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.
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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.”
- 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%.
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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.
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.
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Rare Earth Metals Market Segmentation
- Permanent Magnets
- Metallurgy and Alloys
By Metal Type:
- North America
- Latin America
- Western Europe
- Eastern Europe
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.
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The post Rare Earth Metals Market Anticipated to Surge, Generating US$ 14.6 Billion in Revenue by 2033 appeared first on Future Market Insights.