- The rare earth metals market is projected to gain a value of US$ 42 Bn by 2031
- The expansion of the electronics and automotive industries is anticipated to lead to revenue-generation opportunities in the rare earth metals market
- The presence of a sturdy automotive industry in Asia Pacific boosts the regional market growth
WILMINGTON, Del., Sept. 21, 2022 /PRNewswire/ — The global rare earth metals market is prognosticated to reach a value of US$ 42 Bn by the end of 2031, according to a research report by Transparency Market Research (TMR). In addition, the TMR analysis states that the market is expected to grow at a CAGR of 13% during the forecast period, 2021 to 2031.
Companies in the rare earth metals market are focusing on the execution of various strategies in order to stay ahead of the competition. Moreover, several players are increasing research to study ongoing trends of the rare earth metals market. Such efforts are expected to help companies in deciding their business expansion strategies in the near future.
The rare earth metals market is projected to gain significant opportunities for business in Asia Pacific during the forecast period. The growth of the Asia Pacific market is ascribed to many factors including the presence of many key end-use industries such as consumer electronics and automotive industry in many developing nations including China, which is the prominent producer of rare earth metals. This aside, a rise in the adoption of electric vehicles in many regional nations is anticipated to create lucrative prospects in Asia Pacific market in the near future, notes a TMR study on the rare earth metals market trends.
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Rare Earth Metals Market: Key Findings
- Rare earth metals are in high demand owing to their increasing use in the manufacturing of varied devices including smartphones, digital memory devices, cellphones, catalytic converters used in automotive exhaust systems, fluorescent lighting, and rechargeable batteries. Hence, a rise in the application of the product is anticipated to fuel the growth opportunities in the rare earth metals market during the forecast period.
- With improving spending power of people from many developed and developing countries across the globe, there has been a surge in the sales of different types of vehicles. Moreover, many companies in the automotive industry are focusing on the development of automotive designs with incorporation of electronic elements as per the current demand from consumers. Such factors are anticipated to influence the future rare earth metals market growth, note TMR study analysts.
- The application of automotive electronics is being increasing in the recent years for varied purposes such as security, entertainment, and many other features. This factor is expected to drive the demand opportunities in the global rare earth metals market during the forecast period.
- The government authorities of several nations globally are executing stringent regulations for the protection of environment. Moreover, they are taking initiatives to promote the development and use of electric vehicles. Such efforts are likely to bolster the rare earth metals market in the upcoming years.
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Rare Earth Metals Market: Growth Boosters
- Surge in the adoption of electric vehicles across the globe is boosting the global rare earth metals market development
- The expansion of the electronics sector globally is anticipated to fuel the demand opportunities in the rare earth metals market
Rare Earth Metals Market: Key Players
Some of the key players profiled in the report are:
- Rare Elements Resources Ltd.
- Great Western Minerals Group
- China Rare Earth Holdings
- Arafura Resources
- Alkane Resources
- Molycorp
- Indian Rare Earths
- Avalon Rare Metals
- Lynas Corporation Limited
- Quest Rare Minerals Limited
- Inner Mongolia Baotou Steel Rare Earth Hi-Tech Co
- Greenland Minerals & Energy Ltd.
- Frontier Rare Earths Limited
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Rare Earth Metals Market Segmentation
- By Type
- Lanthanum
- Praseodymium
- Cerium
- Neodymium
- Samarium
- Promethium
- Europium
- Dysprosium
- Holmium
- Gadolinium
- Terbium
- Thulium
- Scandium
- Yttrium
- Erbium
- Ytterbium
- Lutetium
- By Application
- Magnets
- Catalysts
- Metallurgy
- Ceramics
- Phosphors
- Glass
- Polishing
Regions Covered
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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SOURCE Transparency Market Research
