Rare Earth Metals Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026

  • To Be Published : Oct 2018 |
  • Format : CMI Insight PPT Format CMI Insight PDF Format

Rare earth metals are a group of seventeen metallic elements, including 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). Cerium oxide, an abundantly found rare earth metal, 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, and military and defense electronics. These 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 application in genetic screening tests, medical cancer treatment applications, and dental lasers. Rare earth metals have unique luminescent, magnetic, and electrochemical properties, exhibiting reduced emissions, weight, and energy consumption, due to which they are increasingly being used in advanced technologies.

Rare Earth Metals Market Taxonomy

On the basis of product type, the global rare earth metals market is segmented into:

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

On the basis of applications, the global rare earth metals market is segmented into:

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

Scandium is primarily used to strengthen metal compounds for various industrial purposes. Yttrium is a non-lanthanide, which in used in superconductors, powerful pulsed lasers, cancer treatment drugs, rheumatoid arthritis medicines, and surgical supplies, among others. Increasing prevalence of such cancer and rheumatoid arthritis is in turn, increasing demand for rare earth metals. Lanthanum finds it application in wastewater treatment, petroleum refining, camera, and telescope lenses. While, praseodymium is used in the manufacturing of aircraft engines and in flint for starting fires. Increasing demand for air transportation due to growing population is expected to increase demand for praseodymium, which are used to manufacture aircraft. 

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

The market in Asia Pacific is expected to witness rapid growth over the forecast period. According to The Wall Street Journal, China produces around 90% share of the total rare earth metals globally. The growth of the market in this region is thus attributed to high number of 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 to produce up to 5,000 tons of rare earth metals per year, which would help India to contribute around 5 percent to the global supply of the rare earth metals.

Increasing demand for renewable energy such as hybrid automobiles, next generation rechargeable batteries, wind turbines, and biofuel catalysts are expected to boost growth of the rare earth metals market, which are used in such application. However, fluctuating prices of these metals, use of alternative substances, and challenging mining of metals due to their unusual concentrations, are expected to restrain growth of the rare earth metal market.

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

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • 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.

Smiley face

Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

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:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.
Smiley face

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
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

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
  • End-users

Choose License Type

"How Can I Help You" ?

Finding it difficult to find the research that would cater to your business demands? Give us a chance to help you. One of our Research Consultants will connect to provide a customized solution.

[email protected]

Key Benefits

  • Custom Research Solution

    Talk to our research consultant to design an exclusive report as per your research needs.

  • Customer Fulfilment

    We aim to fulfil client's research demands with tailored research solutions.

  • Quick Turnaround Time Reports

    We aim to provide research studies in quickest turnaround time and in a much cost effective manner.

  • 360-degree Approach

    We cover each industry from supply and demand side with an aim to provide a most holistic research study.

  • Assured Quality

    We strive to provide most accurate and reliable research findings in our research reports.