ID: MRFR/MIN/1662-HCR | 101 Pages | Published By Anshula Mandaokar on March 2023
The Rare Earth Metal Market is projected to be worth USD 5.520.2 Million by 2030, registering a CAGR of 6.40% during the forecast period (2022-2030)
Rare Earth Metal Market Overview: Rare earth metal market is expected to grow CAGR 6.40% during the forecast period. The rare-earth elements also referred to as rare-earth metals, sometimes known as rare-earth oxides, another familiar term called lanthanides is a set of seventeen nearly-identical lustrous ivory-white ductile heavy metals. Rare earth metals are a kind of element present in the earth's crust that has similar chemical and physical properties. These types of elements extracted could be processed and extracted in the form of their ore and includes both light and hard categories. Samarium and Praseodymium fall in the agility-based category and which is easily found than heavy metals like terbium, gadolinium, holmium, thulium, europium, dysprosium, lutetium, erbium, and ytterbium. Rare earth metal elements are mostly used in the production of electric vehicles with different components, as they offer high power and corrosion control. They are quite expensive compared to aluminum nickel cobalt magnets, and ceramic however, they have their high properties than the conventional magnets. The Neodymium iron boron magnets could get large currents to generate a high-power magnetic field, as it is significant for the magnets to thoroughly resist demagnetization and function last longer. These incredible properties are the major factor to drive the market of rare earth metals toward the preference of almost all-electric vehicle manufacturers are neodymium magnets, instead of existing magnets. Study Objectives of global rare earth metal market:
|Market Size||2030 : Significant value|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, By End-use and By Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Lynas Corporation, Ltd.( Australia), Molycorp Inc. (U.S.), Alkane Resources Ltd (Australia), Baotou Steel Rare-earth (China), Ucore Rare Metals Inc.(Canada), Tantalus Rare Earths AG (Germany), Tasman Metals Ltd. (Canada), Greenland Minerals and Energy Ltd. (Australia), Avalon Advanced Materials Inc. (Canada) and others|
|Key Market Opportunities||The increase in demand of rare metals such as Neodymium and Praseodymium|
|Key Market Drivers||The demand for electric vehicles is expected to increase with the application of strict regulations|
The forecast period of the Global Rare Earth Metal Market until 2030.
One of them is neodymium, because it's the most important REE used in permanent magnets.
Asia pacific is expected to be the largest consumer and producer