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Rare Earth Metals Market Share, Growth, Trends and Forecast to 2024

Author : Rahul Varpe | Published Date : 2019-11-07 

Depletion in fossil fuel resources is anticipated to be one of the major factors driving rare earth metals market forecast over the projected timeframe. Mounting environmental concerns have significantly propelled the demand for sustainable energy. The healthcare sector in emerging economies such as India and China has observed rapid growth in the past few years which will fuel the product demand, as these metals are prominently used as magnets in MRI machines.

Rare earth metals (REMs), also known as rare metal elements (REEs) or rare metal oxides, are facing strong demand from various end-use industries including wind power generation, oil & petroleum refining, electronics & electrical and automotive. REMs have a wide application scope in catalysts, metallurgical additives, magnets, polishing powders, batteries, ceramics, glass additives, as well as other systems and components, indicating ample opportunities for REM suppliers in the future.

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Rising consumer awareness pertaining to environmental sustainability has consequently led to increased demand and sales of hybrid and electrics vehicles worldwide. Surging demand for clean and sustainable energy has gradually shifted the consumer focus on adoption of renewable sources of energy such as wind turbines for power generation. REEs are majorly used in designing internal components of these turbines and rare earth magnets are employed in wind turbine motors.

Wind turbine manufacturers heavily depend on and make use of rare earth elements on account several operational advantages such as excellent performance at high temperatures and superior resistance to corrosion. Lack of availability of rare earth magnet alternatives for use application in high-performance wind turbines is anticipated to bolster rare earth metals market outlook over the forecast timeline.

Neodymium finds widespread application in defense and industrial sectors for manufacturing high-powered, infrared lasers. The elements in combination with praseodymium makes a strong permanent magnet which is used in wind turbines, hand tools, automobiles, and consumer electronics such as compact disks, hard drives, smartphones, earphones and microphones. A booming consumer electronics sector globally will complement rare earth metals industry outlook in the near future.

Neodymium accounted for over 30% of rare earth metals market share during 2016 and is projected to register a robust CAGR of about 8.2% up to 2024. Cerium is another widely used rare metal oxide. The element is largely used in catalysts and battery applications and also holds a fair portion of the global share. Catalyst application segment in rare earth metals market accounted for 23% during 2016.

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Magnets represent a crucial application segment of global rare earth metals industry. Rare earth magnets containing praseodymium or samarium have gained immense traction and have been prominently used across various end-use sectors since their introduction in the 1970s. Technological advances along with increased R&D efforts and investments to use other rare earth elements for making magnets will further reinforce rare earth metals industry trends.

The Asia Pacific region led by China is expected to substantially contribute towards rare earth metals market demand over the forecast timespan. China accounts for nearly 80% of rare element production and reserves around 60% of it for domestic consumption. Rapid industrialization and urbanization in developing economies such as China, India and Japan will drive Asia Pacific rare earth metals market forecast over 2017-2024.

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About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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