Wilmington, Delaware, United States, Oct. 17, 2022 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – An in-depth Rare Earth Metals Market demand analysis elucidates critical use in electronics, defense, healthcare, and automotive sectors spurs growth prospects. Smartphones, digital memory devices, fluorescent lighting, catalytic converters, and rechargeable batteries are some critical applications of rare earth metals across various end-use industries. The Rare Earth Metals Market is estimated to be worth US$ 21.7 Bn by 2031.
Initiatives for R&D of next-gen electric motors and turbines for the increasing need to shift to clean energy demonstrates massive revenue potential in the Rare Earth Metals Market. Rare earth metals are used in the manufacture of these equipment owing to their magnetic and high-temperature resistance properties.
Wind, geothermal, solar, and tidal are non-exhaustive energy sources that are reckoned as future of clean energy. According to a report published by the International Energy Agency, the demand for rare earth metals in clean energy technologies is expected to rise three-times if countries meet their stipulated clean energy objectives. Rare earth metals are used in the manufacture of range of equipment, such as offshore wind turbine magnets, smartphone components, and solar cells in renewable energy generation. Furthermore, demand for neodymium and other rare earth metals based permanent magnet generators meant for advanced offshore wind turbines, strengthens revenue potential of renewable energy sector in the Rare Earth Metals Market.
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Rise in adoption of mobile and electronic devices is driving potential revenues in the Rare Earth Metals Market. Rare earth metals exhibit unique magnetic, electrochemical, and luminescent properties, which make them integral in the manufacture of modern electronic devices, and thus present enormous opportunities for key players in the Rare Earth Metals Market
Rare Earth Metals Market – Key Findings of the Report
- Neodymium rare earth metals held the leading 72.4% share of Rare Earth Metals Market in 2021. Neodymium magnet, which is an alloy of neodymium, boron, and iron is used to miniaturize electronic devices. Neodymium magnets are also used in the manufacture of hybrid cars and wind turbines. Gadolinium and dysprosium segments are anticipated to display significant growth during the forecast period.
- Magnets application segment held the largest revenue share in Rare Earth Metals Market in 2021. Permanent magnets made of rare earth metals are key components of green technologies such as wind turbines and electric vehicles, and other technologies such as refrigerators, missiles, mobile phones, and jets.
- Catalysts application segment is anticipated to grow at a steady pace during the forecast period. Metallurgy and phosphors segments held significant Rare Earth Metals Market share in 2021.
- Asia Pacific held a significant 71.8% share of Rare Earth Metals Market in 2021.China is a key market for rare earth metals in Asia Pacific.
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Rare Earth Metals Market – Growth Drivers
- Critical applications of rare earth metals in clean energy technologies fuels the growth of Rare Earth Metals Market
- Significant rise in demand for electronic devices creates massive opportunities in Rare Earth Metals Market
Rare Earth Metals Market – Key Players
Some of the key players operating in the rate earth metals market are;
- Lynas Rare Earths Ltd.
- Rare Element Resource Ltd.
- Quest Rare Minerals Ltd.
- China Northern Rare Earth High-Tech Co. Ltd.
- Otto Chemie Pvt. Ltd.
- Great western Minerals Group
- Arafura Resources Ltd.
- Iluka Resources Limited
- Greenland Minerals Ltd.
- Frontier Rare Earths Limted
- China Rare Earth Holdings
- IREL Limited
The Rare Earth Metals Market is segmented as follows;
Rare Earth Metals Market, by Type
Rare Earth Metals Market, by Application
Rare Earth Metals Market, by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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