The rare earth metals market is valued at USD 5.6 billion as of 2023. Projected to grow at a CAGR of 10.1% during the forecast period, the market is expected to reach a valuation of USD 14.6 billion by 2033.
The increasing demand for rare earth metals is driven by the rise in sales of consumer electronics, such as smartphones and laptops, where these metals are used in the speakers. Additionally, key players in the electronics sector value the high-temperature resistance of these metals, which enhances device efficiency.
The growing sales of electric vehicles are also expected to boost demand for rare earth metals during the forecast period. Rare earth metals enable the miniaturization of circuits, allowing electric vehicles to operate with fewer components.
Moreover, rapid urbanization globally is anticipated to propel the growth of the rare earth metals market. These metals are utilized in the construction industry and play a crucial role in the digitization processes occurring rapidly in developing countries.
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Even the healthcare sector has seen a surge in the application of rare earth metals. These are specifically used for manufacturing MRI machines, insulin pumps, pacemakers, etc. Apart from that, these are also used as high-strength aluminum alloys, metal halide lamps, etc.
Additionally, the majority of the companies are looking to work on the idea of sustainability, as a result of which they are developing plans to cut down emissions. Thus, these firms have started adopting renewable sources of energy. The implementation of rare earth metals supports the functioning of renewable energy systems, which is expected to further surge their market growth.
“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.” – says FMI analyst.
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%.
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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.
Key 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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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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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