Rare earth metals are a group of 17 elements, which are found in geological deposits, and share similar properties. Some of the most abundant metals in the world are neodymium, cerium, and lanthanum. All the rare earth metals are classified into two groups, namely light rare earth’s (LRE’s), and heavy rare earth’s (HRE’s).
Sellbyville, DE -- (SBWIRE) -- 06/13/2019 -- In automobile industry, the demand for rare earth magnets is highly increasing, and this will positively affect the rare earth metals market growth globally over the projected period. Hybrid and electric vehicles are increasing, as the need for proper energy consumption is increasing. Due to the increasing electricity costs, the demand for clean energy is also increasing, creating an ample of opportunities for the growth of renewable energy generators such as wind turbines.
Wind turbines majorly utilize rare earth metals for the construction of internal components, and their motors require rare earth magnets, as they provide much strength than traditional magnets, and this will in turn show a significant effect on the global rare earth metals market growth. Advantages such as improved performance at high temperatures, and resistance to corrosion are causing the wind turbine manufacturers to utilize rare earth metals, which in turn favoring the market growth. Lack of substitutes for rare earth magnets for high performance in wind turbines are also causing an additional boost to the market growth over the entire forecast period.
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According to a new research report by Global Market Insights, Inc. Rare Earth Metals Market size will exceed USD 20 billion by 2024.
Rare earth metals are set of seventeen elements, originate in geographical deposits, and have like properties. Neodymium, lanthanum, and cerium are the most plentiful rare earth metals globally. These metals are divided into heavy rare earth's, and light rare earth's, based upon their atomic weights.
Irregularities in the supply of these metals act as a significant factor restraining the global rare earth metals market growth. As the product concentration is majorly in China, huge range of trade disturbances are occurring, as other countries are heavily relying on it for meeting their domestic product demand. This is causing fluctuations in rare earth metal prices, and in addition to this, minor changes in rare earth production, will have bigger consequences globally.
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Regarding metals, cerium has the major market volume. Rising utilization in batteries, and catalyst applications will assist the consumption of these metals over the anticipated timespan. By revenue, the metal neodymium recorded a major market value in 2016, having a share of more than 30%. In terms of market growth, this segment will increase at CAGR of more than 8.2% in the projected time.
Regarding application, magnet applications had the leading share in both market revenue, and as well as volume till the projected period. Increasing applications in electric vehicles favor the market growth by end of projected period. Catalyst had the second major market in 2016, and it had a 23% share in the global rare earth metals market.
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Geographically, Asia Pacific regional market had the maximum share in 2016. Increasing industrialization activities in emerging nations like China, Japan, and India will drive the APAC rare earth metals market by 2024.
In global rare earth metals market, major companies are Canada Rare Earth Corp., India Rare Earth, Great Western Minerals, Avalon Rare Metals, and Lynas Corp., among others.