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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
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:
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
Questions Answered in the Global Rare-Earth Metals Market Research Report:
Key Market Segments
Key Market Players