Rare Earth Metals Market Size, Share, Demand & Trends by 2033

-

The Rare Earth Metals Market is valued at US$ 5.6 billion as of 2023. The market is projected to grow at a CAGR of 10.1% during the forecast period, and by 2033, the market is expected to reach a valuation of US$ 14.6 billion.

The surging demand for rare earth metals can be ascribed to the increase in the sales of consumer electronics. Be it smartphones or laptops. These metals are used in the speakers of these devices. Apart from that, the key players in the electronics sector are betting on the high-temperature resistance offered by these metals, which allows them to function with higher efficiency.

Furthermore, growth in the sales of electric vehicles is also expected to surge the demand for rare earth metals during the forecast period. This is owing to the fact that rare earth metals assist in miniaturizing the size of the circuit, which makes electric vehicles work using lesser components.

Moreover, rapid urbanization worldwide is also expected to surge the market growth of rare earth metals. This is owing to the fact that rare earth metals are used in the construction industry as well. Apart from this, rare earth metals are also used in the process of digitization, which is happening at a rapid rate in developing countries.

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.

Get a Sample Copy of the Report @ https://www.futuremarketinsights.com/reports/sample/rep-gb-2290

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.

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%.

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

Browse Full Report: https://www.futuremarketinsights.com/reports/rare-earth-metals-market

Comments

Post a Comment

Popular posts from this blog

Thionyl Chloride Market Size, Share, Revenue Demand & Growth by 2034

-
Heightening concerns related to water treatment are likely to further fuel its growth engine in the near term. According to the latest report by FMI, the global  thionyl chloride market  is expected to reach a valuation of US$ 829.9 million by 2034. The industry is expected to experience revenue growth at a moderate CAGR of 4.8% during the forecast period. Thionyl chloride is used in various end-use industries such as agrochemicals, pharmaceuticals, dyes & pigments, and organic synthesis. The rising adoption of pesticides in developing countries and developments in the pharmaceutical industry are expected to drive the growth of the thionyl chloride market over the forecast period. However, a majority of end users of thionyl chloride are facing a massive slowdown due to the coronavirus (COVID-19) pandemic. This is substantially widening the supply-demand gap, and, as such, straining the revenue pool of the thionyl chloride market. Further, China – the epicenter of the ...
Read more

Bonded Magnet Market Size, Share, Revenue Demand & Growth by 2034

-
  The  bonded magnet market size  is projected to be around US$ 2,597.40 million in 2024. The demand for bonded magnets is anticipated to expand at a CAGR of 4.80% through 2034. The industry is projected to surpass US$ 4,150.99 million by 2034. The bonded magnet industry is primarily driven by the increasing demand for miniaturization and lightweight components in various applications such as automotive, consumer electronics, and medical devices. The rising focus on sustainability and environmental concerns has propelled the adoption of bonded magnets, which are manufactured using environmentally friendly processes and materials. One of the latest trends in the bonded magnet industry is the development of hybrid magnet systems combining bonded magnets with other materials like plastics or composites. These hybrid systems offer unique properties and performance characteristics, catering to specific application requirements such as weight reduction or thermal stability. ...
Read more

Construction Chemicals Market Potential Growth, Size, Share, Demand And Analysis Of Key Players – Research Forecasts To 2031

-
 The essential nature of construction chemicals in the construction and engineering sector is expected to support market growth for the duration of the assessment period from 2021 to 2031. In a new market report, Future Market Insights (FMI) has stated the valuation of the market at US$ 39 Bn in 2020.  Construction chemicals  play critical roles in construction projects including coatings, additives, sealants and more. Affordable housing and smart city projects are major influencers of demand. Strong demand for concrete admixtures, plasticizers in particular is driving the growth of the construction chemicals market. The high degree of workability in areas requiring high levels of reinforcement in high rise buildings and public infrastructure projects will support sales prospects in the coming years. The Asia Pacific excluding Japan region is expected to remain dominant. Major urbanization projects and substantial manufacturing facilities in China are likely to aid ex...
Read more