Global Rare Earth Metals Market is segmented By Type (Cerium, Lanthanum, Neodymium, Praseodymium, Samarium, Gadolinium, Europium, Terbium, Dysprosium, Yttrium), By Application (Permanent Magnets, Catalysts, Metallurgy, Glass Polishing, Phosphors, Ceramics), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029
The Global Rare Earth Metals Market is expected to grow at a high CAGR during the forecasting period (2022-2029).
- Rare Earth Metals are a group of 17 chemical elements of the periodic table that find application in innovative and emerging technologies, thus increasing their strategic and commercial importance.
Rare Earth Metals Industry Dynamics
- The primary drivers for the Rare Earth Metals market include its applications in making technologies perform with reduced energy consumption and weight, improving their efficiency, durability and thermal stability.
- For instance, Rare Earth Permanent Magnets have been used in healthcare systems like diagnostic imaging and robot-assisted surgeries.
- Rare Earth Metals used in fluid catalytic cracking in Oil and Gas fields have also enhanced demand for these metals.
- Although valuable for scientific and technological advancement, the extraction and processing of Rare Earth Metals costs associated is a significant barrier to entry.
- China's significant price undercutting of costs coupled with its share of 40% of the rare earth metal reserves makes it the undisputed global leader of the market. China's aggressive policies like limiting rare earth exports also deter
- The market is further categorized based on Application, which includes Permanent Magnets, Auto Catalysts, Metallurgy, Glass Polishing, Phosphors, Ceramics, and Others.
- The report segments the geographies by region, which include Asia Pacific, North America, South America, Europe, and RoW.
- Based on Type, the market is segmented into Cerium, Lanthanum, Neodymium, Praseodymium, Samarium, gold price, aluminum, elementary, gallium, molybdenum Gadolinium, Europium, Terbium, Dysprosium, Yttrium, and Others. Cerium and Lanthanum lead the market share owing to its applications as Phosphors, Metallurgy, Ceramics, and Fuel Cracking Catalysts. Neodymium, Terbium, and Dysprosium are expected to occupy a higher market share in the coming years as these are used in rare earth magnets, lasers, and magnetostrictive alloys.
- Geographically, Asia Pacific leads the market share by region due to the strong presence of countries like China and India which have sizeable rare earth metals reserve and easy availability of low-cost labor. China enjoys an undisputed control over the market and as such has been dictating market terms.
- The region will also see the higher growth rate in the coming years since export volumes to countries in the North American region are also on the rise.
- DataM analyses the complete scenario of the Global Rare Earth Metals market, market segmentation, geography analysis, companies, trends and opportunities in the market.
- The report covers the factors impacting the market, Porter 5 Forces, Market Share Analysis, Price trend analysis, Product Benchmarking, and company profiles.
- The report profiles the following companies, which includes Lynas Corporation, Neo Performance Materials, Inc., Arafura Resources Limited, Avalon Advanced Materials Inc., Rare Elements Resources Ltd., Greenland Minerals and Energy Ltd., Alkane Resources Ltd., Hefa Rare Earth Co. Ltd., Medallion Resources and Indian Rare Earths Limited.
Key segments covered
- Permanent Magnets
- Glass Polishing
- Asia Pacific
- North America
- South America
- Rest of the World
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