The market for rare-earth metals is expected to grow at a compound annual growth rate (CAGR) of 12.33% from USD 5.3 billion in 2021 to USD 9.6 billion by 2026, as per the recently released report “Rare-Earth Metals Market by (Lanthanum, Cerium, Neodymium, Praseodymium, Samarium, Europium, & Others), and Application (Permanent Magnets, Metals Alloys, Polishing, Additives, Catalysts, Phosphors), Region – Global Forecast to 2026”
The market for rare-earth metals is anticipated to be driven by the growing use of these elements in permanent magnet applications. Due to the rise in rare earth metal production and consumption in China, the Asia-Pacific region is experiencing the fastest growth in the rare earth metal market. The widespread use of permanent magnets is predicted to propel the rare-earth metals market in the area and present a massive potential for the development of these cutting-edge technologies.
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- 99 Market Data Tables
- 43 Figures
- 156 Pages and in-depth TOC on “Rare-Earth Metals Market – Global Forecast to 2026″
This report also provides a comprehensive analysis of the companies listed below:
Major players like China Minmetals Rare Earth Co Ltd (China), Avalon Advanced Materials, Inc (Canada), Iluka Resource Ltd (Australia), Canada Rare Earth Corporation (Canada), Lynas Corporation (Australia), Alkane Resources ltd (Australia), Arafura Resources Ltd (Australia), and others dominate the rare-earth metals market. These players have furthered their presence in the global rare-earth metals market by implementing growth methods like contracts and joint ventures.
Recent Developments in Rare-Earth Metals Market
1. In May 2019, Lynas Corporation and Blue Line announced a joint venture to develop rare earths separation capacity in the US.
2. In April 2019, In April, the company invested USD 2.16 million in Calidus Resources Limited, a gold exploration company in Australia.
3. In March 2019, Lynas Corporation signed an MoU with MARA to commercialize the neutralization underflow residue from the Lynas Malaysia plant
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The Neodymium Oxide segment is projected to lead the global rare-earth metals market through 2026
Neodymium oxide segment growth is driven by the increasing use of Clean energy applications that have driven the market. The oxide is used in the production magnets which are found in most modern vehicles and aircraft, and consumer electronics, such as headphones, microphones, and computer discs . It is used in high-strength permanent magnets that are also known as neodymium-iron-boron (NdFeB) magnets which are also known as one of the strongest magnets in the world.
The Phosphors segment is projected to grow at the highest CAGR during the forecast period.
The Phosphors application segment is projected to grow at the highest CAGR during the forecast period. Phosporous is used to convert the incident radiation in the form of light of designed colour. Due to this property it is used in several applications require color in the light exhibited, namely, cathode ray tube displays, fluorescent lamps, and other applications. Owing to the rising government policies in US, Canada, China, among other countries, and rising replacement of incandescent lamps with fluorescent and LED lamps in European Union, the demand for rare-earth oxide phosphor is expected to rise in forecast period.
The Asia Pacific is projected to hold the largest share in the rare-earth metals market during the forecast period
APAC is the largest region in terms of total rare-earth material consumption. This growth is due to rapidly increasing demand of rare earth metals in China, which accounts for largest global rare-earth consumption. In 2019, It was the largest consumer of rare-earth elements in with an estimated market revenue of over USD 5.2 billion. Owing to the to growing industrialization and extraction activities in China, the consumption of rare earth metal in the region is also expected to witness the fastest-growth.
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