According to Market.us (Prudour Research), there is a global market for Rare Earth Metals Market that will grow at an average CAGR of 9.4% over the next ten years and will reach USD 26.35 Billion by 2028, up from USD 10.73 Billion in 2018
Rare earth metals, a class of elements found in the earth’s crust that have similar physical and chemical characteristics, are a category of elements. These elements can both be extracted and processed in ore form. They are composed of two types: stiff and lightweight. Praseodymium or Samarium is lightweight and can be found easily compared to heavy metals like terbium.
Sales have been steadily increasing despite a slow recovery due to the COVID-19 virus outbreak. According to the report, rare earth metals demand is expected to rise by 3% in 2021 and 2020.
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Rising demand for renewable energy sources will likely drive growth in the rare earth metals market.
According to the center for climate change and energy solutions, in 2018, renewables represented 26.2 percent of worldwide electricity generation. It is projected that this figure will rise to 45 percent by 2040. This will be mainly due to hydropower, solar, and wind power growth. Market growth will be stimulated by rapid growth in the end-user industries.
Fluctuations likely hinder the market’s growth in raw materials costs.
Increased Adoption of Different Rare Earth Elements for Market Growth
Because of their specific chemical and physical properties, many industries are increasing demand for different metals.
Cerium is used in polishing agents and is seeing a rapid rise in demand due to electronics industry growth. Cerium is widely used to polish surfaces such as glass display panels, liquid-crystal displays, magnetic memory disks, and glass panels.
Further, there is a growing demand for elements such as lanthanum (samarium), europium, etc., for applications in batteries and displays, lasers, and optical electronics.
Fluctuating Values of Rare Earth Metals for Hinder Growth
Due to the low volume of rare earth oxides, among other minerals, the prices for these products are volatile in North America as well as Western Europe. Many products made from rare earth metal oxides include batteries, aircraft alloys, motors, and bearings. Rising demand will result in an increase in raw materials prices and disruptions in supply chains. China has established a monopoly on the market, which has led to increased export prices and hindered market growth. China also has a limited supply to meet the future demand for rare earth oxides. This has further disrupted the supply chain for end-use businesses in other countries.
Market Key Trends:
- Electric vehicle sales are predicted to increase dramatically, requiring neodymium magnets. The global sales of electric cars are expected to surpass 32 million units by 2028. This is 10x more than the current level.
- By 2028, the offshore wind power capacity is expected at 228 GW. Between 2019 and 2028, new installations will be 40 GW. According to the International Renewable Energy Agency IRENA, wind energy could account for more than 35% of the global energy mix.
- The demand for rare earth elements will increase in the future thanks to clean energy technologies, such as electric vehicles or wind power generation. In 2028, more than 80% will be sold by magnets.
Rio Tinto joined forces with the United States Geological Survey in October 2021 to hunt for vital minerals under the Continental Divide near Montana’s Boulder Batholith. The USGS teamed up with a resource firm to fly airborne geophysical surveys in areas of concern in 2022 as part of the Earth Mapping Resources Initiative. (Earth MRI). This will allow it to double that area under study.
Rio Tinto, a Canadian company, began producing scandium dioxide in January 2021 when it built a small-scale demonstration plant in Sorel-Tracy. The initial production of scandium oxide was 3 tons per year. This is approximately 20% of the total global production.
Key Market Players included in the report:
- Bucher (Johnston)
- Aebi Schmidt
- Alfred Karcher
- Disab Vacuum Technology
Key Market Segments:
- Single Rare Earth Metal
- Mixed Rare Earth Metal
- Rare Earth Permanent Magnet Material
- Hydrogen Storage Material
- What is the size of the global rare-earth market right now?
- How is the market for rare-earth metals aligned?
- Who are the top players in the global rare-earth market?
- What are the key factors that drive the rare-earth market?
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