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

Rare earth metals are seventeen chemical elements that occur together in the periodic table. The group consists of yttrium and the 15 lanthanide elements (lanthanum, cerium, gadolinium, terbium, praseodymium, neodymium, europium, erbium, thulium, promethium, samarium, dysprosium, holmium, ytterbium, and lutetium). Cerium is a silvery-white metal is the most abundant of the rare earth elements and has numerous applications. Cerium oxide is used as a catalyst in catalytic converters which are used to reduce emissions in automotive exhaust systems. Cerium is also used in magnesium, iron and aluminum alloys.

Owing to unique luminescent, magnetic and electrochemical properties, the rare earth metals elements have contributed in the creation of many technologies in performing with reduced emissions, reduced weight, and energy consumption. It is also characterized by enhanced efficiency, speed, durability, performance, miniaturization and thermal stability. Military uses of these metals include precision-guided weapons, night-vision goggles, GPS equipment, communications equipment, batteries, and other defense electronics. Rare earth metals are also used in magnetic resonance imagery (MRI) contrast agents, x-ray tubes, nuclear medicine imaging, portable x-ray machines, for genetic screening tests, medical cancer treatment applications and dental lasers.

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

Yttrium is used in cancer treatment drugs, TV sets and for enhancing strength of alloys. Lanthanum is widely used in camera and telescope lenses. Lanthanum containing compounds are used have various applications in carbon lighting, which include studio lighting and cinema projection. Samarium is used in powerful magnets used in many defense, transportation and commercial technologies. It is also used in combination with other compounds for intravenous radiation treatment which can kill cancer cells and is also used for the treatment of lung, breast, prostate and other forms of bone cancer. As samarium is a stable neutron absorber, it is used in controlling rods of nuclear reactors.

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

Asia Pacific is expected to be the most potential market for Rare Earth Metals companies. Asia Pacific is projected to witness 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. According to The Wall Street Journal China produces around 90% share of the total rare earth metals globally. This has attracted many industries depending on the rare earth metals. According to Scientific American, India is authorizing a plant which will produce up to 5,000 tons of rare earth metals in a year. This would help India to contribute around 5 percent to the global supply of the rare earth metals used in cars, cameras, iPhones and wind turbines. This trend is expected to be followed over the forecast period.

Rising demand of cleaner energy sources and increasing applications are some major factors boosting the growth of rare earth metals market. Fluctuating prices is one of the growth restrainers in the rare earth metals industry globally. Renewable energy applications of rare earth metals include hybrid automobiles, next generation rechargeable batteries, wind turbines and biofuel catalysts. 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

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.

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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.
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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
  • 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

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