Selbyville, Delaware, June 30, 2020 (GLOBE NEWSWIRE) -- As per Global Market Insights Inc., the rare earth metals market was estimated at $13.2 billion in 2019 and is expected to hit nearly $19.8 billion by 2026 registering a CAGR of 10.8% from 2020 to 2026. The report provides a thorough analysis of the top winning strategies, competitive scenario, key avenues of investment, market estimations as well as size, wavering industry trends, and opportunities, and drivers.
One of the strong driving forces which is promoting the rising demand for clean and renewable energy is promising public policies towards renewable energy consumption. Furthermore, apart from the rising demand for energy, there are immense oil & gas price fluctuations. Since renewable energy plants depend little on these commodities, the adoption of renewable energy is likely to grow over the coming years, further assisting in the growth of new energy plants. The following trend is projected to make huge rare earth metals market revenue for rare earth metal since they are extensively utilized in the production of wind turbines across the world.
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Based on metal, the neodymium is leading the market growth followed by scandium and dysprosium. In 2019, neodymium, scandium as well as dysprosium represented a market share of nearly 30%, 17% as well as 10%. Among these, Neodymium is extensively utilized in the renewable energy sector and electric vehicles among others and scandium alloys are broadly used in the aircraft and aerospace industry.
Key reasons for rare earth metals market growth:
- Growing product demand across Asia-Pacific.
- Increasing adoption of magnets.
- The global shift towards clean energy.
On the geographical front, North America will hold a market share of more than 18% by the end of the forecast time period. In fact, the U.S. is working towards reducing its dependency on rare earth metals in other countries, for which it is likely to invest profoundly in production and product R&D. Furthermore, the demand for rare earth metals market segments like alloys, colorants, optical instruments, and magnets in the region is very high and is estimated to grow with an impressive CAGR over the projected time period.
The Asia Pacific is likely to be the largest regional market by the end of the projected time period, accounting for more than 55% of the global demand by 2026. The growth is attributable to the presence of vast rare earth metal reserves in the region. Furthermore, China is one of the key consumers of rare earth in the overall Asia Pacific region. The demand for rare earth metals in China will grow with a CAGR of 11% over the forecast period. High domestic demand is likely to account for the growth of the rare earth metals market in china over the projected timeframe. In addition, stringent government efforts for controlling illegal mining activities will further boost the regional market growth over the upcoming years.
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Leading market players analyzed in the rare earth metals industry research include Baotou Jinmeng Rare Earth Co, Iluka Resources Limited, Northern Minerals Limited, and Ucore Rare Metals Inc among others. They have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting, and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
GMIPulse, our business analytics platform offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top-level categories and hundreds of industry segments within them, covering regional, company level, and cross-sectional statistics that make our offering a stand-out for decision-makers.