Rare-Earth Metals Market Outlook – 2028
Rare earth metals are a group of elements with identical physical and chemical properties found in the earth's crust. Since many of these are commonly marketed as oxide compounds, they are often known as "rare earth oxides."These elements come in both heavy and light forms and can be processed in their ore forms. In comparison to heavy metals like gadolinium, terbium, dysprosium, holmium, erbium, thulium, ytterbium, and lutetium, light metals like lanthanum, cerium, praseodymium, neodymium, samarium, and europium are easily traced. Rare earth metals are used in a range of devices including electronic memory, permanent magnets, metal alloys, phosphors, catalysts, polishing powders, glass additives, rechargeable batteries, catalytic converters, mobile phones, fluorescent lighting, and many others.
COVID-19 Scenario Analysis
- COVID-19 had a major impact on the rare-earth metals industry. In several countries, factories were forced to shut down during the early stages of the pandemic as governments imposed strict lockdowns to prevent the virus from spreading.
- Demand in automotive industry has reduced due to the pandemic, and the supply chain got disturbed, resulting in less demand forrare earth metals.
- Reduced export & import due to less demand for goods and insufficiency of raw materials are expected to decline the rare earth metals market growth.
- China has a monopoly in the rare earth metals production market and almost all rare-earth-enabled components for moving equipment, such as trains, cars, aircraft, and trucks as well as industrial motors and generators, consumer goods, and home appliances come from China or Japan, and the outbreak of COVID-19 in China had a negative impact on the growth of the rare earth metals market.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Rare-earth magnets are strong permanent magnets made of rare-earth metal alloys. Rare-earth permanent magnets are expected to be the prime growth factor for the rare earth metals market. These metals have unique properties, such as remanence and high coercivity that prevent permanent magnets from losing their magnetism over time.These magnets are generally used in the automotive industry, both in conventional and electrical vehicles. However, the demand for rare-earth magnets for hybrid electrical vehicles is expected to expand faster than the market for conventional vehicles, as hybrid electric vehicles use more rare-earth magnets per vehicle. For instance, neodymium, dysprosium, terbium, praseodymium, and yttrium are the most common rare-earth elements used in permanent magnets. Furthermore, in the long run, the use of rare-earth magnets in wind turbines is projected to be a significant growth factor for the rare-earth metals market. Use of rare-earth magnet in the latest generation of direct-drive wind turbines has significantly reduced maintenance and weight related concerns.
Rare-earth elements are not traded like other metals in any market. They are mostly sold in private markets, which make it difficult to track and control their prices. The fluctuations in the price of raw materials hinder the growth of the rare-earth metals market.
Magnets made of neodymium oxide can be found in most modern cars and planes, as well as common consumer electronics like headphones, microphones, and computer discs. Neodymium-iron-boron is one of the strongest permanent magnets in the world and is expected to lead the global rare-earth metals market.
The global rare-earth metals market trends are as follows:
New Technology to Flourish the Market
The extraction and purification processes using ligand-assisted chromatography have been shown to remove and purify rare earth metals from coal ash, recycled magnets, and raw ore safely, effectively, and with virtually no negative environmental impact, according to researchers at Purdue University in the U.S.
Key Benefits of the Report
- This study presents the analytical depiction of the global rare-earth metals market industry along with the current trends and market estimation to determine the imminent investment pockets.
- The report represents information related to key drivers, restraints, and opportunities along with detailed analysis of the rare-earth metals market share.
- The current market is quantitatively analyzed to highlight the rare-earth metals market growth scenario.
- The report provides a detailed market analysis depending on competition and how the competition will take shape in the coming years.
- This report helps users in comprehending the key product segments and their future.
Questions Answered in the Global Rare-Earth Metals Market Research Report:
- Which are the leading players active in the global rare-earth metals market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the rare earth metals market?
- What should be the response of the rare-earth metals market players amid the COVID-19 pandemic?
- What are the projections for the future that would help in taking further strategic steps?
- What is the outlook of the rare earth metals industry?
- What are the emerging key segments in the rare-earth metals market?
- What are the major changes and assessments in rare-earth metals market dynamics?
Rare-Earth Metals Market Report Highlights
Key Market Players
Lynas Corporation (Australia), China Minmetals Rare Earth Co Ltd (China), Avalon Advanced Materials Inc (Canada), Canada Rare Earth Corporation (Canada), Iluka Resource Ltd (Australia), Arafura Resources Ltd (Australia), Shin-Etsu Chemical Co. Ltd.,Molycorp Inc., Alkane Resources ltd (Australia)