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