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Definition of Market/Industry:

Rare earth metals are 17 elements present in the periodic table, they are known as 15 lanthanides, scandium, and yttrium. These metals are often found together from the same geological deposits and exhibit similar physical and chemical properties. Terbium, Dysprosium, Europium, Yttrium, Cerium, Neodymium, and Lanthanum are rare earth metals. The rare earth metal and their alloys are widely used across a wide range of applications such as consumer electronics, military, clean energy, glass and ceramics, and petroleum refining.

Market Statistics:

The global rare earth metals market is expected to surpass US$ 8667.67 Mn in terms of value by the end of 2028.

Drivers:

Expansion of the end-user industry of rare earth metals is augmenting the market growth. The growth in the global rare earth metals market is projected to be driven, primarily, by development in the green technologies and consumer electronics market. In consumer electronics, smartphones are the key application areas for rare earth metals. Moreover, demand for rare earth metal demand is also expected to be fuel by growing demand for these metal from other applications such as metallurgy & alloys, phosphors, polishing, ceramics, and defense among others.

Market Opportunities

Increasing recycling of rare earth metals to overcome the demand-supply issue is projected to bring new market opportunities in the near future. For instance, in July 2020, Geomega Resources Inc. a rare earth clean technologies developer for mining and recycling, and USA Rare Earth, LLC, announce that they have entered into a Letter of Intent (LOI) to recycle rare earth-containing production waste from USA Rare Earth’s future production of sintered neodymium iron boron (NdFeB) permanent magnets (sintered neo magnets) in the United States.

Global Rare Earth Metals Market: Recent Developments

  1. 2nd January 2020, According to a report posted by the association of china’s rare earth industry, the city of Guangzhou in china’s southeastern province of Jiangxi Has launched an exchange for spot transaction in rare earth &minerals. Guangzhou exchange will also trade in Molybdenum, tungsten tin, cobalt, &other minerals.
  2. 17th February 2021,According to a report on the science direct states that, some of planets rarest metals used in the manufacture of smartphones and other electrical equipment’s are increasingly being found in everyday consumer plastics, according to a research by scientist from the University of Plymouth and University of Illinois at Urbana campaign test some the new and used products through a number of detailed amendments ,they examined levels of rare earth elements & result showed 24 of 31 products showed presence of rare earth elements.
  3. 28th October 2021, A new research led by Scandia National Laboratories Found that citric acid, a harmless food Grade solvent can be used to extract highly sought after rare earth metals from coal ash .the team behind the discovery described a new process that involves a supercritical carbon dioxide solvent and citric acid as the carrier for rare earth metals so they separate from coal ash –the host material .The metal extracted 42% of the rare earth metal present in coal waste sample.

Market Restraints

The oversupply situation and illegal mining in China have projected to restraints the market growth of the rare earth metals. According to the Coherent Market Insights analysis, illegal mining activities accounted for a significant share in the country’s overall rare earth output. Such illegal mining activities and oversupply situation along with the weaker demand leads to a decline in prices and affect the overall profit margins thus hindering the market growth.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/rare-earth-metals-market-293

Global Rare Earth Metals Market - Impact of Coronavirus (Covid-19) Pandemic

The Covid-19 outbreak has had an adverse impact on various industries around the globe. Due to the strict rules and regulations undertaken by government to curb the spread of the infection, companies are looking to function remotely. Moreover, various companies are looking to implement strict measures to operate at minimum risks. Additionally, various companies had shutdowns their manufacturing units which had an adverse impact on rare earth metals market.

Key Takeaways:

  • The global rare earth metals market was valued at US$ 4353.80 Mn in 2020 and is forecast to reach a value of US$ 8667.67 Mn by 2028 at a CAGR of 8.50% between 2021 and 2028.
  • The Permanent Magnet application segment from was valued US$ 1263.40 Mn in 2020 and is expected to witness a CAGR of 9.40% over the forecast period.
  • Scientists at the Department of energy, Lawrence Berkley National Laboratory recently developed an ultrathin 2D Magnet, which is chemically stable under ambient conditions, the development of 2D magnet is shaping the rare earth metal market, and an increase in the demand for the electronics is expected to serve as major driver for the rare earth metal market for the forecast period.

Market Trends

Robust growth in the ceramic industry due to ongoing investment in the construction industry is an emerging trend in the market. Yttrium, lanthanum, cerium, neodymium and praseodymium are primarily used in the ceramic industry for several applications such as electronics, engineering, and tiles. Moreover, increasing production of ceramic tiles due to growing construction activities around the globe is expected to favor the market growth of the rare earth metal over the forecast period.

The increasing use of Gadolinium from nuclear reactors is one of the key trends. Gadolinium is used as a neutron absorber in the fresh fuel that helps to control and regulate the reactivity of the nuclear reactor. Increasing investment in the nuclear energy industry will drive the demand for Gadolinium. This in turn augment the market growth. For instance, in July 2020, The UK government has invested £40m in projects focused on developing the next generation of nuclear energy technology. The projects are located in Oxfordshire, Cheshire, and Lancashire.

Competitive Section:

Company Names 

  1. China Northern Rare Earth (Group) High-Tech Co., Ltd
  2. RISING NONFERROUS METALS CO., LTD
  3. China Minmetals Rare Earth Co., Ltd
  4. Aluminum Corporation of China Limited
  5. Lynas Corporation, Ltd.
  6. Beijing Zhongke Sanhuan High-tech Co. Ltd.
  7. Jiangxi Tungsten Industry Group Co. Ltd.
  8. Arafura Resources Ltd.
  9. Alkane Resources Ltd.
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