Rare-Earth Metals Market Estimated to Reach $10.9 Billion by 2029 Globally, at a CAGR of 12.6%, says MarketsandMarkets™

Chicago, May 28, 2024 (GLOBE NEWSWIRE) — The Global Rare-Earth Metals Market size is projected to grow from USD 6.0 billion in 2024 and is projected to reach USD 10.9 Billion by 2029, at a CAGR of 12.6%, as per the recent study by MarketsandMarkets™. Rare-earth elements encompass a cluster of 17 chemical elements that naturally co-occur. This group encompasses yttrium and the 15 lanthanide elements: lanthanum, cerium, praseodymium, neodymium, promethium, samarium, europium, gadolinium, terbium, dysprosium, holmium, erbium, thulium, ytterbium, and lutetium. Scandium, although not lanthanide, is often included due to its presence in most rare earth deposits, and it’s sometimes categorized within the rare earth elements by organizations like the International Union of Pure and Applied Chemistry. Classified predominantly as metals, they’re commonly dubbed the “rare earth metals” owing to their shared properties, leading to their frequent occurrence in geological formations. Additionally, they’re often marketed in oxide form, hence also referred to as “rare earth oxides”.

The demand for rare earth metals is expected to continue growing in the future due to their crucial role in various technologies, including electronics, renewable energy systems, and defense applications. With the rise of electric vehicles, wind turbines, and smartphones, the need for rare earth elements like neodymium, dysprosium, and praseodymium is projected to increase steadily. Additionally, advancements in green technologies, such as solar panels and energy-efficient lighting, further contribute to the demand. However, the market’s growth trajectory may be influenced by factors such as geopolitical tensions, supply chain disruptions, and efforts to diversify sources beyond dominant producers like China. Consequently, innovations in recycling and sustainable mining practices are likely to become increasingly important in meeting future demand while minimizing environmental impact. 

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List of Key Players in Rare-Earth Metals Market:

  1. Lynas Rare Earths Ltd. (Australia)
  2. Australian Strategic Materials Ltd. (Australia)
  3. Arafura Rare Earths (Australia)
  4. China Rare Earth Holdings Limited (China)
  5. Avalon Advanced Materials Inc. (Canada)
  6. Bataou HEFA Rare Earth Co. Ltd (China)
  7. Canada Rare Earth Corporation (Canada)
  8. Northern Minerals Limited (Australia)
  9. MP Materials (US)
  10. Shenghe Resources Hording Co., Ltd (China)
  11. Others

Drivers, Restraints, Opportunities and Challenges in Rare-Earth Metals Market:

  1. Drivers: Growth in current and emerging applications
  2. Restraints: Fluctuation in cost of rare earth metals
  3. Opportunity: Recycling and reuse of rare earth metals
  4. Challenge: Impact on environment

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Key Findings of the Study:

  1. Praseodymium Oxide type segment accounted for the second highest CAGR by volume during the forecast period.
  2. Phosphors application segment accounted for the second highest CAGR by value during the forecast period.
  3. North America is projected to be the second largest region in terms of value during the forecast period.

Based on type, The Praseodymium oxide segment, is projected to grow at the highest CAGR during the forecast period. praseodymium oxide stands out as a promising segment poised for significant growth, anticipated to lead with the highest compound annual growth rate (CAGR) during the forecast period. This projection underscores the increasing demand for praseodymium oxide across various industries, including electronics, renewable energy, and automotive sectors. Praseodymium, a rare earth metal, finds extensive application in the manufacturing of magnets, particularly in the production of high-performance neodymium-iron-boron magnets vital for electric vehicle motors, wind turbines, and other clean energy technologies. The escalating focus on sustainable energy solutions and the transition towards electrification in transportation are driving the demand for praseodymium oxide, as it plays a pivotal role in enhancing the efficiency and performance of these advanced technologies. Moreover, the burgeoning electronics market, encompassing smartphones, computers, and other consumer electronics, further amplifies the demand for praseodymium oxide due to its utilization in colorants for displays and glass manufacturing. As industries continue to prioritize innovation and sustainability, the trajectory of praseodymium oxide indicates a promising avenue for growth, poised to remain at the forefront of the rare earth elements market in the foreseeable future.

Based on applications, The permanent magnets segment,  is projected to lead the rare earth metals market during the forecast period.  The rare earth metals market is heavily influenced by the demand from the permanent magnets segment, which is expected to continue leading the market in the forecast period. Permanent magnets are crucial components utilized in various industries due to their exceptional magnetic properties, and rare earth elements play a pivotal role in the production of these magnets. Among the rare earth elements, neodymium, praseodymium, and dysprosium are particularly noteworthy for their contribution to the creation of high-performance permanent magnets. These magnets are renowned for their remarkable strength and stability, making them indispensable in numerous applications across industries.

The automotive sector stands out as a major consumer of permanent magnets, primarily due to the increasing adoption of electric and hybrid vehicles. These vehicles rely on permanent magnets for various components, including motors and powertrains, to enhance efficiency and performance. The magnets made from neodymium, praseodymium, and dysprosium are especially favored in this regard due to their ability to generate powerful magnetic fields while maintaining compact size and weight.

Another significant demand driver for permanent magnets is the wind power turbine industry. Wind turbines require powerful magnets to efficiently convert wind energy into electricity. Permanent magnet generators (PMGs) are commonly used in wind turbines due to their reliability and high energy conversion efficiency. Neodymium-based magnets are favored for their strong magnetic properties, enabling the production of more efficient wind turbines. 

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The rare earth metal market has been categorized into several key regions, including North America, the Asia Pacific, Europe, and the ROW. Among these, Asia Pacific notably dominated the market in 2023 in terms of value. The Asia Pacific region is projected to hold the largest market share in the rare earth metals industry during the forecast period. This is largely due to China’s dominance in this sector. China is not only the largest producer of rare earth metals but also the biggest consumer, giving it a significant influence over the global market. The country’s abundant rare earth deposits, coupled with its relatively low production costs, have allowed it to establish a strong presence in the industry.

China’s dominance in the rare earth metals industry is further bolstered by its control over a large portion of the global reserves. This has enabled China to dictate prices and supply levels, giving it a strategic advantage in the market. Additionally, the Chinese government has implemented various policies to support the rare earth metals industry, further strengthening its position. Furthermore, China’s strong manufacturing base and growing demand for rare earth metals in industries such as electronics, automotive, and renewable energy have fueled its dominance. The country’s ability to supply rare earth metals to both domestic and international markets has made it a key player in the industry.

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CONTACT: About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: sales@marketsandmarkets.com

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