The Rare Earth Metals Market was worth USD 7.56 billion in 2014 and is expected to reach approximately USD 16.21 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 8.84% during the forecast period.
The rare earth metals market incorporates 17 components that are significantly discovered together in Earth's crust, and reflect comparable properties. Extraction and processing of these components from their metal structures to isolate minerals is a complex procedure and requires major investments.
Lanthanum, cerium, and neodymium are the all the commonly occurring rare earth components. Samarium and praseodymium are light uncommon earth metals and promptly found when contrasted with the overwhelming uncommon earth metals, for example, europium, gadolinium, holmium, terbium, thulium, dysprosium, erbium, lutetium, and ytterbium that are less abundant.
Because of varieties in chemical, physical, molecular and application attributes, diverse rare earth metals have their own particular market drivers and difficulties.
The leading players in the market are Lynas, Shanxi Guanlu Co Ltd, Rare Earth Metals Inc, Avalon Rare Metals, Neo Performance Materials, Iluka Resources, Great Western Minerals Group Ltd, Arafura Resources and Alkane Resources. The major players in the market are profiled in detail in view of qualities, for example, company portfolio, business strategies, financial overview, recent developments, and share of the overall industry.
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Metal Outlook and Trend Analysis
Lanthanum and cerium are anticipated to encounter higher demand than other rare earth metals, as they have significant applications in catalytic, and battery applications. Moreover, the inexpensive nature of these two metals will likewise help their applications to develop in the upcoming years.
On the basis of revenue, scandium, and neodymium are anticipated to witness higher market incomes, as their costs are high contrasted with different metals.
Application Outlook and Trend Analysis
Magnets application section is anticipated to have the significant market volume, trailed by catalysts, and alloys. Expanding usage of rare earth magnets in electric vehicles, turbine generators, electric motors, and different automobiles will drive the interest for rare earth magnets, and contribute altogether to the development of uncommon earth metals market.
Regional Outlook and Trend Analysis
Asia Pacific is the major producer, customer, and the quickest developing in the rare earth metals market. The Asia Pacific rare earth metals market income will develop at a tremendous CAGR over the estimated period.
China is the major purchaser of rare earths in the whole Asia Pacific locale. The requirement for uncommon rare metals in China is anticipated to grow significantly over the gauge time frame.
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The Rare Earth Metals Market is segmented as follows-
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Some of the key questions answered by the report are:
What was the market size in 2014 and forecast from 2015 to 2023?
What will be the industry market growth from 2015 to 2023?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?
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