The latest market report published by Credence Research, Inc. “Global Rare Earth Minerals Market: Growth, Future Prospects, and Competitive Analysis, 2015 – 2027”. The global market has acquired a market size of around USD 1.20 billion in 2020 and expected to reach a healthy CAGR of over 13.9% during the forecast period from 2021 to 2027 to reach around USD 2.30 billion in 2027.
Browse the full report at https://www.credenceresearch.com/report/rare-earth-metals-market
To make studio lighting, telescope lenses, loudspeakers, and computer hard drives highly powerful and smaller, rare earth elements are used. Since they can emit a variety of colors, they have application in screens and displays. Rare earth elements have a high electrical conductivity and are found together in nature in minerals. These are the robust magnets in the market.
Key Trends in Global Market
COVID-19 Impact on the Market
The COVID-19 pandemic has already had a major impact on the global macroeconomic landscape. For example, in the automotive industry, car manufacturers declared a production halt, which is now steadily resumed. Tier 1 and Tier 2 manufacturers, as well as other market players further upstream, have been impacted by this demand-side shock and have reduced their product offerings as a result.
Apart from such demand-side shocks, supply chain in virus-affected countries got disrupted, resulting in the breakdown of entire international supply chains. This emphasizes the importance of ensuring the supply of strategic raw materials needed for long-term competitiveness and job protection in key industries for the European Union.
Global Market by Type Insights
On the basis of type, the global rare earth minerals market can be divided into Cerium, Lanthanum, Neodymium, Yttrium, Praseodymium, Samarium, Gadolinium, Dysprosium, Terbium, Europium and Others. Cerium was the most common element in 2020, accounting for large percent of total volume. The automotive industry’s expansion is expected to boost cerium demand and, as a result, the cerium market.
Global Market by Application Insights
Global market is segmented based on Application as Permanent Magnets, Metal Alloys, Glass Polishing, Glass Additives, Catalysts, Phosphors, Ceramics and Others. In terms of volume and revenue, the magnet was the most common application category in 2020. They’re used in a variety of places, including servo motors, linear actuators, microphones, computer hard drives, and sensors. The rising demand for magnets in cars, generators, and consumer electronics is expected to fuel rare earth element consumption in the coming years.
Global Market by Regional Insights
With a market volume share of 45.1percent in 2020, Asia Pacific was the leading producer and consumer of rare earth. In the Asia Pacific rare earth elements market, the consumer electronics and automotive industries are significant. This is due to the increased use of rare earth in magnets for electric vehicle batteries and the polishing of television glass to smoothen the surface and minimize the product’s weight. TCL, Skyworth, Xiaomi, Thomson and BPL have all begun expanding their capabilities to produce television components in India.
Over the forecast era, the consumer electronics and nuclear energy industries are expected to drive rare earth demand. The United States is the world’s largest producer of nuclear energy, responsible for more than 30% of global electricity production. According to the World Nuclear Association, the nation is building two nuclear reactors. The region’s market growth is expected to be aided by the rising demand for nuclear reactors.
Global Market Competitive Landscape
Some of the most prominent players operating in the global market include China Rare Earth Holdings, Arafura, Great Western Minerals, Avalon Rare Metals, Molycorp, Indian Rare Earths, Alkane Resources, Lynas and Rare Element Resources.
Global Rare Earth Minerals Market by Type, 2015 – 2027
Global Rare Earth Minerals Market by Application, 2015 – 2027
· Permanent Magnets
· Metal Alloys
· Glass Polishing
· Glass Additives
Global Rare Earth Minerals Market by Region, 2015 – 2027
· North America
· Asia Pacific
· Latin America
· Middle East and Africa
Global Rare Earth Minerals Market: Key Players
· Alkane Resources
· Avalon Rare Metals
· China Rare Earth Holdings
· Indian Rare Earths
· Great Western Minerals
· Greenland Minerals & Energy
· Rare Element Resources