Rare-Earth Metals Market worth $9.6 billion by 2026 Globally, at a CAGR of 12.33%, says MarketsandMarkets™
Chicago, Aug. 16, 2023 (GLOBE NEWSWIRE) -- *The global **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 12.33% from 2021 to 2026. **as per the recent study by MarketsandMarkets™.* 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 owing to the increase in production and consumption of rare earth metals in China. Significant usage of permanent magnets provides a huge opportunity for the growth of these advanced materials, are also expected to drive the rare-earth metals market in the region.
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*Browse In-Depth TOC On "Rare-Earth Metals Market”*
*99 - Market Data Tables
43 - Figures
156 - Pages *
*List of Key Players in Rare-Earth Metals Market**:*
1. Lynas Corporation (Australia)
2. Alkane Resources ltd (Australia)
3. Arafura Resources Ltd (Australia)
4. China Minmetals Rare Earth Co Ltd (China)
5. Avalon Advanced Materials, Inc (Canada)
6. Iluka Resource Ltd (Australia)
7. Canada Rare Earth Corporation (Canada)
*Drivers, Restraints and Opportunities in Rare-Earth Metals Market:*
1. *Drivers: *Increasing demand from end-use industries.
2. *Restraints:* Fluctuating costs of rare-earth metals.
3. *Opportunity: *New Recycling and reuse of rare-earth metals.
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*Key Findings of the Study:*
1. The Neodymium Oxide segment is projected to lead the global rare-earth metals market through 2026.
2. The Phosphors segment is projected to grow at the highest CAGR during the forecast period.
3. The Asia Pacific is projected to hold the largest share in the rare-earth metals market during the forecast period.
Neodymium oxide segment growth is driven by the increasing use of clean energy application has driven the market. The oxide is used in the production magnets which are found in most modern vehicles and aircraft, and consumer electronics, such as headphones, microphones, and computer discs. It is used in high-strength permanent magnets that are also known as neodymium-iron-boron (NdFeB) magnets which are also known as one of the strongest magnets in the world.
The Phosphors application segment is projected to grow at the highest CAGR during the forecast period. Phosporous is used to convert the incident radiation in the form of light of designed colour. Due to this property, it is used in several applications require color in the light exhibited, namely, cathode ray tube displays, fluo¬rescent lamps, and other applications. Owing to the rising government policies in US, Canada, China, among other countries, and rising replacemengt of incandescent lamps with fluorescent and LED lamps in European Union, the demand for rare-earth oxide phosphor is expected to rise in forecast period.
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The permanent magnets segment, by application, is projected to lead the rare-earth metals market from 2021 to 2026. The permanent magnets industry is the largest end user of rare earth elements. The magnets made from neodymium, praseodymium, and dysprosium are the strongest known permanent magnets. The automotive industry is a significant demand driver for permanent magnets. Major industries requiring these permanent magnets are hybrid car engines and the growing wind power turbine industry.
In terms of geographic coverage, the rare-earth metals market has been segmented into five regions, namely, North America, the Asia Pacific, Europe, and the ROW. The Asia Pacific region accounted for the largest share in 2019 and is also projected to record the highest growth rate during the forecast period. APAC is the largest producer and consumer of rare-earth metals across the globe. APAC is the top region in terms of total rare-earth material consumption due to rapidly increasing demand in China, which accounts for maximum global rare-earth consumption. It was the largest consumer of rare-earth elements in 2019, with an estimated market revenue of over USD 5.2 billion. The region is also expected to witness the fastest-growth in terms of consumption due to growing industrialization and extraction activities in China.
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