Global Rare Earth Metals Market Size: Insights

Rare Earth Metals (REM) are chemical elements present in the Earth’s crust. These are vital in many technologies. They are extracted in the form of ores and are refined to get needed purity but the process of extracting and refining them is difficult. In earlier days these processes were almost impossible to carry out and thus they are named Rare Metals. The rare earth metals market includes consumer electronics, computers, health care, national defense, and many others, thus giving it a good share in the market already.

Rare earth metals market will witness steep growth because markets like communications, clean energy, and advanced transportation has mandatory usage of REM’s in their respective products. And the markets that already exist with usage of REM like electronics is seeing a boom already.

The whole process of extracting REM produces many numbers of nasty chemical byproducts and is radioactive. It is difficult to extract and refining them, so they are very costly. Also, the rise of substitutes for REM can hinder the rare earth metals market.

Global Rare Earth Metals Market Size and Share by Regions (2017-2025)

Global Rare Earth Metals Market Size: By Element Type

This segmentation is made on the basis of chemical constitution of the REM’s. List of some of the REM’s used in various industries are Lanthanum, Cerium, Neodymium, Praseodymium, Samarium, Europium, & Others. Cerium is used in automobiles thus it has good overall market share. Neodymium and Praseodymium is having good share in computing technology as such hard drives. They will have high growth due to their usage in high speed trains, which will further help in the growth of global rare earth metals market. 

Global Rare Earth Metals Market Size: By Application

Application wise, REM’s are used in almost every electronic device and many high-quality automobiles in the form of Magnets, Metals Alloys or used in Polishing, as Additives, Catalysts & Other. The rare earth metals market is having good market share in electronics and batteries. The demand for REM’s in industries like E-vehicles and High-speed trains such as Maglev’s are going to grow at high rate in near future (during the period of forecast).

Global Rare Earth Metals Market Size: By End Users

Uses of REM’s are wide spread from Automobiles to MRI machines, satellites, headphones, Wind turbines and even nuclear reactors uses REM. The major share of REM’s is in computers, satellites, TV, lighting, camera lens and car visors. But the uses in headphones, wind turbines, refrigeration, E-vehicles, high precision machineries and others provide high growth rate of the REM market. Due to the rise of IoT and hybrid cars market will see a high grow rate for sure.

Global Rare Earth Metals Market Share: By Region

China rare earth metals market is both the largest consumer and producer of rare earth elements, thus having largest market share in all over the world. North America rare earth metals market also had good share in the market because of automobile, electronics, weapons and costly instruments. In developing Asia-Pacific region, including China, Japan, South Korea and India, are expected to accelerate the demand for this market in near future due to the presence of REM in consumer electronics and hybrid vehicles. North America and Australia are contributing to the new rare earth element resources. European and Middle Eastern region will also have good growth due to the advent of electric vehicles and high capacity batteries which uses REM’s. Due to the economics status of regions like Africa and Latin America won’t have much growth as industries using REM’s requires quite large initial investment. Due to the Uniform distribution of demand of this market exists all over the world; there are chances of quite high growth rate of the market in the near future.

Global Rare Earth Metals Market Share: Key Players

Some major companies in global market are Lynas, Thyssenkrupp, Neo Performance Materials, Arafura Resources, Alkane Resource, Avalon Advanced Materials, Baogang Group, China Minmetals Rare Earth, Canada Rare Earth Corp, Greenland Minerals and Energy, Frontier Rare Earths, Indian Rare Earths and Jiangxi Copper Company.

Global Rare Earth Metals Market: Key Strategy

The most effective strategy for this market is to find resources which can be last for a while and from where we can easily extract ores and process them. Making a process for refining which is cheaper, efficient and safer. These key strategies are the best ones for a popular market like this.  

Global Rare Earth Metals Market: Growth Summary

Although the regions like Asia Pacific and North America are having good market share already, they are prone to show high growth rate due to ever growing demand of REM’s in countries like China, Japan, South Korea and US. European market will also see rise is demand due to the usage of REM in some of the most popular and big industries like advanced transportation, health and electronics. There is also probability of uses of REM’s in construction industry thus there is a scope of this market in Middle Eastern countries. Investing in the above market will surely reap benefits for the investors. Investing in regions like Latin America and Africa is not a wise decision as there is not much presence of the industries using REM’s.

Thus, being a widespread market, the growth of this market is inevitable all over the globe. The present trend of new markets like IoT and Hybrid transportation will Sky Rocket the demand of this market in no time. Thus, by making a stronghold in getting resources and making an efficient manufacturing can work in favor of the player.