×
Saturday, July 20, 2024

Rare Earth Metals Market Anticipated to Surge, Generating US$ 14.6 Billion in Revenue by 2033

Last updated Monday, September 11, 2023 10:21 ET , Source: Future Market Insights, Inc.

Newark, United States, 09/11/2023 / Future Market Insights, Inc. /

In 2023, the rare earth metals market will be worth US$ 5.6 billion. During the forecast period, the market is anticipated to expand at a CAGR of 10.1%, and by 2033, it is anticipated to reach a valuation of US$ 14.6 billion.

The surging demand for rare earth metals can be ascribed to the increase in the sales of consumer electronics. Be it smartphones or laptops. These metals are used in the speakers of these devices. Apart from that, the key players in the electronics sector are betting on the high-temperature resistance offered by these metals, which allows them to function with higher efficiency.

Furthermore, growth in the sales of electric vehicles is also expected to surge the demand for rare earth metals during the forecast period. This is because rare earth metals assist in miniaturizing the circuit’s size, making electric vehicles work using fewer components.

Request a Sample Copy of the Report to Uncover Attractive Opportunities: https://www.futuremarketinsights.com/reports/sample/rep-gb-2290

Moreover, rapid urbanization worldwide is also expected to surge the market growth of rare earth metals. This is because rare earth metals are also used in the construction industry. Apart from this, rare earth metals are also used in the process of digitization, which is happening at a rapid rate in developing countries.

Even the healthcare sector has seen a surge in the application of rare earth metals. These are specifically used for manufacturing MRI machines, insulin pumps, pacemakers, etc. Apart from that, these are also used as high-strength aluminum alloys, metal halide lamps, etc.

Additionally, the majority of the companies are looking to work on the idea of sustainability, as a result of which they are developing plans to cut down emissions. Thus, these firms have started adopting renewable sources of energy. The implementation of rare earth metals supports the functioning of renewable energy systems, which is expected to increase market growth.

From the insights delivered by FMI researchers, it can be inferred that “an increase in the adoption of electric vehicles, coupled with the increased application across sectors and several other factors, are expected to surge the rare earth metals market share during the forecast period.”  

Key Takeaways:

  • The rare earth metals market is expected to surge at a CAGR of 10.1% from 2023-2033.
  • The rare earth metals market is valued at US$ 5.6 billion as of 2023.
  • By 2033, the market is expected to reach a valuation of US$ 14.6 billion.
  • As per the regional analysis, Asia Pacific is the largest rare earth metals market, having a share of nearly 70% in 2022.
  • Based on the country-wise analysis, China is the largest market and is expected to grow at a CAGR of 11.6%.
  • The USA market is anticipated to grow at a CAGR of 7.5%.
  • Brazil’s market is expected to grow at a CAGR of 5.3%.
  • India’s rare earth metals market is expected to grow at a CAGR of 10%.
  • Japan’s market is projected to grow at a CAGR of 7.4%.
  • As per application, the magnets segment is expected to have the highest market share during the forecast period, growing at a CAGR of 10.2%.
  • As per metal type, the neodymium segment is expected to have the highest market share during the forecast period, growing at a CAGR of 10.8%.

Request the Complete Report Methodology to Know about our Data-sourcing Process: https://www.futuremarketinsights.com/request-report-methodology/rep-gb-2290

Top Key Players in the Global Market

  • Arafura Resources
  • Lynas Rare Earths
  • Alkane Resources
  • China Northern Rare Earth (Group) High-Tech Co., Ltd,
  • RISING NONFERROUS METALS CO., LTD,
  • China Minmetals Rare Earth Co., Ltd,
  • Beijing Zhongke Sanhuan High-tech Co. Ltd.

Competitive Landscape

The key players operating in the rare earth metals market mainly focus on merging with other key players tap into each other’s crucial resources. Apart from that, the market is also witnessing strategic collaborations with players from other niches.

Some of the recent developments in the rare earth metals market are:

  • In August 2022, Arafura Resources examined pathways to decarbonization and how Mining, Oil, and gas companies can prosper in a low-carbon world using innovative solutions & emerging cost-effective technologies.
  • In July 2022, Lynas Rare Earth was shortlisted for the prestigious WA Golden Gecko Environmental Excellence Award.

Secure Your Report Copy – Purchase it Now at a Discounted Price! https://www.futuremarketinsights.com/checkout/2290

Rare Earth Metals Market Segmentation

By Application:

  • Catalysts
  • Permanent Magnets
  • Metallurgy and Alloys
  • Polishing
  • Glass
  • Phosphors
  • Ceramics

By Metal Type:

  • Neodymium
  • Yttrium
  • Dysprosium
  • Terbium
  • Europium
  • Cerium
  • Lanthanum

By Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • APEJ
  • Japan
  • MEA

Author

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

Latest Research Reports on Chemicals & Materials: Navigating Industry Developments

Europium Market: The global europium market is expected to reach US$ 225 Million by 2022-end. Until 2032, the market is projected to flourish at a CAGR of 5.5% to reach US$ 385 Million.

Dysprosium Market: Global Dysprosium demand is forecast to grow at a CAGR of 5.2% to be valued at US$ 8.8 Billion from 2022 to 2032.

Metal & Metal Oxide Nanoparticles Market: Sales prospects of Metal & Metal Oxide Nanoparticles are expected to expand CAGR of 11.6% and to top a valuation of US$ 89,894.6 million by 2032.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:    

Nandini Singh Sawlani  

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: [email protected]
Website: https://www.futuremarketinsights.com
LinkedInTwitterBlogs | YouTube

The post Rare Earth Metals Market Anticipated to Surge, Generating US$ 14.6 Billion in Revenue by 2033 appeared first on Future Market Insights.

Original Source of the original story >> Rare Earth Metals Market Anticipated to Surge, Generating US$ 14.6 Billion in Revenue by 2033