Rare Earth Metals Market by product, by application and region-forecast | By SDKI

The rare earth metals market is estimated to reach US $ 7.54 billion by 2030 from a market value of US $ 3.77 billion in 2022 and is expected to grow at a CAGR of 10.40% during the 2022-2030 forecast period.

Rare earth elements or metals are defined as one of the set of 17 chemical elements in the periodic table (specifically, 15 lanthanides, and scandium and yttrium). It is defined by the International Union of Pure and Applied Chemistry. It has a wide range of applications in a variety of fields, including magnets, catalysts, metal alloys, electronics, glass, ceramics, new materials and other high-tech fields. Rare earth metals are energy efficient, faster, lighter, smaller and more efficient. These characteristics increase the demand for technological advances and play an important role in the development of various industries such as the Internet of Things, automobiles and consumer electronics.

Rare earth metals are gaining greater demand in the manufacture of electric vehicles around the world. This is due to the emergence of products in the automotive industry such as wind power generation, fuel cells, hydrogen storage, rechargeable batteries, and the permanent magnets used in electric and hybrid electric vehicles. Therefore, the rapid growth of demand for electric vehicles around the world is driving demand for rare earth metals during the forecast period. According to the International Energy Agency (IEA) 2019, the introduction of electric vehicles worldwide has grown rapidly over the last decade, with global inventories of electric passenger cars exceeding 5 million units in 2018, up 63% from 2017. bottom. More than 45% of China’s roadside electric vehicles in 2018 were found to be 2.3 million, compared to 39% in 2017.

However, variable costs of rare earth metals and illegal mining of rare earth metal ores can hinder the growth of the rare earth metal market during the forecast period.

With ecological concerns and uncertainties related to pricing and trade in mind, various chemical manufacturers are working towards the design of new business models to achieve sustainable goals. Chemical manufacturers are also expanding their product portfolio, investing in the latest applications and innovations accordingly. It is estimated that the main areas of change are focused on changing the energy supply to renewable resources, continuing investment in R & D activities, and reducing CO2 emissions and plastic waste. Companies are also aiming for net zero greenhouse gas emissions by 2050. These factors are driving the demand for experienced professionals and are estimated to create favorable business opportunities not only for existing market players but also for new entrants. Meanwhile, the demand for chemicals for construction, coatings, electronics, cleaners and disinfectants is estimated to continue to grow. China holds a leading position in global chemical production, accounting for approximately 40% of global chemical sales in 2019. The global chemical industry is witnessing dramatic changes in the competitive environment as developing countries in Europe, Japan, the United States, and Asia gain a leading position in global chemical sales. Japan’s chemical exports have shown YOY growth of around 30%, surpassing US $ 8.5 billion in April 2021. On the other hand, this supported the overall development of overseas shipments, with the United States and China having the highest market shares. These factors are estimated to drive market growth during the forecast period.

Rare earth metal market segment

The rare earth metal market is divided by product (cerium, lanthanum, neodymium, praseodymium, etc.), application (catalyst, magnet, ceramic, metallurgy, etc.) and region. These segments are further subsegmented based on a variety of factors and consist of some additional information about the market, such as the combined annual growth rate of each segment and subsegment, the market value and volume of the valuation period.

Regional overview of the rare earth metal market

In addition, the report covers all regions of the world, divided into North America, Europe, Asia Pacific, Latin America, Middle East & Africa and more. The European region is the world’s leading region in terms of market share. This is due to the surge in demand for electric vehicles throughout the region. Meanwhile, the Asia-Pacific rare earth metals market is expected to witness the highest growth rates during the 2022-2030 forecast period. Factors such as the unique properties of rare earth metals and the significant growth of the consumer electronics industry in the region create favorable growth opportunities for the rare earth metals market in the Asia Pacific region. In addition, the region is expected to experience the fastest growth in terms of consumption due to the growth of industrialization and mining activities in China.

For more detailed analysis, each region is further divided into countries:

  • Asia Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Singapore and other Asia Pacific)
  • North America (US and Canada)
  • Middle East and Africa (Israel, GCC [Saudi Arabia, United Arab Emirates, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, and other Middle East and Africa)
  • Latin America (Brazil, Mexico, Argentina and other Latin America)
  • Europe (UK, Germany, France, Italy, Spain, Hungary, Belgium, Netherlands, Luxemburg, NORDIC, Poland, Turkey, Russia and other Europe)

A major key player in the rare earth metal market

Major key players in the rare earth metal market include Alkane Resources Ltd., Arafura Resources Ltd., Avalon Rare Metals Inc., Baotou Hefa Rare Earth Co. Ltd., Canada Rare Earth Corporation, China Minmetals Rare Earth Co. Ltd., Great Western Minerals Group Ltd., Indian Rare Earth, Lynas Corporation Ltd., Molycorp Inc. and more. The study includes a detailed competitive analysis of these major companies in the rare earth metals market, corporate profiles, recent developments, and key market strategies.

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