Rare Earth Metals Market to Advance at CAGR of 13% during 2021-2031; TMR Study

- Substantial use of rare earth metals in several permanent magnet applications bolstering revenue generation; rise in demand in consumer electronics and automotive industries to drive growth momentum

- Growing production of electric vehicles propelling sales in rare earth metals market; Asia Pacific to offer vast lucrative avenues to producers

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Transparency Market Research

Feb 16, 2022, 23:30 ET

ALBANY, N.Y., Feb. 17, 2022 /PRNewswire/ -- The rare earth metals market is projected to reach valuation of US$ 42 Bn by 2031. Exponential increase in the production of consumer electronics has spurred the sales in the rare earth metals market. A wide array of use of permanent magnets is underpinning the revenue growth of the rare earth metals market.

Widespread use of rare earth metals in bevy of consumer and commercial applications including smartphones, motors, audio devices, electric vehicles, and medical equipment has fueled the revenue sales. Over the past few years, the strides in renewable energy sector have bolstered the uptake of products in the manufacture of wind turbine, propelling revenue streams in the rare earth metals market. Furthermore, market players are garnering sizable profits from the surge in demand for rare earth metals in electrical and electronics components.

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Price fluctuations of rare earth metals, notably praseodymium and neodymium, across the world pose considerable challenge to producers and other companies in the value chain, assert the analysts in the TMR study. To address these concerns, observed the analysts, companies have been keenly strengthening the supply chain.

Key Findings of Rare Earth Metals Market Study

Proliferating Use in Range of Consumer & Automotive Electronics: The use of rare earth metals in bevy of consumer and automotive components continue to generate incremental opportunities for companies in the rare earth metals market. End-use industries are utilizing the products for a slew of attractive characteristics mainly including attractive heat resistance, strong magnetism, remarkable electrical conductivity, and high luster. Their use in manufacture of light-emitting diodes (LEDs) and fiber optics has bolstered sales in the rare earth metals market.
Production of Electric Vehicles to Spur Profitable Opportunities: The increasing trend of electrification of transportation sector has added robust growth momentum to the expansion of avenues in the rare earth metals market. The analysts note that rising production of electric vehicles has spurred the demand potential, thereby offering value-grab opportunities for producers of rare earth metals in key regional markets. The global demand for EVs will propel worldwide export and import of rare earth metals in the next few years.

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Consumption of Rare Earth Metals in Diverse Applications Propel Sales: Manufacturers and producers of rare earth metals are keen on gaining revenues from several applications areas. The demand for use in metalworking and glass is a case in point. Some metals continue to be used in cracking catalysts for oil and gas.

Rare Earth Metals Market: Key Drivers

Proliferating manufacture of consumer electronics worldwide over the past several decades has led to enormous consumption of rare earth metals, note the analysts in a TMR study analyzing the evolution of the market.
Advancements in separation and purification processes, along with the discovery of concentration of rare earth ores, are propelling profitable avenues for firms in the rare earth metals market.

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Rare Earth Metals Market: Regional Growth Dynamics

Massive use of permanent magnets in the manufacture of automotive and consumer electronics in Asia Pacific has led the region to occupy a large share of the global rare earth metals market
China is the leading producer of rare earth metals and also a prominent consumer wherein they are used to manufacture rare earth components. The country holds prominence across the value chain spanning from mining, refining, and processing.
In addition to China, India, Russia, Australia, and the U.S. are expected to witness profitable opportunities during the forecast period

Rare Earth Metals Market: key Players

Some of the prominent players in the rare earth metals market are Avalon Rare Metals, Alkane Resources, Molycorp, China Rare Earth Holdings, Arafura Resources, Rare Elements Resources Ltd., and Great Western Minerals Group.

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Global Rare Earth Metals Market: Segmentation

Rare Earth Metals Market, by Type

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

Rare Earth Metals Market, by Application

Magnets
Catalysts
Metallurgy
Ceramics
Phosphors
Glass
Polishing

Rare Earth Metals Market, by Region

North America

U.S.
Canada

Europe

Germany
France
U.K.
Italy
Russia & CIS
Rest of Europe

Asia Pacific

China
India
Japan
ASEAN
Rest of Asia Pacific

Latin America

Brazil
Mexico
Rest of Latin America

Middle East & Africa

GCC Countries
South Africa
Rest of Middle East & Africa

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