New York, Oct. 12, 2023 (GLOBE NEWSWIRE) -- The global rare earth metals market size is slated to expand at ~8% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 20 billion by the end of 2035, up from a revenue of ~USD 10 billion in the year 2022.The increasing demand for rare earth metals can be directly attributed to the rise of emerging technologies. Electric vehicles, wind turbines, and smartphones all rely heavily on these materials for their production.
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For instance, a single electric car can contain up to 6-10[R1] kilograms of rare earth metals, while a typical wind turbine requires over two tons of them. As these technologies become more prevalent in our society, the demand
Government Regulations and Policies to Boost Market Growth
The rare earth metals market is heavily influenced by government regulations and policies. For instance, China[R2] , which is the largest producer of rare earth metals, has implemented export quotas and taxes to limit the amount of rare earth metals that can be exported out of the country. This has led to a rise in prices and increased demand for alternative sources of rare earth metals.
In addition, governments have also implemented policies to promote the use of rare earth metals in various industries such as renewable energy and electronics. For example, the[R3] US government has enacted legislation to encourage the development of domestic sources of rare earth metals and reduce dependence on foreign imports. These policies have had a significant impact on the market and its growth.
Rare Earth Metals Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rapidly Growing Semiconductor Sector to Drive the Growth in The Asia Pacific Region
The market for rare earth metals in Asia Pacific region is estimated to garner the largest revenue by the end of 2035. The semiconductor sector in Asia Pacific is growing at a rapid pace due to the increasing demand for consumer electronics, automotive components, and medical devices. This increased demand for semiconductor products requires the use of rare earth metals, which in turn is driving the growth of the rare earth metals market in the region. Moreover, China has the largest reserves of rare earth metals and is also home to a large number of rare earth metal processing facilities. China is believed to possess 45 million metric tonnes of rare earth oxide (ROE[R4] ) equivalent, in reserves, which accounts for about 35% of the total global reserves.
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The Increasing Demand for Rare Earth Metals In A Variety Of Industries to Drive the Growth in the North America Region
The North America rare earth metals market is estimated to garner the largest revenue by the end of 2035. This is due to the increasing demand for rare earth metals in a variety of industries, such as automotive, electronics, and aerospace, as well as the rising awareness of the environmental benefits of recycling and reusing rare earth metals. For instance, the US Department of Energy in partnership, with Oak Ridge National Laboratory (ORNL[R5] ) has created a recycling method that utilizes hollow fiber membranes solvents and neutral extractants to retrieve rare earth elements. These elements include neodymium, praseodymium and dysprosium which are found in magnets.
Rare Earth Metals Segmentation by Type
- Light
- Heavy
The light Rare Earth Metals (LREMs) segment is anticipated to hold the largest revenue by the end of 2035. As the demand for electric vehicles and renewable energy sources increases, so does the demand for LREMs, as they are used in the production of these components. Furthermore, as technology advances, the demand for LREMs is also expected to increase, as they are used in the production of smaller, more powerful magnets. In 2020, the number of electric cars worldwide surpassed 10 million as reported by the International Energy Agency (IEA). Moreover, the Global Wind Energy Council stated that the total installed capacity of wind power reached 743 GW by the end of year highlighting a rising need, for wind turbines.
Rare Earth Metals Segmentation by Application
- Electronics
- Lighting
- Semiconductors
The electronics segment in the rare earth metals market is anticipated to hold the largest revenue by the end of 2035. The electronics industry is experiencing growth due to the progress made in electronics technology including the creation of high-performance microprocessors, integrated circuits, and sensors. India has recently initiated the Digital[R6] India RISC V (DIR V) initiative, aimed at developing microprocessors for future technology. The primary objective of this program is to achieve success and secure design wins, for these microprocessors by December 2023. As more and more advanced devices are released with more advanced capabilities and connectivity, the demand for rare earth metals will increase exponentially, as they are key components in the fabrication of these devices.
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A few of the well-known industry leaders in rare earth metals market that are profiled by Research Nester are Lynas Corporation, China Northern Rare Earth Group, Iluka Resources, MP Materials, China Minmetals Corporation, Arafura Resources, Shenghe Resources Holding Co., Ltd., Alkane Resources Limited, Great Western Minerals Group, Indian Rare Earths Limited., and other key market players.
Recent Development in the Market
- In May 2023, China Northern Rare Earth Group made an announcement, about their plans to invest USD 1 billion in a rare earth processing facility situated in Inner Mongolia. The construction of this plant is anticipated to be completed by the year 2025 with a projected production capacity of 100,000 tons of rare earth concentrate.
- In May 2023, Iluka Resources revealed their intentions to expand their existing rare earths processing plant located in Australia. This expansion project is estimated to incur a cost of USD 200 million. Is set to enhance the plant’s capacity by 50%.
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