The 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 rare-earth metals market is projected to grow from USD 5.3 billion in 2021 to USD 9.6 billion by 2026, at a CAGR of 12.33% during the forecast period. The increasing use of rare-earth elements that are used in the permanent magnet application are likely to drive the rare-earth metals market. APAC is the fastest-growing market for rare-earth metals owing to the increase in production and consumption of rare earth metals in China. Significant usage of permanent magnets provide a huge opportunity for the growth of these advanced materials, are also expected to drive the rare-earth metals market in the region.
• 99 Market data Tables
• 43 Figures
• 156 Pages and in-depth TOC on “Rare-Earth Metals Market – Global Forecast to 2026”
Some of the prominent key players are:
- Lynas Corporation (Australia)
- Alkane Resources ltd (Australia)
- Arafura Resources Ltd (Australia)
- China Minmetals Rare Earth Co Ltd (China)
- Avalon Advanced Materials, Inc (Canada)
- Iluka Resource Ltd (Australia)
- Canada Rare Earth Corporation (Canada)
Opportunity: New Recycling and reuse of rare-earth metals
Rare-earth metals were comparatively cheaper before new applications were discovered for their use. This created a discrepancy in the supply and demand chain of the rare-earth metals, which was due to an enormous increase in the prices of the metals. Earlier, the metals were not as critical as they have become over the past five years. Hence, a lot of them were wasted due to inconsistent demand and supply. Currently, the situation is different for the rare-earth metals. Many critical industries, including the green technology and defense use a lot of rare-earth metals. The substantial price increase of the metals in 2011 made these metals even more critical and valuable for other countries, including the US, which has led to a global drive for recycling.
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 application has 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 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.