Rare Earth Metals Market Forecast:
The rare earth metals market was estimated at USD 5.2 billion in 2021 and is likely to grow at a CAGR of 12.4% during 2022-2028 to reach USD 11.78 billion in 2028.
Market Drivers
The growth of the rare earth metals market is primarily driven by-
- A significant need for clean energy,
- Rising demand for new technologies like electric and hybrid vehicles, etc.
What is Rare Earth Metal?
Rare earth metals are a group of elements found in the earth's crust with similar physical and chemical properties. These extracted elements can be processed in their ore forms and fall into both hard and light categories. Praseodymium and Samarium are light metals that are more easily found as compared to heavy metals like terbium, holmium, gadolinium, europium, thulium, dysprosium, and ytterbium, etc.
COVID-19 IMPACT
The rare earth metals market was majorly impacted by the global pandemic in the year 2020. Worldwide lockdowns and restrictions led to the downfall of the market in the year 2020. However, the market is likely to rebound from the year 2021.
Here are the key players in the market –
- Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co Ltd.
- Molycorp Inc
- China Minmetals Rare Earth Co. Ltd
- Great Western Minerals Group Ltd.
- Alkane Resources Ltd
- Arafura Resources Ltd.
- Lynas Corp.
- Avalon Rare Metals
- Canada Rare Earth Corporation
- India Rare Earth Ltd.
Rare Earth Metals Market Segmentation:
The report segments are based upon applications, material, product type, demographics, geographics, benefits and volume etc. It also recognizes the most-attractive segments and sub-segments.
The market is segmented into Lanthanum Oxide, Cerium, Praseodymium, Neodymium, Samarium, Europium, Gadolinium, Terbium, Dysprosium, Yttrium, and Others. Cerium oxide is the most dominant rare earth metal accounting for 42% of the market in 2021, followed by Lanthanum oxide with a 24% share. Cerium oxide and Lanthanum oxide are cheaper than other rare earth metals and are widely used in metal alloys, catalysts, and glass phosphors.
The market is segmented into Permanent Magnets, Catalysts, Glass Polishing, Phosphors, Ceramics, Metal Alloy, Glass Additives, and Others. The top three applications (permanent magnets, metal alloys, and catalysts), together accounted for more than 60% of the market in 2021 and will continue to remain the dominant applications during the forecast period. Permanent magnets are likely to remain the growth engine during the forecast period driven by increasing penetration in traditional applications as well as emerging applications.
Asia-Pacific is expected to remain the largest producer and consumer of the market with a volume share of 71% in 2021. China owns the largest reserves of rare earth metals worldwide. China is both the leading producer as well as consumer of rare earth metals. The imposition of restrictions on China’s export and growing rare earth metals demand within China would create a demand-supply gap in the rare earth metals market worldwide.
The market is likely to witness significant changes in the coming years. New sources of supply are scheduled to be developed across the globe. China, which is the major producer of rare earth metals worldwide, is witnessing consolidation by state-owned enterprises. China owns the largest reserves of rare earth metals followed by Brazil. China will continue to remain the largest producer during the forecast period.
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