Making Sense of the Rare Earth Metals Market

Rare earth metals (also referred to as "rare") made headlines during 2010 and 2011, as their prices skyrocketed. Geoscientists studied potential mineral deposits while engineers sought alternatives using less or no rare earths at all.

Search efforts may soon bear fruit: Demand for rare earths has seen exponential growth due to increased production of electronic vehicles and renewable-energy components.

Market Overview

The Rare Earth Metals Market Research Report details key drivers of demand and provides in-depth analysis for 2017 to 2030. This comprehensive study covers every aspect of the rare earth metals market including Porter 5 Forces Analysis, Market Share Segmentation Analysis, Geographic Analysis Company Portfolios Product Portfolios Market Forecast.

The global rare earth elements market is propelled by rising demand for green-energy products, including an expanding population with technical knowledge, an explosion in consumer electronics production and semiconductor semiconductor adoption due to technological innovations, and increased adoption of electric vehicles (EVs). All these trends will drive rare earth elements demand over the forecast period.

Magnets dominated the market in 2021 in terms of application. This can be attributed to their growing use in consumer electronics like speakers and headphones as well as industrial applications like magnetic refrigeration, communication systems, magnetic resonance imaging machines (MRI) without radiation imaging of internal organs as well as wind turbine generators - with Cerium and Dysprosium among the most demanded rare earth metals being employed to manufacture them.

Furthermore, the increasing demand for renewable energy has lead to an increase in research and development of electric motors and turbine generators that utilize rare earth elements like neodymium. Furthermore, rare earths such as praseodymium and dysprosium are used in manufacturing components used for producing renewable energy sources.

http://canadianminingreport.com/news/Rare+expertise

Market Segmentation

The rare earth metals market can be divided into product type, application and geography categories. Within product type categories are subdivided further: cerium, lanthanum, neodymium, samarium terbium dysprosium and yttrium are included as product type categories with Neodymium expected to dominate due to its use in magnetic fields such as batteries for electric cars as well as polishing television glass surfaces as an example of use cases.

Application segments of rare earth metals market include magnets, catalysts, metal alloys and phosphors. Magnets accounted for the largest market share in 2021; this trend is projected to continue. Magnets can be used in applications like computer hard disc drives, linear motors, turbine generators commercial lights and electric motors - just to name a few applications!

The global rare earth metals market is driven by government efforts to reduce dependence on fossil fuels and move towards non-conventional energy sources, thus increasing demand for rare earth elements. Furthermore, consumer electronics is driving this demand, while medical equipment such as pacemakers, insulin pumps and sleep apnea machines drive further demand for rare earth minerals. Furthermore, nuclear energy also fuels its market growth.

Market Trends

The coronavirus pandemic has had unintended repercussions for the rare earth metals industry. Truck drivers have refused to make deliveries into areas known or suspected of harboring coronavirus, disrupting deliveries necessary for refining and manufacturing rare-earth magnets - leaving some manufacturers on a fine line between meeting revenue goals and operating at a loss.

Consumer durables manufacturing in developing economies will bolster demand for rare-earth elements across Asia-Pacific (APAC). India stands out as a prime example, where HP recently started production under India's Make in India initiative and carbon emission regulations increase demand for devices that utilize nonconventional energy sources like wind turbines.

The metallurgy sector will experience substantial growth during the forecast period due to strong demand for alloyed metals from industries like automotive, aerospace and defense. Furthermore, consumer electronics production will fuel polishing agents used to improve clarity and appearance of liquid crystal displays (LCDs), camera lenses and other optical products. Furthermore, global industrialization and building & construction activities will spur demand for ceramic tiles and glass tiles, expanding ceramics & glasses market sector globally.

https://www.evernote.com/shard/s469/sh/bc115863-b88d-821c-cd7f-1b7d20fa3227/6f74747cf5b00b1ae75f3c4e187b2f05

Market Forecast

Rare earth metals market growth in North America is projected to experience rapid expansion. This can be attributed to factors like an increasing population of tech-savvy residents, growing production of consumer electronics and increasing use of semiconductors in producing AI systems. Furthermore, an increased need for green-energy products and energy efficient consumer electronics may bolster market expansion in this region.

Demand for permanent magnets used in ventilators is expected to spur market expansion across Asia-Pacific region, while growing nuclear energy and automotive sectors could bolster rare earth elements market in this area.

COVID-19's pandemic had an indirect effect on rare earth element production as factories were closed down to limit virus spread and permanent magnet production decreased substantially due to rare earth elements being unavailable.

However, the effects of COVID-19 on the rare earth metals industry have lessened as a result of companies shifting focus toward energy-efficient solutions with minimal environmental impacts and decreased costs for production. Furthermore, investments in developing economies' healthcare sectors should lead to increased demand for medical devices and equipment and hence magnets and other rare-earth elements will become even more in demand.