Rare Earth Metals Market, by Metal (Cerium, Dysprosium, Erbium, Europium, Gadolinium, Holmium, Lanthanum, Lutetium, Neodymium, Praseodymium, Promethium, Samarium, Scandium, Terbium, Thulium, Ytterbium, and Yttrium), by Application (Magnets, Catalysts, Alloys, Glass & Electronics, and Others), and by Region – Size, Share, Outlook, and Opportunity Analysis, 2018 – 2025

  • To Be Published : Aug 2019 |
  • Format : CMI Insight PPT Format CMI Insight PDF Format

Rare earth metals (REM) are the group of seventeen metallic elements that have distinctive luminescent, magnetic, and chemical properties, which makes it significant in varied high-technology industries, especially in low-carbon technologies. According to the International Union of Pure and Applied Chemistry (IUPAC), the REM or rare earth elements (REE) consists of Cerium (Ce), Dysprosium (Dy), Erbium (Er), Europium (Eu), Gadolinium (Gd), Holmium (Ho), Lanthanum (La), Lutetium (Lu), Neodymium (Nd), Praseodymium (Pr), Promethium (Pm), Samarium (Sm), Scandium (Sc), Terbium (Tb), Thulium (Th), Ytterbium (Yb), and Yttrium (Y).

Rare earth elements (REE) are used in applications such as glasses & polishing, metallurgical alloys, magnets, catalysts, magnets, ceramics, phosphors, and others. Growing sales of the automotive industry are expected to boost demand for rare earth metals from 2018 to 2025. Moreover, rare earth metals are used for chemical processing such as petroleum refinement as an industrial catalyst.

Rare earth oxides (REO) find its applications in the mature market comprising catalysts, metallurgy, and glassmaking, contributing a share of about 60.0% in global consumption of rare earth metals. Growing applications such as permanent magnet, battery alloy, and ceramic together contributes to the remaining share in the market.

Market Dynamics

Factors such as rapid industrialization and increasing population, coupled with growing manufacturing and automotive industries are boosting demand for rare earth metals in the market. According to Brookings Institution, China was the leading market in terms of manufacturing output, with over US$ 2.0 trillion output in 2017, followed by the U.S. and Japan, contributing US$ 1.8 trillion and US$ 1.0 trillion, respectively. The manufacturing industry is expected to grow in the near future, which in turn is likely to increase demand for rare earth metals during the forecast period.

On the basis of rare earth metals (REMs), cerium is the leading segment in the global rare earth metals, owing to its large consumption in refining and metallurgy process.

Factors such as raw material shortages coupled with depleting reserves are few of the major restraints, which are projected to hamper growth of the rare earth metals market. Moreover, emerging demand for clean energy, along with various government initiatives are likely to reduce mining activities of rare earth metals.

Market Outlook

  • Based on applications, glass & electronics segment dominated the global rare earth metals in 2017, owing to the usage of these metals in glass polishing and tinting, fiber optics, lasers, and display phosphors (LCD and plasma screens, compact fluorescent lamps, cathode ray tubes, and medical imaging). According to Manufacturers’ Association for Information Technology (MAIT), the India electronics industry emerged as the significant market in 2017. As a result, the demand for rare earth metals is likely to grow from the India electronics industry. Furthermore, REE is the focus of recent times, attributing to its contribution to modern technologies including screen of smartphones and televisions, and batteries of electric and hybrid cars.
  • Asia Pacific held the dominant position in the global rare earth metals market in 2017, owing to large consumption and application of rare earth metals in manufacturing and electronics industries in emerging economies such as India and China in the region. China being the largest producer across the globe contributing for approximately 95-97% of the overall supply of rare earth metal in 2017. The governments of various countries are undertaking various initiatives to condense environment hazards. For instance, China imposed a ban on excessive mining activities in order to reduce resource exploitation.
  • According to the U.S. Department of Energy, the demand for critical REEs (Neodymium, Europium, Dysprosium, Terbium, and Yttrium) is predicted to grow during the near future. In addition, environmental hazards associated with mining have compelled countries like China to impose a ban on excessive mining activities to reduce resource exploitation.

Key Players

  • Major players operating in the global rare earth metals market include Lynas Corporation Ltd., Avalon Advanced Materials Inc., Greenland Minerals Ltd., Iluka Resource Limited, and Alkane Resources Ltd.
  • Key players are undertaking various strategic initiatives including new product developments and mergers & acquisitions, in order to survive in the competitive business environment. For instance, in 2016, Shenghe Resources Holding Co Ltd. entered into a strategic partnership with Greenland Minerals. The aim of Shenghe investment’s in Greenland Minerals was to expand the company’s business of rare earth resources outside China and facilitate long-term growth opportunities.

Market Taxonomy

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

  • Cerium
  • Dysprosium
  • Erbium
  • Europium
  • Gadolinium
  • Holmium
  • Lanthanum
  • Lutetium
  • Neodymium
  • Praseodymium
  • Promethium
  • Samarium
  • Scandium
  • Terbium
  • Thulium
  • Ytterbium
  • Yttrium

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

  • Magnets
  • Catalysts
  • Alloys
  • Glass & Electronics
  • Others (Ceramics, Phosphors, and Additives)

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

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • Italy
    • France
    • Russia
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • ASEAN
    • Australia
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Rest of Latin America
  • Middle East
    • GCC
    • Israel
    • Rest of Middle East
  • Africa
    • Northern Africa
    • Central Africa
    • South Africa

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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