Rare Earth Metals Market Global Industry Overview and Competitive Landscape till 2033
The rare earth metals market is valued at US$ 5.6 billion as of 2023. The market is projected to grow at a CAGR of 10.1% during the forecast period, and by 2033, the market is expected to reach a valuation of US$ 14.6 billion.
The surging demand for rare earth metals can be ascribed to the increase in the sales of consumer electronics. Be it smartphones or laptops. These metals are used in the speakers of these devices. Apart from that, the key players in the electronics sector are betting on the high-temperature resistance offered by these metals, which allows them to function with higher efficiency.
Furthermore, growth in the sales of electric vehicles is also expected to surge the demand for rare earth metals during the forecast period. This is owing to the fact that rare earth metals ****ist in miniaturizing the size of the circuit, which makes electric vehicles work using lesser components.
Moreover, rapid urbanization worldwide is also expected to surge the market growth of rare earth metals. This is owing to the fact that rare earth metals are used in the construction industry as well. Apart from this, rare earth metals are also used in the process of digitization, which is happening at a rapid rate in developing countries.
Companies Profiled
Arafura Resources
Lynas Rare Earths
Alkane Resources
China Northern Rare Earth (Group) High-Tech Co., Ltd,
RISING NONFERROUS METALS CO., LTD,
China Minmetals Rare Earth Co., Ltd,
Beijing Zhongke Sanhuan High-tech Co. Ltd.
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Competitive Landscape
The key players operating in the rare earth metals market are mainly focusing on merging with other key players tap into each other’s crucial resources. Apart from that, the market is also witnessing strategic collaborations with players from the other niches.
Some of the recent developments in the rare earth metals market are:
In August 2022, the Arafura Resources examined pathways to decarbonisation and how Mining, Oil & Gas companies can prosper in a low carbon world using innovative solutions & emerging cost-effective technologies.
In July 2022, Lynas Rare Earth was shortlisted for prestigious WA Golden Gecko environmental excellence award.
Rare Earth Metals Market Segmentation
By Application:
Catalysts,
Permanent Magnets,
Metallurgy and Alloys,
Polishing,
Gl****,
Phosphors,
Ceramics,
Others
By Metal Type:
Neodymium,
Yttrium,
Dysprosium,
Terbium,
Europium,
Cerium,
Lanthanum
Thus, from the insights delivered by FMI researchers, it can be inferred that “an increase in the adoption of electric vehicles, coupled with the increased application across sectors and a number of other factors are expected to surge the rare earth metals market share during the forecast period.”
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