Increasing Consumption In Catalytic and Battery Applications Has Led To Their High Growth In Rare Earth Metals Market During Forecast Period.
According to MarketIntelReports' “Global Rare Earth Metals Industry Market Research Report”:
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The demand for rare earth elements is driven by factors like increasing demand for clean energy, initiatives taken by governments, and high demand in emerging applications. Conventional forms of energy have been used continuously which leads to a demand for alternative sources of energy.
This bolsters the growth of rare earth deposits. Due to their geochemical properties, these scarce metals are not found concentrated as the rare earth minerals in the ore deposits.
Rare earth metals are of two types namely light rare earths and heavy rare earths. Increasing demand for magnets in automobiles and energy generation are assets for the market growth.
Scope & Regional Forecast of the Rare Earth Metals Market
The high performance of rare earth magnets at high temperatures along with high corrosion resistance will spur the demand for the Rare Earth Metals Market. Inconsistencies in the supply of the uncommon metals may restrain the market.
Cerium Oxide has the largest share in the market since it is used in all applications in sufficient quantities.
Asia Pacific has a major share in rare element resources. Industrialization in countries like China and India along with high consumption in China will boost the growth of the market.
Catalyst applications segment has the highest share in the market.
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The rare earth compounds play an important role in the growth of certain industries. This has been seen in the past few years.
Attractive revenue generation has resulted in the entry of industrial participants in China and other countries in Asia Pacific.
Robust growth in the electric and hybrid vehicles also provides opportunities for the rare ore in Asia Pacific. The rare earth metals are used in the batteries which are used to power the vehicles.
Segmentations & Key Players Involved in the Rare Earth Metals Market
The Rare Earth Metals Market can be broken down into various segments as follows:
- Product Type- Mixed Rare Earth Metal and Single Rare Earth Metal.
- Application- Hydrogen Storage Material, Rare Earth Permanent Magnet Material, and Metallurgy.
- Region- North America, Europe, China, Japan, Middle East & Africa, India, South America
, and Others.
Some of the key players involved in the Rare Earth Metals Market are as follows:
- Grirem Advanced Materials\
- Integral Materials Investment Vietnam
- Xiamen Tungsten
- Beifang Rare Earth
- Sunlux Rare Metal
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