Rare-Earth Metals Market worth $9.6 billion by 2026
The report “Rare-Earth Metals Market by (Lanthanum, Cerium, Neodymium, Praseodymium, Samarium, Europium, & Others), and Application (Permanent Magnets, Metals Alloys, Polishing, Additives, Catalysts, Phosphors), Region – Global Forecast to 2026” The rare-earth metals market is projected to grow from USD 5.3 billion in 2021 to USD 9.6 billion by 2026, at a CAGR of 12.33% during the forecast period.
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The increasing use of rare-earth elements that are used in the permanent magnet application are likely to drive the rare-earth metals market. APAC is the fastest-growing market for rare-earth metals owing to the increase in production and consumption of rare earth metals in China. Significant usage of permanent magnets provide a huge opportunity for the growth of these advanced materials, are also expected to drive the rare-earth metals market in the region.
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The Neodymium Oxide segment is projected to lead the global rare-earth metals market through 2026
Neodymium oxide segment growth is driven by the increasing use of clean energy application has driven the market. The oxide is used in the production magnets which are found in most modern vehicles and aircraft, and consumer electronics, such as headphones, microphones, and computer discs. It is used in high-strength permanent magnets that are also known as neodymium-iron-boron (NdFeB) magnets which are also known as one of the strongest magnets in the world.
The Phosphors segment is projected to grow at the highest CAGR during the forecast period.
The Phosphors application segment is projected to grow at the highest CAGR during the forecast period. Phosporous is used to convert the incident radiation in the form of light of designed colour. Due to this property, it is used in several applications require color in the light exhibited, namely, cathode ray tube displays, fluo¬rescent lamps, and other applications. Owing to the rising government policies in US, Canada, China, among other countries, and rising replacement of incandescent lamps with fluorescent and LED lamps in European Union, the demand for rare-earth oxide phosphor is expected to rise in forecast period.
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The Asia Pacific is projected to hold the largest share in the rare-earth metals market during the forecast period
APAC is the largest region in terms of total rare-earth material consumption. This growth is due to rapidly increasing demand of rare earth metals in China, which accounts for largest global rare-earth consumption. In 2019, It was the largest consumer of rare-earth elements in with an estimated market revenue of over USD 5.2 billion. Owing to the to growing industrialization and extraction activities in China, the consumption of rare earth metal in the region is also expected to witness the fastest-growth.
Key players operating in the rare-earth material market are Lynas Corporation (Australia), Alkane Resources ltd (Australia), Arafura Resources Ltd (Australia), China Minmetals Rare Earth Co Ltd (China), Avalon Advanced Materials, Inc (Canada), Iluka Resource Ltd (Australia), Canada Rare Earth Corporation (Canada). These players have adopted various growth strategies to expand their global presence and increase their market share.
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