Rare Earth Metals Market Worth to Reach USD 8.55 BN By 2027
Posted On February 22, 2021
The Global Rare Earth Metals Market report evaluates the market revenue to reach USD 8.55 BN mark in 2027. The CAGR is expected to be close to 14% from 2020 till the end of 2027 according to the newly published report by Value Market Research. Rare earth metals are the 17 metallic elements that touch every aspect of modern life and culture. An increasing number of industries relying heavily on rare earth metals is the primary stimulant for the market's growth. The demand for rare earth metals will continue to surge upwards across various sectors like consumer electronics, green technologies, electric cars, medical tools, metallurgy, glass making, and military hardware due to their superficial properties. The growing popularity of rare metals in geological applications, agriculture, and water treatment plants will be a market booster. Rapid urbanization and industrialization will further augment market growth. This market's prime concern is the mineralogy of the rare metal ores, which can be highly expensive and chemical-intensive.
The rare earth metals are a group of 17 chemical elements appearing in the periodic table. This group consists of the 15 lanthanides (lanthanum to lutetium), scandium, and yttrium. These metals are used as critical raw materials in digital and low carbon technologies due to their magnetic and luminescent properties. Their unusual physical and chemical properties are used in diverse applications like electric car motors, iPhones, military jet engines, batteries, and satellites. These metals never occur individually and are collectively found in various minerals in the earth's crust. Mining, refining, and recycling rare-earth metals must be appropriately managed to avoid serious environmental consequences.
The market dynamics covered in the report "Global Rare Earth Metals Market Report By Type (Lanthanum, Cerium, Praseodymium, Neodymium, Samarium, Europium, Gadolinium, Terbium, Dysprosium, Yttrium, Others), By Applications (Permanent Magnets, Metal Alloys, Polishing, Glass Additives, Catalysts, Phosphors, Ceramics, Others) And By Regions - Industry Trends, Size, Share, Growth, Estimation And Forecast, 2020-2027" gives a holistic scope of the market along with the market forecasts.
On the basis of type the market is segmented into Lanthanum, Cerium, Praseodymium, Neodymium, Samarium, Europium, Gadolinium, Terbium, Dysprosium, Yttrium, Others. By applications the rare earth metals market is categorised as Permanent magnets, Metal alloys, Polishing, Glass additives, Catalysts, Phosphors, Ceramics, Others. Geographically the research study provides data on North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa regions. Each region is segregated into North America (North America, United State and Rest of North America), Europe (United Kingdom, France, Germany, and Rest of Europe), Asia Pacific (China, Japan, India, Rest of Asia Pacific), Latin America (Brazil, Rest of Latin America) and Middle East & Africa. This section provides the estimates of market by segment. This section provides the estimates of market by segment thus, providing valuable data to take strategic decisions.
The Report Segments Global Rare Earth Metals Market -
- Permanent Magnets
- Metal Alloys
- Glass Additives
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
Players Profiled In the Report:
Iluka Resources Limited, Lynas Corporation, Ltd., Northern Minerals Limited, Alkane Resources Ltd, Arafura Resources Ltd., Canada Rare Earth Corporation, China Minmetals Rare Earth Co. Ltd, Indian Rare Earths Limited, Neo Performance Materials Inc., Avalon Rare Metals, Great Western Minerals Group Ltd.
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