NEW
YORK, July 23, 2024 /PRNewswire/ -- The
global rare earth metals market size is estimated to
grow by USD 6.31 billion from
2024-2028, according to Technavio. The market is estimated to grow
at a CAGR of over 9.59% during the forecast
period. Growing demand for electronic appliances and personal
equipment is driving market growth, with a trend
towards rise in production capacities and emergence of
alternative suppliers. However, demand-supply outages and the
rise of substitutes poses a challenge. Key market players
include Alkane Resources Ltd, Arafura Rare Earths Ltd., Arnold
Magnetic Technologies Corp., Avalon Advanced Materials Inc., Canada
Rare Earth Corp, Energy Transition Minerals Ltd., Frontier Rare
Earths Ltd., HEFA Rare Earth Canada Co. Ltd., Hitachi Ltd., Iluka
Resources Ltd., IREL India Ltd., Lynas Rare Earths Ltd., Montero
Mining and Exploration Ltd., Namibia Critical Metals Inc., Neo
Performance Materials Inc., Northern Minerals Ltd., Rare Element
Resources Ltd., Shin Etsu Chemical Co. Ltd., Resonac Holdings
Corp., and Ucore Rare Metals Inc..
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Application (Permanent
magnets, Metal alloys, Catalysts, Polishing powder, and Others),
Type (Light rare earth elements, Heavy rare earth elements, and
Other element type), and Geography (APAC, North America, Europe,
Middle East and Africa, and South America)
|
Region
Covered
|
APAC, North America,
Europe, Middle East and Africa, and South America
|
Key companies
profiled
|
Alkane Resources Ltd,
Arafura Rare Earths Ltd., Arnold Magnetic Technologies Corp.,
Avalon Advanced Materials Inc., Canada Rare Earth Corp, Energy
Transition Minerals Ltd., Frontier Rare Earths Ltd., HEFA Rare
Earth Canada Co. Ltd., Hitachi Ltd., Iluka Resources Ltd., IREL
India Ltd., Lynas Rare Earths Ltd., Montero Mining and Exploration
Ltd., Namibia Critical Metals Inc., Neo Performance Materials Inc.,
Northern Minerals Ltd., Rare Element Resources Ltd., Shin Etsu
Chemical Co. Ltd., Resonac Holdings Corp., and Ucore Rare Metals
Inc.
|
Key Market Trends Fueling Growth
The rare earth metals market is experiencing significant growth
due to increasing demand and the evaluation of domestic reserves
for exploitation. Countries like India, South
Africa, Brazil,
Australia, Canada, Vietnam, and Malaysia are investing heavily in this sector,
aiming to become reliable alternative suppliers to China. Notable developments include Lynas Rare
Earths' USD120m contract from the US
DoD for a HRE separation facility in Texas, scheduled to begin production in 2025.
Japan is also investing in these
nations to reduce import dependence on China. Major mines, such as Nolans and Mt.
Weld in Australia, Mountain Pass
in California, Lofdal Rare Earth
Project in Namibia, and Hoidas
Lake project in Canada, are
expected to come online between 2019 and 2024, contributing to a
decrease in China's supply share.
These factors are driving positive growth in the rare earth metals
market.
Rare Earth Metals: A Business Perspective Rare Earth Metals, a
group of 17 chemically similar elements, are in high demand due to
their essential role in various industries. These metals are
primarily used in Aerospace, Defense, Clean Energy, Electronics,
and Auto-catalysts. The market for Rare Earth Metals is driven by
the increasing use in High-tech technologies such as batteries for
electric vehicles and Renewable Energy, Catalyst systems, Rare
Earth Magnets, and Phosphors for LED lamps. The primary sources of
Rare Earth Metals are concentrated deposits in the Earth's crust.
However, mining these metals can have environmental impacts and
habitat destruction. The production and capacity of Rare Earth
Metals are influenced by geopolitical factors and raw material
prices. Key Rare Earth Metals include Cerium, Dysprosium, Erbium,
Europium, Gadolinium, Holmium, Lanthanum, Lutetium, Neodymium,
Neodymium oxide, Praseodymium, Promethium, Samarium, Scandium, and
Yttrium. These metals are used in various applications such as
glass & ceramics, magnets, and metallurgy. The market for Rare
Earth Metals is expected to grow due to the increasing demand for
Clean Energy and the shift towards electric vehicles. However, the
environmental concerns and geopolitical factors may pose challenges
to the industry. Companies in this space need to focus on
sustainable mining practices and innovation to meet the growing
demand while minimizing the negative impacts.
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Market Challenges
- The global rare earth metals market is experiencing significant
challenges due to the heavy concentration of supply in specific
geographies and the increasing demand for these critical raw
materials in clean technologies. Rare earth metals, such as
neodymium, praseodymium, dysprosium, and terbium, are essential
components in various end-uses, including clean technologies,
electronics, and permanent magnets. However, the supply of these
metals is dominated by a few countries, leading to concerns about
supply security and trade friction. The uneven distribution of rare
earth element (REE) reserves intensifies international competition
and geopolitical risks. The current production is mainly restricted
to the US and China, with other
geographies having limited resources. This overdependence on a
limited number of mining sites exposes the market to significant
price fluctuations and availability challenges. Environmental
concerns, federal quotas, and rising production costs often result
in the closure of small mining sites, disrupting supplies and
exports to key importing countries. These countries may rely on
recycling or substitutes, such as titanium and vanadium modified
with nickel, chromium, and manganese, for NiMH batteries. Moreover,
the rapidly growing end-use demand outpaces the supply due to the
lag period involved in the commercial development of reserves. This
supply deficit necessitates a serious evaluation of substitutes.
Permanent magnet manufacturers are intensively researching to
eliminate the use of rare earth metals, posing a threat to the
market. These factors will hinder the rare earth metals market
during the forecast period.
- Rare Earth Metals Market: Overview The Rare Earth Metals market
encompasses a group of 17 elements on the periodic table, including
Erbium, Europium, Gadolinium, Lanthanum, Praseodymium, Neodymium,
Promethium, Samarium, Europium, Holmium, Lutetium, Terbium,
Dysprosium, Hoium, Tmium, Ytterbium, and Yttrium. These metals are
essential in various high-tech technologies, such as magnets,
phosphors, LED lamps, glass & ceramics, and renewable energy.
Despite their importance, the market faces several challenges.
Geopolitical factors, habitat destruction, water contamination, and
raw material prices are significant concerns. China dominates global production and
capacity, accounting for over 80% of global rare earth oxides. This
supply chain imbalance can lead to price volatility and potential
disruptions. Moreover, rare earth metals are used in various
industries, including metallurgy, magnets, and high-tech
technologies. For instance, Neodymium oxide is used in magnets,
while Scandium is used in aerospace and automotive industries. Rare
earths are also crucial in renewable energy technologies like wind
turbines and solar panels. The demand for rare earth metals is
driven by the increasing use of high-tech technologies, such as
smartphones, LED lamps, and renewable energy. However, the
environmental impact of rare earth mining and the potential for
water contamination are significant concerns. Companies like
Solvay are investing in recycling
technologies to mitigate these issues. In summary, the rare earth
metals market is essential for various industries, but it faces
challenges related to supply chain imbalances, geopolitical
factors, and environmental concerns. Companies must navigate these
challenges to ensure a sustainable and reliable supply of rare
earth metals.
For more insights on driver and
challenges - Download a Sample Report
Segment Overview
This rare earth metals market report extensively covers market
segmentation by
- Application
- 1.1 Permanent magnets
- 1.2 Metal alloys
- 1.3 Catalysts
- 1.4 Polishing powder
- 1.5 Others
- Type
- 2.1 Light rare earth elements
- 2.2 Heavy rare earth elements
- 2.3 Other element type
- Geography
- 3.1 APAC
- 3.2 North America
- 3.3 Europe
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Permanent magnets- The rare earth metals market
is significant due to the essential role these elements play in
various industries. These metals are used in the production of
high-tech products such as smartphones, electric vehicles, and
renewable energy technologies. The market's growth is driven by
increasing demand for these advanced technologies. Major producers
include China, Australia, and the
United States. Prices have been relatively stable, but
supply chain disruptions could impact availability and prices.
Companies are exploring alternative sources and recycling solutions
to mitigate risks.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
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The global Rhenium market is witnessing steady growth, driven by
its critical applications in aerospace and electronics. Meanwhile,
the global Precious Metals market continues to thrive, bolstered by
high demand for gold, silver, and platinum as safe-haven
investments and industrial uses. Additionally, the global Metal
Oxide Nanoparticles market is expanding rapidly, fueled by
advancements in electronics, healthcare, and environmental
applications. These markets collectively highlight the increasing
importance of advanced materials and technologies in driving
economic and industrial growth worldwide.
Research Analysis
Rare earth metals are a group of 17 chemically similar elements
located in the periodic table, primarily found in the Earth's
crust. Neodymium and Praseodymium are the most commonly used rare
earth metals, with Dysprosium, Terbium, Yttrium, and others also in
high demand. These metals are essential for various applications,
including wind turbines and rare-earth magnets. Neodymium magnets
are the most powerful type of permanent magnet, making them ideal
for use in electric motors and generators. Rare earth metals are
also crucial in catalyst systems and high-performance lighting. The
concentrated deposits of these elements are primarily found in
China, Australia, and the
United States. Other rare earth metals include Cerium,
Erbium, Europium, Lanthanum, Promethium, Samarium, and
Gadolinium.
Market Research Overview
Rare Earth Metals Market: An Overview The Rare Earth Metals
Market encompasses a group of 17 chemically similar elements,
primarily found in the Earth's crust. These metals, including
cerium, dysprosium, erbium, europium, gadolinium, holmium,
lanthanum, lutetium, neodymium, neodymium oxide, praseodymium,
promethium, samarium, scandium, terbium, thulium, ytterbium, and
yttrium, play a crucial role in various industries due to their
unique properties. Rare Earth Metals are essential for high-tech
technologies, such as aerospace, defense, clean energy,
electronics, and magnets. They are used in catalyst systems,
batteries, phosphors, LED lamps, and rare earth magnets. In the
aerospace sector, they are used for fuel additives and in the
production of alloys for jet engines. In defense, they are used in
missile guidance systems and radar technology. Clean energy
applications include wind turbines and electric vehicles, where
rare earth metals are used in the production of magnets and
batteries. In the automotive industry, they are used in catalytic
converters for reducing air contamination. The rare earth metals
market is subject to geopolitical factors, habitat destruction, and
water and air contamination during mining. The supply chain is
complex, with few concentrated deposits and limited production
capacity. Raw material prices are volatile due to these factors,
making it essential for companies to secure long-term contracts and
alternative sources. Rare earth metals are used in various
industries, including glass & ceramics, smartphones, and
renewable energy. For instance, scandium is used in alloy
production for aerospace and automotive industries, while terbium
is used in phosphors for LED lamps. Yttrium is used in
high-temperature superconductors, while neodymium is used in
magnets for electric motors and generators. The production and
capacity of rare earth metals are limited, with China being the largest producer, accounting
for over 80% of global production. Other significant producers
include the United States,
Australia, and Russia. The market is expected to grow due to
increasing demand from the clean energy and high-tech industries.
However, the environmental impacts of rare earth mining and the
geopolitical risks associated with dependence on a single country
for production pose challenges to the market's growth.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
-
- Permanent Magnets
- Metal Alloys
- Catalysts
- Polishing Powder
- Others
- Type
-
- Light Rare Earth Elements
- Heavy Rare Earth Elements
- Other Element Type
- Geography
-
- APAC
- North America
- Europe
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
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