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Rare Earth Metals Market to witness a steady growth over the forecast timeframe

Author : Rahul Varpe | Published Date : 2019-08-06 

Global Market Insights, Inc. has added a new report on Rare Earth Metals Market that provides a comprehensive review of this industry with respect to the driving forces influencing the market size. Comprising the current and future trends defining the dynamics of this industry vertical, this report also incorporates the regional landscape Industry in tandem with its competitive terrain.

Following the lines of numerous industry verticals, rare earth metals market has also succumbed to the vast expanse of technology, emerging as a pivotal sphere of the polymers space. In the current scenario, numerous electronic components ranging from computer hard drives and cellular phones to electronic displays and hybrid vehicles have been deploying rare earth metals.

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Taking into account the surging popularity of rare earth metals, many regional governments have been rather proactive in exploration and excavation activities. Despite China being a near dominant player currently is rare earth metals industry, other countries including U.S. and Japan have also been working toward making their presence felt across this vertical. The rapid increase in the exploration of new sites across the various geographies is poised to boost rare earth metals market trends over the years ahead. 

A survey by the United States Geological Survey, in 2017, global deposits of rare earths amounted to 120 million tons. China holds a lion’s share of this value and is currently the world’s leading producer of rare earth metals. However, rather than exporting them to other countries, the nation is looking forward to using the metals for domestic technology applications. The fact that the Chinese government is encouraging foreign investments to speed up rare earth metals exploration activities provides further evidence to the aforementioned statement. The supportive stand taken by Chinese policymakers for promoting the excavation and exploration activities is thus likely to propel China rare earth metals market share.

Speaking of green energy initiatives, one of the leading electric vehicle manufacturers in the U.S., Tesla is looking forward to procuring a huge proportion of rare earth metals to produce magnets for its futuristic electric cars. In addition, the U.S. military also requires super magnets for its next-generation electric motors and missile destroyer.

In modern combat vehicles, Common Modular Power Systems (CMPS) are extensively deployed, which needs compact and powerful magnets. These magnets are manufactured from rare earth metals such as neodymium, terbium, praseodymium, samarium, and dysprosium. It is thus rather overt, that heavy investments by regional governments on the development of next-generation weapons such as Humvee-mounted Laser Avenger and SaberShot Photonic Disruptor is likely to augment rare earth metals market outlook.

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The rapidly increasing mining activities across several geographies are likely to revolutionize rare earth metals market, generating highly profitable opportunities for industry participants. The continuous involvement of mineral exploration companies and regional governments in surveying activities to discover untapped mineral resources is also likely to further push production capacity in the future. Driven by the surging use of these metals for various high-tech applications, rare earth metals industry size is expected to surpass a revenue collection of USD 20 billion by the end of 2024.
 

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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