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Rare Earth Metals Market size was valued at around USD 13.2 billion in 2019 and will exhibit a growth rate of over 10.7% CAGR from the period of 2020 to 2026 owing to the growing product demand from emerging technologies such as hybrid vehicles and electric vehicles coupled with the propelling use in magnet and optical instrument application.
Rare earth metals are a class of elements found together in the earth crust that possesses similar physical and chemical properties. These elements extracted can be extracted and processed in their ore forms and consist of both hard and light categories. Praseodymium and Samarium fall in the light-weight category and readily found as compared to the heavy metals such as terbium, holmium, gadolinium, europium, thulium, dysprosium, erbium, lutetium, and ytterbium.
Report Attributes | Details |
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Base Year: | 2019 |
Market Size in 2019: | 13.2 Billion (USD) |
Forecast Period: | 2020 to 2026 |
Forecast Period 2020 to 2026 CAGR: | 10.8% |
2026 Value Projection: | 19.8 Billion (USD) |
Historical Data for: | 2016 to 2019 |
No. of Pages: | 532 |
Tables, Charts & Figures: | 953 |
Segments covered: | Product By Application, Application, Region |
Growth Drivers: |
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Pitfalls & Challenges: |
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Indispensable use of neodymium metal magnets in electric vehicles will complement growth
Neodymium is majorly used producing permanent magnets used in the electrical and hybrid vehicles. The growing implications to reduce the CO2 emissions coupled with the presence of stringent regulations has propelled the adoption of electrical vehicles in turn contributing to the overall rare earth metals market share.
The demand for rare earth metals is continuously growing due to the subsequent growth in its applications sector. The product is widely used across as catalytic convertors in the automotive industry, as catalysts in petroleum refining and in the electronics sector. The growth of these end user industries is projected to be a pivotal factor in the overall rare earth metals market.
Alloying of rare earth metals wits with other elements aims to adjust the corrosion resistance and mechanical properties of magnesium. Cerium is majorly used to manufacture the aluminium alloys and it accounts for up to half of the rare earth content of many rare earth ores. Increasing demand for aluminium alloys, owing to its low price across the various end-use industries shall propel the cerium production in near future.
Rare Earth Metals Market Analysis
Magnets application segment is set to exceed revenue generation over USD 4.4 billion in 2026. Increasing consumption of rare earth magnets in electric motors, turbine generators, electric vehicles, and other automobiles will propel the demand for rare earth magnets. In addition to this, rising demand for renewable energy equipment, and electric and hybrid automobiles.
Rare earth elements are majorly utilized in manufacturing different components of electric vehicles, as they provide high strength and corrosion resistance. They are expensive in nature compared to ceramic and aluminium nickel cobalt (AlNiCo) magnets, however, possess excellent properties as compared to conventional magnets. Neodymium iron boron (NdFeB) magnets can receive large currents to create a strong magnetic field, as it is important for the magnets to strongly resist demagnetization and operate for long time span in electric cars.
These excellent properties are seen to be a vital factor towards the shift of almost all the electric vehicle makers are neodymium magnets, instead of traditional magnets. For instance, Tesla, a major manufacturer of electric vehicles, has been choosing permanent magnet motors for electric vehicles, to cater the Chinese electric vehicle production.
The magnet segment was one of the leading segments in 2019 is closely followed by the alloy and the catalyst segment. The alloy segment is likely to hold a market share of 21% in 2026. Substantial projected market share is mainly due to usage of rare earth elements in alloying process to achieve desirable corrosion resistance and enhance mechanical characteristics.
Asia Pacific was mainly led by China in 2019 and is anticipated to exhibit the same trend throughout the assessment period. Asia Pacific held a market share of over 55% in terms of both volume and revenue in the overall RE metal market in 2019. The presence of the largest rare earth reserve along with major RE metal processors and consumer in the region is anticipated to further augment the rare earth metals market value.
Rare Earth Metals Market Share
Forward integration is one commonly witnessed in the RE metal ecosystem. Companies are involved in RE metal processing as well as in captive consumption in end-products. Some of the prominent mining companies include in the rare earth metals industry are
- Ucore Rare Metals Inc.
- Arafura Resources Limited
- Iluka Resources Limited
- Lynas Corporation
- Baotou Jinmeng Rare Earth Co
- Northern Minerals Limited
Rare earth metal market report includes in-depth coverage of the industry with estimates & forecast in terms of volume in kilo tons & revenue in USD million from 2020 to 2026, for the following segments:
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By Metal
- Cerium
- Dysprosium
- Erbium
- Europium
- Gadolinium
- Holmium
- Lanthanum
- Neodymium
- Praseodymium
- Promethium
- Samarium
- Scandium
- Terbium
- Thulium
- Ytterbium
- Yttrium
By End-user
- Magnets
- Colorant
- Alloy
- Optical instrument
- Catalyst
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Russia
- Asia Pacific
- China
- India
- Australia
- Japan
- Thailand
- Malaysia
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- GCC
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