Rare-Earth Metals Market worth $9.6 billion by 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 12.3% during the forecast period. 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 due to increase in production and consumption in China. This is expected to remain a key driving factor for the market over the next five years.
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The rare-earth metals market is dominated by major players such as 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 growth strategies, such as joint ventures and contracts to further expand their presence in the global rare-earth metals market.
Lynas Corporation Ltd (Lynas Corporation) is a minerals explorer. The company offers rare earth oxides from mines. Its rare earths are a group of chemical elements with unique magnetic, luminescent, and electrochemical properties. Lynas Corporation’s rare earth elements includes europium, lutetium, lanthanum, samarium, scandium, yttrium, lanthanum, cerium, praseodymium, neodymium, dysprosium, lutetium, among others. Its products find application across aerospace, metal alloys, batteries, fibre optic technology, solar panel, lasers and glass colourant sectors. The company operates in Malaysia and Australia. Lynas Corporation is headquartered in East Perth West Australia, Australia.
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Arafura Resources Ltd (Arafura) is a rare-earth metals mining and exploration company. It is involved in exploration and development of various mineral sources including rare earths, phosphate, uranium, iron, vanadium and gold. It primarily focuses on Nolans Rare Earths project, which includes a proposed rare earth mine and processing operation near Aileron, in Central Australia. The company also owns other exploration projects including the Aileron-Reynolds project.
Its rare-earth products are used in magnetic, optical, catalytic and electronic applications in key growth sectors, such as automotive technology, clean energy technology, and consumer electronics. These are also used in oil refining, healthcare, lighting, robotics, industrial, and aerospace sectors. Arafura is headquartered in Perth, Australia.
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