Rare Earth Metals Market Revenue to Touch USD 8.99 Bn by 2033

07 Oct 2024

Table of Content

1. Rare Earth Metals Market Revenue and Trends 2. Market Overview 3. Report Highlights of the Rare Earth Metals Market 4. Rare Earth Metals Market Trends 5. Regional Insights 6. Rare Earth Metals Market Highlights 7. Market News

Rare Earth Metals Market Revenue and Trends

The global rare earth metals market revenue reached USD 3.40 billion in 2023 and is anticipated to touch around USD 8.99 billion by 2033, poised to grow at a solid CAGR of 10.21% during the forecast period. The demand for the use of rare earth metals like cerium, neodymium, lanthanum, yttrium, praseodymium and dysprosium across various sectors for the manufacturing of the magnets, catalysts, motor vehicles, batteries and electric vehicles is gaining demand ultimately leading to growth of the market.

Market Overview

The rare earth elements or rare earth metals are a set of 17 lustrous silvery-white soft heavy metals and compounds containing these rare earths are used across various applications like in electrical, lasers, glass, electronic component magnetic material and industrial purposes. Moreover, the increasing demand for the electric vehicles and a shift towards the green energy sources or renewable sources is driving the market for more advanced battery solutions. Also, the government policies for against the low carbon emission, green energy drive the focus for more sustainable energy sources.

Report Highlights of the Rare Earth Metals Market

• By type the Neodymium segment is projected to be the larger segment as it is mostly used in the production of the high-strength magnets and also used in various applications like vehicles, aircrafts, electronic devices and is now widely used in the applications of wind turbines and electric vehicles.
  
  
• By application segment the magnets segment is contributed for the largest global rare earth metals market as these magnets play a important role in the production of electric vehicles and changing shift towards the use of renewable energy source like wind turbines and electric generators where magnets are most commonly used.

Rare Earth Metals Market Trends

Increasing demand for High-Tech solutions:

• Rare metals are widely used in the manufacturing of the advanced devices like smart phones, medical equipment and computers. Moreover the increased high-tech solutions and shift towards more sustainable source by various companies and industries to meet the needs of modern technology drive the market for the rare metal use.
  
  
• For instance, Purdue University used a purification and separation technique of rare earth metals and enabled a ReElement technology that will develop and construct environment safe supply chain of critical materials and is also used in the areas for industries ranging from semiconductor to EV batteries.

Rise in sales of Electric vehicles:

• Permanent Magnets are very useful in the electric vehicles and rely on the rare earth metals mostly the neodymium and dysprosium due to their magnetic properties. Also, the rising environmental concerns and government incentives has driven the demand for the adoption of the EVs leading to the rise in the use of rare earth metals for the production of the motors. This increasing demand not only boosts the rare earth metal market but also signifies the importance in advancing sustainable transportation solutions.

Increasing Government Initiatives:

• Many governments regulatory bodies are supporting and implementing policies to promote the use of the green energy to reduce the carbon emission. In addition, incentives, subsidies provided by the governments and heavy investments done by the companies and industries for sustainable energy infrastructure increases the production for the utilization of the rare earth metals.

Regional Insights

Asia Pacific dominated for the largest share in the rare earth metals market in 2023 with China holding the heavy shares for the dominance. These rare earth metals play a significant role for various industries due to its unique features and China has the greatest advantage as it has the large reserves for the rare earth metals and also has advanced extraction and processing techniques. Furthermore, increasing urbanization and production in the vehicle sector is also fueling the market for the growth of the rare earth metals. For instance, on January 2024, Chinese scientist discovered a new heavy rare earth mineral Bayanoboite-Y which is the world’s first discovery of the fluorocarbonate heavy rare earth new minerals.

Rare Earth Metals Market Highlights

Market News

• In July 2024, Kazakh-American alliance launched rare earth element exploration at the Akbulak site that contains reserves of the rare earth elements and is engaged in 30 investment project searching for copper, gold, iron, chromium.
  
  
• In February 2024, The Union Mines Ministry launched 18 critical mineral blocks in the second auction with the resources valued for 30 lakh crore which included graphite, nickel and rare earth metals that were spread across various states like Maharashtra, Rajasthan, Arunachal Pradesh, Tamil Nadu, etc.

Market Segmentation

By Type

• Lanthanum
• Cerium
• Neodymium
• Praseodymium
• Samarium
• Europium
• Others

By Applications

• Magnets
• Metallurgy
• Batteries
• Polishing Agent
• Glass & Ceramics
• Catalysts
• Phosphors
• Others

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