Rare Earth Metals Market Size

Aircraft Thrust Reverser Market Share

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.

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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.

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.