Newark, July 31, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 6 billion in 2023 global rare earth metals market will reach USD 18.63 billion in 2033. As the name implies, rare earth metals are metals that are uncommon in the natural world. These seventeen elements are known to exist, and in the periodic table they are grouped together as fifteen lanthanides, scandium, and yttrium. They are used in many other modern essentials including as IT, telecommunications, and electrical appliances. It is essential in today's applications due to its strong magnetic characteristics and excellent electric conductivity. All industries are interested in its strong luminescence and catalytic qualities. Geographical factors, including China, the United States, Australia, and numerous other South Asian nations, are principally to blame for the domination of rare earth metals. Rare earth metals are widely used in green technology, which are now essential in a world where climate change is a reality. These metals are utilised in sustainable electrical products, wind turbines, and electric cars. They are also heavily utilised in aerospace and defence.
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Key Insight of the Global Rare earth metals Market
Asia Pacific will dominate the market during the forecast period.
China is the market leader since it has the largest supply of rare earth metals. In addition to having large reserves, it also possesses the funding, government support, and processing technology needed to extract, refine, and market these goods. Rare earth metal resources can be discovered in Australia, Myanmar, and other South Asian countries, which add to China's reserves. The large markets for electric cars, wind, solar, and electronics all contribute to the need for rare earth metals. China, along with South Korea and Japan, is the largest market for electric cars and is also the one propelling electronics innovation. The market for rare earth metals is positively impacted by favourable government policy.
In 2023, the magnets segment dominated the market with the largest market share of 37% and revenue of 2.22 billion.
The application segment is divided into catalysts, magnets, metallurgy and alloys, polishing, glass, phosphors, ceramics, and others. In 2023, the magnets segment dominated the market with the largest market share of 37% and revenue of 2.22 billion.
In 2023, the neodymium segment dominated the market with the largest market share of 44% and revenue of 2.64 billion.
The metal type segment is divided into neodymium, yttrium, dysprosium, terbium, europium, cerium, lanthanum and others. In 2023, the neodymium segment dominated the market with the largest market share of 44% and revenue of 2.64 billion.
Advancement in market
The Hub100 facility in Kingston, Ontario, has opened, according to Cyclic Materials, an advanced metals recycling company creating a circular supply chain for rare earth elements and other essential metals. The plant showcases the viability of Cyclic's exclusive hydrometallurgical technique, REEPure, on a commercial scale and is the first scaled implementation of the technology. With a planned capacity of 100 tonnes per year, Hub100 can recycle magnetic material to produce nickel and cobalt hydroxides as well as recycled mixed rare earth oxides (rMREO), which can be recycled back into the rare earth magnet supply chain.
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Market Dynamics
Driver: The rising interest in electric cars.
Concerns about climate change, which are intensifying due to rising global temperatures, are becoming more widespread. Fossil fuels are one of the main causes of the rise in temperature. Since automobiles use a disproportionate amount of these fuels, there has been a move towards electric vehicles. Since rare earth metals are vital to these technologies, the growing production and demand for electric vehicles will have a favourable impact on the market for these metals. Technological developments, consumer demand for electric vehicles, government incentives, and assistance will all contribute to the market's expansion. Therefore, the worldwide rare earth metals market will develop as a result of the growing demand for electric vehicles brought on by growing worries about climate change, government backing for the use of electric vehicles, and technological advancements enabling enhanced technologies.
Restraints: The financial and technical difficulties.
The earth is mined for rare earth metals. The infrastructure and equipment required for the extraction process must be built, which will cost a large sum of money. These are high-tech devices that need a significant financial investment and intricate technical procedures that call for specialists with related expertise, raising the expense. Furthermore, there must be a large capital investment due to the energy needed to operate these. The demand for research and development expenditures, which raise expenses, is exacerbated by the necessity to enhance procedures, technologies, and methods. Manufacturers incur additional expenses in order to comply with government laws that control the extraction, processing, and applications of rare earth metals. These metals are rare and valuable, necessitating costly high-end technologies and significant investments. Another factor that raises the price is the processing. The market for rare earth metals is capital-intensive generally, which will impede its expansion.
Opportunities: Rare earth elements' expanding use in green technology.
As global awareness of climate change has grown, so has financing for green technology aimed at transforming society into one that is more environmentally conscious, sustainable, and climate aware. In order to improve their performance, efficiency, and cost-effectiveness, more research and development is being done on green technology and eco-friendly, sustainable products as their use grows. In green technologies, rare earth elements have become essential. They are utilised in solar cells, wind turbines, electric cars, and other environmentally friendly technology. Thus, during the projected time, the industry's growth will be aided by the transition to greener technology.
Challenges: Geopolitical uncertainties.
Rare earth metals are found in the earth and they are mined, processed and then used in various industries. these locations are geographically restricted to some countries making them the dominant players in the market. however, the demand for rare earth metals is global. This mismatch in demand and supply leads to market volatility. Furthermore, geopolitical tensions and flare-ups between countries leads to sanctions and other barriers restricting or limiting trade and technology transfer which is highly detrimental for the market’s growth. the importance of rare earth metals makes countries adopt conservative policies which restricts innovations and prolongs technological advancements and development. therefore, these geopolitical uncertainties will challenge the market’s growth.
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Some of the major players operating in the global rare earth metals market are:
• Alkane Resources Ltd
• Arafura Rare Earths
• Avalon Advanced Materials Inc.
• Canada Rare Earth Corporation
• China Rare Earth Holdings Limited
• Frontier Rare Earths Limited
• Iluka Resources Limited
• IREL (INDIA) LIMITED
• Lynas Rare Earths Ltd
• Rare Element Resources Ltd.
Key Segments covered in the market:
By Application
• Catalysts
• Magnets
• Metallurgy and Alloys
• Polishing
• Glass
• Phosphors
• Ceramics
• Others
By Metal Type
• Neodymium
• Yttrium
• Dysprosium
• Terbium
• Europium
• Cerium
• Lanthanum
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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