Burlingame, Aug. 14, 2023 (GLOBE NEWSWIRE) -- Coherent Market Insights published a report, titled, "Rare Earth Metals Market, By Metals (Neodymium, Yttrium, Dysprosium, Terbium, Europium, Cerium, and Lanthanum), By Application (Catalysts, Permanent Magnets, Metallurgy & Alloys, and Polishing), - Size, Share, Outlook, and Opportunity Analysis, 2022–2030,” According to the report, the global rare earth metals market is estimated to be valued at US$ 4710.8 million in 2022 and is expected to exhibit a CAGR of 6.24% during the forecast period.
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Analysts’ Views on Global Rare Earth Metals Market
Rare earth metals, also known as rare earth elements, are a group of seventeen chemically similar elements that hold unique properties critical to various modern technologies. These metals are not particularly rare in terms of abundance in the Earth's crust. Rare earth elements have become very critical to several modern technologies. They are used as components in high technology devices, such as smart phones, computer monitors, flat screen televisions, digital cameras, fluorescent and light-emitting-diode (LED) lights, and computer hard disks. Large quantities of some rare earth metals are also used in clean energy and defense technologies. Thus, there is an increasing demand for rare earth metals, or rare earth elements, across the globe.
Key Trends and Analysis of the Global Rare Earth Metals Market:
Recycling and reuse of rare earth metals is one of the key trends expected to augment the growth of the global rare earth metals market. For instance, although rare earth metals/elements are critical in the technology people use every day, mining and processing these metals/elements is extremely hazardous to the environment. Thus, it is important to reuse and recycle electronics to lessen the demand for these metals/elements. Some regions around the world have little or almost no natural reserves of rare earth metals, and thus, it is necessary to develop strategies for recycling or reusing these elements. For instance, the European Commission (EC) have planned to recycle critical raw materials including rare earth elements (REE) to 70% in 2030.
Global Rare Earth Metals Market – Drivers
Increasing demand for technology devices to drive market growth
Rare earth metals/elements are vital to almost everything manufactured today, from smart phones and electric vehicles to fighter planes and/or satellites. Every aspect of modern manufacturing uses at least one of these 17 metals/elements. In April 2023, the CSIR-National Geophysical Research Institute (NGRI) Hyderabad, India found the presence of Light Rare Earth Elements (REE), key components in many electronic devices and various industrial applications in Ananthapur district of Andhra Pradesh, India. The Light REE minerals include Lanthanum, Praseodymium, Cerium, Neodymium, Hafnium, Yttrium, Tantalum, Zirconium, Niobium, and Scandium.
Rare Earth Metals Market Report Coverage
| Report Coverage | Details | |||
| Base Year: | 2022 | Market Size in 2021: | US$ 4710.8 Mn | |
| Historical Data for: | 2017-2020 | Estimated Year: | 2022 | |
| Forecast Period 2022 to 2030 CAGR: | 6.24% | Forecast Period: | 2022-2030 | |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: | China Northern Rare Earth (Group) High-Tech Co., Ltd, RISING NONFERROUS METALS CO., LTD, China Minmetals Rare Earth Co., Ltd, Aluminum Corporation of China Limited, Lynas Corporation, Ltd., Beijing Zhongke Sanhuan High-tech Co. Ltd., Jiangxi Tungsten Industry Group Co. Ltd., Arafura Resources Ltd., and Alkane Resources Ltd. | |||
| Growth Drivers: |
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| Restraints & Challenges: |
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High demand for hybrid/electric vehicles to propel market growth
Mainly two REE's are used in Electric Vehicles, such as Neodymium (Nd) and Dysprosium (Dy). Neodymium is used in powerful magnets for speakers, hard drives, and electric motors. Rare earth neodymium iron boron magnets are considered the optimum magnet for use in motors for electric and hybrid vehicles. While Dysprosium is used as additives in Neodymium magnets. By 2030, the Government of India intends to have an electric vehicle (EV) sales penetration of 30% for private cars, 70% for commercial vehicles, and 80% for two and three-wheelers, according to the Ministry of Road Transport and Highways of India.
Global Rare Earth Metals Market – Restrain
Environmental concerns to hamper the market growth
One of the key factors expected to hamper the growth of the global rare earth metals market is the environmental concerns. Although rare earth metals/elements are critical in the technology people use every day, mining and processing these elements is extremely hazardous to the environment. Most of the metals are extracted in open pit mines, which can release radiation, dust and metal into the environment. Toxic waste can enter the air, ground, and water around refining and mining sites, and it is extremely hard to remove and can endanger all organisms in the area. Thus, it is important to reuse and/or recycle electronics to lessen the demand for these minerals.
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Global Rare Earth Metals Market – Opportunities
High demand for rare earth metals is expected to offer significant growth opportunities for players in the global rare earth metals market. In March 2023, Phoenix Tailings begin production at US’ first rare earth refinery to meet critical supply chain demands by refining neodymium, dysprosium, and other rare earth metals or elements in the United States. The US Inflation Reduction Act aims to extract rare earths from environmentally friendly sources, and a domestic rare earth refinery will help to meet this target. The facility is currently producing rare earth metals, such as neodymium and dysprosium, which are essential in building high-strength magnets and nuclear reactors.
Global Rare Earth Metals Market - Key Developments
In July 2023, Iluka Resources Limited planned to build Australia’s first fully integrated rare earths refinery. Commissioning of the Eneabba Refinery is scheduled for 2025. The refinery will produce separated neodymium, terbium, dysprosium, and praseodymium.
In April 2022, Iluka Resources Ltd. announced an investment worth US$ 1.2 billion for developing the Eneabba Phase 3 rare earth refinery in Western Australia for the dedicated production of rare Earth oxides. The investment aims to make Iluka a strategic hub for the downstream processing of Australia’s rare earth resources.
Key Market Takeaways:
Global rare earth metals market is expected to exhibit a CAGR of 6.24% over the forecast period. The global rare earth metals market is growing rapidly in response to the increasing demand for renewable source of energy and growing demand for permanent magnets.
On the basis of Metals: Neodymium Segment is expected to dominate the market during the forecast period and this is attributed to the increasing demand for hybrid or electric vehicles.
On the basis of Application: Permanent Magnets Segment is expected to dominate the market during the forecast period and this is attributed to the growing demand for permanent magnets.
On the basis of Geography, Asia Pacific is expected to hold a dominant position during the forecast period due to high demand for consumer electronics, increasing demand for hybrid or electric vehicles, and increasing demand for rare earth metals in the region.
Competitive Landscape:
Key players operating in the global rare earth metals market include China Northern Rare Earth (Group) High-Tech Co., Ltd, RISING NONFERROUS METALS CO., LTD, China Minmetals Rare Earth Co., Ltd, Lynas Corporation, Ltd., Beijing Zhongke Sanhuan High-tech Co. Ltd., Jiangxi Tungsten Industry Group Co. Ltd., Arafura Resources Ltd., Alkane Resources Ltd., and Aluminum Corporation of China Limited, among others.
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Detailed Segmentation:
- Global Rare Earth Metal Market, By Metals:
- Neodymium
- yttrium
- Dysprosium
- Terbium
- Europium
- Cerium
- Lanthanum
- Global Rare Earth Metal Market, By Application:
- Catalysts
- Permanent Magnets
- Metallurgy & Alloy
- Polishing
- Global Rare Earth Metal Market, By Region:
- North America
- By Countries:
- U.S.
- Canada
- By Countries:
- Latin America
- By Countries
- Brazil
- Mexico
- Rest of Latin America
- By Countries
- Asia Pacific except Japan
- By Countries
- China
- India
- ASIAN
- Rest of Asia Pacific except Japan
- By Countries
- Japan
- Western Europe
- By Countries
- EU5
- BENELUX
- Nordic
- By Countries
- Eastern Europe
- By Countries
- Russia
- Rest of Eastern Europe
- By Countries
- Middle East Africa
- By Countries
- GCC
- South Africa
- Rest of Middle East Africa
- By Countries
- North America
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