Rare Earth Metals Market Global Trends, Share, Size, Growth, Opportunity and Forecast 2021 - 2028

                                                                               

            Rare Earth Metals Market

Rare earth elements (REE) are a set of seventeen elements discovered in the earth's crust that have chemical and physical properties that are similar. Rare earth elements such as cerium, neodymium, erbium, holmium, lanthanum, praseodymium, yttrium, and dysprosium are widely employed. High electrical conductivity, greater heat resistance, improved magnetism, and weight reduction are just a few of the advantages these components provide. As a result, REEs are used in a wide range of industries, including automobiles, transportation, power generation, construction, medicine, and military.

One of the causes driving the usage of rare earth elements is the increased demand for consumer durables such as tablets, laptops, and smartphones. Due to an increase in industrialization, building and construction operations, and various digitization activities by governments in the respective countries, demand for these elements is expected to grow fast in developing economies. The increased demand for electric vehicles (EVs) in Germany, the United States, and the United Kingdom is expected to increase rare earth material usage. Stringent regulations on carbon emissions, as well as growing environmental concerns, have aided the development of non-conventional energy sources, which will enhance the use of these components. However, Rare earth elements market expansion is projected to be hampered by the high cost of these minerals and the monopoly of Chinese manufacturers.


Market Segmentation:

By Metals

• Neodymium

• Yttrium

• Dysprosium

• Terbium

• Europium

• Cerium

• Lanthanum

By Application

• Catalysts

• Permanent Magnets

• Metallurgy & Alloys

• Polishing

The demand for rare earth metals is steadily increasing as the number of applications for them expands. The product is widely utilised in the automotive industry as catalytic converters, as catalysts in petroleum refining, and in the electronics industry. The expansion of these end-user sectors is expected to have a significant impact on the overall rare earth metals market.


The continuing growth of the electronics sector, as well as the increased use of electronic equipment in a variety of end-use applications, is the primary driver of the worldwide rare earth metals market. The electronics business has thrived in recent years as customers' disposable income has increased in a rising number of locations, resulting in increased demand for high-end consumer goods.