The rare earth metals industry is valued at US$ 5.6 billion as of 2023.During the projection period, The market is projected to grow at a 10.1% compound annual growth rate and reach a valuation of US$ 14.6 billion by 2033.
The rise in sales of consumer electronics can be ascribed to the growth in demand for rare earth metals. Whether they’re computers or smartphones. The speakers on these devices are made of these metals. In addition, major companies in the electronics sector are placing bets on these metals’ ability to withstand high temperatures, which enables them to operate more effectively.
Moreover, throughout the projection period, it is anticipated that the demand for rare earth metals will soar due to the expansion in the sales of electric vehicles. This is because rare earth metals help to reduce the size of the circuit, enabling electric vehicles to operate with fewer parts.
Furthermore, it is anticipated that the global urbanization trend will propel the expansion of the rare earth metals market. This is because the construction industry also makes use of rare earth metals. In addition, rare earth metals have a role in the digitization process, which is accelerating in developing nations.
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The use of rare earth elements has increased even in the healthcare industry. These are especially employed in the production of pacemakers, insulin pumps, and MRI machines. In addition, these are employed in metal halide lamps, high-strength aluminum alloys, and other applications.
In addition, most businesses are attempting to address sustainability, which is why they are creating strategies to reduce emissions. As a result, several businesses have begun using renewable energy sources. The utilization of rare earth metals facilitates the operation of renewable energy systems, hence contributing to the anticipated acceleration of their market expansion.
Thus, from the insights delivered by FMI researchers, it can be inferred that “an increase in the adoption of electric vehicles, coupled with the increased application across sectors and a number of other factors are expected to surge the rare earth metals market share during the forecast period.”
Key Takeaways:
- The market of rare earth metals is expected to surge at a CAGR of 10.1% during the period 2023-2033.
- The rare earth metals market is valued at US$ 5.6 billion as of 2023.
- By 2033, the market is expected to reach a valuation of US$ 14.6 billion.
- As per the regional analysis, Asia Pacific is the largest rare earth metals market, having a share of nearly 70% in 2022.
- Based on the country-wise analysis, China market is the largest market, and is expected to grow at a CAGR of 11.6%.
- The USA market is anticipated to grow at a CAGR of 7.5%.
- Brazil market is expected to grow at a CAGR of 5.3%.
- India rare earth metals market is expected to grow at a CAGR of 10%.
- Japan market is projected to grow at a CAGR of 7.4%.
- As per application, the magnets segment is expected to have the highest market share during the forecast period, growing at a CAGR of 10.2%.
- As per metal type, the neodymium segment is expected to have the highest market share during the forecast period, growing at a CAGR of 10.8%.
Companies Profiled
- Arafura Resources
- Lynas Rare Earths
- Alkane Resources
- China Northern Rare Earth (Group) High-Tech Co., Ltd,
- RISING NONFERROUS METALS CO., LTD,
- China Minmetals Rare Earth Co., Ltd,
- Beijing Zhongke Sanhuan High-tech Co. Ltd.
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Competitive Landscape
The key players operating in the rare earth metals market are mainly focusing on merging with other key players tap into each other’s crucial resources. Apart from that, the market is also witnessing strategic collaborations with players from the other niches.
Some of the recent developments in the rare earth metals market are:
- In August 2022, the Arafura Resources examined pathways to decarbonisation and how Mining, Oil & Gas companies can prosper in a low carbon world using innovative solutions & emerging cost-effective technologies.
- In July 2022, Lynas Rare Earth was shortlisted for prestigious WA Golden Gecko environmental excellence award.
Rare Earth Metals Market Segmentation
By Application:
- Catalysts,
- Permanent Magnets,
- Metallurgy and Alloys,
- Polishing,
- Glass,
- Phosphors,
- Ceramics,
- Others
By Metal Type:
- Neodymium,
- Yttrium,
- Dysprosium,
- Terbium,
- Europium,
- Cerium,
- Lanthanum
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- MEA
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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