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.
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.
On the basis of metal, the global rare earth metals market is segmented into:
On the basis of application, the global rare earth metals market is segmented into:
On the basis of region, the global rare earth metals market is segmented into:
Key players in the market are focused on adopting partnership and collaboration strategies to enhance their market share. For instance, in January 2018, Lynas Corporation Ltd. signed an agreement with Robert Bosch GmbH, a leading global supplier of technology and services to secure Robert Bosch GmbH’s Rare Earth needs for magnets used in its business.
In June 2019, Avalon Advanced Materials Inc. entered into a definitive agreement with Cheetah Resources Pty Ltd. to collaborate in the development of the rare earth resources on its mining leases collectively comprising the Nechalacho Project at Thor Lake near Yellowknife, Northwest Territories, Canada.
Increasing research and development activities related to rare earth metals is expected to boost the market growth. For instance, in May 2018, researchers from Kuwait University developed lanthanide-doped ceria nanoparticles as silicon solar cell back-side coaters, showing their influence on the solar cell efficiency.
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