countries such as China and India.  In India, the production of rare earth metals is under the control of the Indian Rare Earths Limited (IREL), a governmental undertaking under the administrative control of the department of Atomic Energy. According to Scientific American, India is authorizing a plant which will produce up to 5,000 tons of rare earth metals in a year, which would help India to contribute around 5 percent to the global supply of the rare earth metals Renewable energy applications of rare earth metals include hybrid automobiles, next generation rechargeable batteries, wind turbines and biofuel catalysts. Fluctuating prices, use of alternative substances and challenging mining of metals due to their unusual concentrations, which is not high enough for economical extraction is expected to restrain the growth of rare earth metal market. .Some of the major companies operating in the global rare earth metals market include Lynas Corporation, Avalon Rare Metals Inc, Greenland Minerals and Energy, Iluka Resources Ltd., Alkane Resources Limited, Rock Tech Lithium Inc., Artemis Resources Limited and Great Western Minerals Group.

Research Methodology

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  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.

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  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
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Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

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  • Scientific journals, and other technical magazines and whitepapers.
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Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization:

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
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Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
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