Global Rare Earth Metals Market

Rare Earth Metals Market Size, Share, Growth Analysis, By Product(Cerium, Dysprosium), By Application(Magnets, Catalysts) - Industry Forecast 2024-2031


Report ID: SQMIG15M2011 | Region: Global | Published Date: March, 2024
Pages: 184 | Tables: 71 | Figures: 75

Rare Earth Metals Market Insights

Global Rare Earth Metals Market size was valued at USD 3.85 billion in 2022 and is poised to grow from USD 4.28 billion in 2023 to USD 10.03 billion by 2031, at a CAGR of 11.23% during the forecast period (2024-2031).

Because they can produce varied colours, they are frequently used in displays and screens. The strong electrical conductivity of rare earth elements is well known, and they coexist in minerals. These metals are thought to be the strongest magnets currently accessible. Permanent magnet motors containing neodymium were used by almost 85% of automakers, and estimates indicate that by 2022, demand for rare earth materials in automobiles will increase by 25%. One of the key reasons propelling the expansion of the market for rare earth metals is the rising need for renewable energy across the globe. Due to the growing need to reduce CO2 emissions, there is an increase in the demand for these products in the manufacturing of magnets and catalysts for the automotive industry and high usage in the production of batteries for electric vehicles, which accelerates market growth. OICA estimates that a total of 26.08 million and 4.39 million motor vehicles, respectively, were produced in China and India. As a result, output of motor vehicles increased by 30% in India and by 3% in China respectively. Research and development activities, expansion of end use industries, urbanisation and industrialization, as well as the focus of various organisations and companies on enhancing the technology, also have a positive impact on the market. The market players have lucrative prospects during the projection period of 2021 to 2028 due to the recycling and reuse of rare-earth metals.

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Rare Earth Metals Market size was valued at USD 3.85 billion in 2022 and is poised to grow from USD 4.28 billion in 2023 to USD 10.03 billion by 2031, at a CAGR of 11.23% during the forecast period (2024-2031).

The competitive landscape is dynamic, and market positions may shift as companies invest in research and development, explore new mining projects, and address environmental concerns associated with rare earth metals production. 'China Northern Rare Earth Group High-Tech Co., Ltd. (China)', 'China Minmetals Corporation (China)', 'Lynas Corporation Ltd. (Australia)', 'MP Materials Corp. (United States)', 'Jiangxi Copper Corporation (China)', 'Iluka Resources Limited (Australia)', 'Shenghe Resources Holding Co., Ltd. (China)', 'Alkane Resources Ltd. (Australia)', 'Neo Performance Materials Inc. (Canada)', 'Arafura Resources Limited (Australia)', 'Greenland Minerals Ltd. (Australia)', 'Northern Minerals Limited (Australia)', 'Avalon Advanced Materials Inc. (Canada)', 'Medallion Resources Ltd. (Canada)', 'Norsk Hydro ASA (Norway)', 'Texas Mineral Resources Corp. (United States)', 'Ucore Rare Metals Inc. (Canada)', 'Hastings Technology Metals Ltd. (Australia)', 'Great Western Minerals Group Ltd. (Canada)', 'Arafura Resources Ltd. (Australia)'

Rare earth metals are essential components in the production of advanced technologies such as smartphones, laptops, electric vehicles, renewable energy systems, and aerospace equipment. The growing demand for these technologies drives the need for rare earth metals, as they offer unique magnetic, luminescent, and catalytic properties required for their functionality.

By 2022, sales growth in North America is projected to register a CAGR of 8.2%. The region's developing automobile industry is to blame for the rising demand for rare earths. Neodymium, for instance, is used in Tesla's Model 3 Long Range vehicles, a major American maker of electric vehicles. Over the projected period, it is expected that this action will increase demand for neodymium. Over the projected period, it is also anticipated that expanding nuclear and consumer electronics industries will fuel demand for rare earths. With more than 30% of the world's electricity generated by nuclear energy, the United States is the largest producer in the world. According to the World Nuclear Association, there are now two nuclear reactors being built in the nation. The region's market is anticipated to grow faster than average due to the increasing need for nuclear reactors.

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Global Rare Earth Metals Market

Product ID: SQMIG15M2011

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