Rare-Earth Metals market generated a revenue of USD 4,198 Million in 2019 and is projected to grow at a CAGR of 10.4%, attaining a value of USD 9,264 Million in 2027, due to the surging demand for clean energy.

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Key Drivers

The major factors driving the growth of the Global Rare Earth Metals Market include increasing demand from emerging countries, the dependency of ‘Green Technology’ on unique earth elements, and growing adoption of rare earth metal across verticals such as in magnet. In addition to this, due to technological advancement, rare earth metals are widely adopting in the field of consumer goods & electronics such as cell smartphone, readers, computers and cameras. For instance, Neodymium is used in smartphones, televisions, hard drives, and rechargeable batteries. Increasing application of rare earth metals in transportation, power generation, defense, and automation, owing to their higher electrical conductivity, better heat resistance, and lighter-weight features are projected to expand the market growth.

Expansion of automobile industry has augmented the use of rare earth elements to produce magnets for motor vehicles, growing focus on reducing the dependency on petroleum, rise in the number of nuclear plants and the development of non-conventional energy sources, and the growing demand for hybrid and electric vehicles will fuel the market growth. The accelerating penetration of advanced energy generation facilities has stimulated the application of REEs to produce turbines, reactors, generators, transformers, proliferating the market growth. Increasing popularity of smart electronic devices, including smartphones, LED/LCD TVs, laptops, smart wearables, etc., has strengthened the demand for rare earth metals components. Additionally, the advent of fiber optics has stimulated the utilization of various rare earth elements, like neodymium, erbium, and holmium, for manufacturing high-efficiency fibers, will add to the market growth.

 Growing government initiative to reduce carbon emission increases the demand for electric cars, which is expected to promote the market growth of rare earth metals. Rare earth metals such as Neodymium and praseodymium based rare earth permanent magnets are used in the manufacturing of batteries. Moreover, increasing demand for rare earth metals to enhance performance with reduced weight, lower emission and energy consumption with higher efficiency, performance, speed, durability, and thermal stability, will fuel the market growth. However, inconsistent availability of rare earth metals is restraining the growth of the market.

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Type Segment Analysis

Cerium metal is expected to grow at a higher CAGR over the forthcoming years due to the large number of applications of Cerium across various industries including incandescent gas mantles, as a catalyst in self-cleaning ovens and as a glass polishing agent. It is used in aluminum, iron alloys, and in stainless steel as a hardening agent, to make permanent magnets.

Application Segment Analysis

Permanent Magnet segment is expected to lead the market during the forecast period owing to the increasing usage of these magnets across various application in various industries which include electronics, automotive, power generation, medical, etc. Magnet is widely used in computer hard drives, microwave power tubes, automotive parts, disk drive motors, anti-lock brakes, frictionless bearings, power generation, magnetic refrigeration, microphones and speakers, communication systems, and MRI. In addition, ongoing research and development in electronics, automotive, and healthcare, increasing innovation and advancement in advance technology and upgradation in existing electronic equipment will propel the market growth. Additionally, increasing application of magnets in medical equipment, like MRI machines, pacemakers, sleep apnea machines, and insulin pumps, will add to the market growth.

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Regional Analysis

Asia-Pacific is projected to witness a higher CAGR during the forecast period, due to the rising investment in healthcare, automotive, and consumer electronics and increasing ceramic production. In addition, rising demand of electric vehicles across India and China is also an important factor which is fuelling the market growth. Furthermore, the presence of major electronics manufacturers across Japan, Korea, Taiwan, India and China which include Indian Rare Earths Limited and China Rare Earth Holdings Limited, favorable Government initiatives to expand the manufacturing of electric vehicles, rising per capita incomes and high population density, are expected to proliferate the market growth. As per the OICA, the total vehicle production in 2019 in China and India was 25.75 million units and 4.52 million units, respectively.

Top Market Players

Various notable players in the Rare Earth Metals market include Avalon Advanced Materials Inc., Arafura Resources Ltd., Alkane Resources Ltd., Great Western Minerals Group, China Rare Earth Holdings, Chinalco Yunnan Copper Resources Ltd., Lynas Corporation Ltd., Inner Mongolia Baotou Steel Rare Earth Hi-Tech Corporation, Quest Rare Minerals Limited, Indian Rare Earths Limited.

Key Developments:

• • In 2021, Rio Tinto collaborated with the United States Geological Survey (USGS) to seek for critical minerals under the Continental Divide near Montana’s Boulder Batholith. USGS teamed up with a resource company to fly airborne geophysical surveys in areas of interest in 2022 as part of its Earth Mapping Resources Initiative (Earth MRI), allowing it to double the area under survey.
  • In 2021, Rio Tinto initiated the production of scandium oxide by constructing a commercial-scale demonstration plant in Sorel-Tracy, Quebec. The initial capacity of the scandium oxide is 3 ton per year, which is nearly 20% of the current global production.
  • In Jun 2019, Avalon Advanced Materials Inc. entered into an agreement with Cheetah Resources Pty Ltd to collaborate for development of rare earth resources on the collective leases of the Nechalacho Project at Thor Lake near Yellowknife, NWT, Canada. Under this agreement, Cheetah will have ownership of the near-surface mineral resources, primarily the T-Zone and Tardiff Zones that are above a depth of 150 meters above sea level. The Avalon will have ownership of the deeper resources in the Basal Zone
  • In Dec 2018, Eutectix LLC and Materion Corporation entered into an intellectual property licensing agreement, which is a license to the entire Materion bulk metallic glass patent portfolio and any and all patents arising therefrom, and the license is exclusive for the first five years. This agreement will increase the market penetration of their technology and enhance business relationships.

Segments covered in the Report:

The Global Rare Earth Metals market has been segmented based on the Type, Application, and Key Region. Based on the element type market is categorized into cerium, neodymium, lanthanum, yttrium, europium, and others. Based on the application market is segmented into catalysts, ceramics, magnet, metallurgy, glass polishing, and others

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Key questions answered in this research report:

• • At what pace is the global Rare Earth Metals market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the global Rare Earth Metals market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenue and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Rare Earth Metals market?
  • What are the various applications of the global Rare Earth Metals market, and how are they poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?
  • Which type of rare earth Metals generated maximum revenues in 2019 and identify the most promising types during the forecast period?

Report Coverage	Details
Market Revenues 2019	USD 4,198 Million
Market Base Year	2019
Market Forecast Period	2020-2027
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Type, By Application, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Avalon Advanced Materials Inc., Alkane Resources, Arafura Resources Ltd., Great Western Minerals Group, China Rare Earth Holdings, Chinalco Yunnan Copper Resources Ltd., Lynas Corporation Ltd., Inner Mongolia Baotou Steel Rare Earth Hi-Tech Corporation, Quest Rare Minerals Limited, Indian Rare Earths Limited. a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Rare Earth Metals Market by Type

• • Lanthanum
  • Cerium
  • Praseodymium
  • Neodymium
  • Samarium
  • Europium
  • Gadolinium
  • Terbium
  • Dysprosium
  • Yttrium
  • Others

Global Rare Earth Metals Market by Application

• • Permanent Magnets
  • Catalysts
  • Glass Polishing
  • Phosphors
  • Ceramics
  • Metal Alloy
  • Glass Additives
  • Others

Global Rare Earth Metals Market by Region

• • North America Rare Earth Metals Market Option 1: As a part of the free 25% customization

• • • By Type
    • By Application
    • US Market All-Up
    • Canada Market All-Up

• • Europe Rare Earth Metals Market Option 2: As a part of the free 25% customization
    • By Type
    • By Application
    • Spain Market All-Up
    • Germany Market All-Up
    • UK Market All-Up
    • France Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Rare Earth Metals Market Option 3: As a part of the free 25% customization
    • By Type
    • By Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • ROW Rare Earth Metals Market Option 4: As a part of the free 25% customization
    • By Type
    • By Application
    • Brazil Market All-Up
    • UAE Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Leading Market Players (Option 5: As a part of the free 25% customization – Profiles of 5 Additional Companies of your Choice)

• • Avalon Advanced Materials Inc.
  • Alkane Resources
  • Arafura Resources Ltd.
  • Great Western Minerals Group
  • China Rare Earth Holdings Limited
  • Chinalco Yunnan Copper Resources Ltd.
  • Lynas Corporation Ltd.
  • Inner Mongolia Baotou Steel Rare Earth Hi-Tech Corporation
  • Quest Rare Minerals Limited
  • Indian Rare Earths Limited