Metals Market worth $9.6 billion by 2026
The report "Rare-Earth
Metals Market by (Lanthanum,
Cerium, Neodymium, Praseodymium, Samarium, Europium, & Others), and
Application (Permanent Magnets, Metals Alloys, Polishing, Additives, Catalysts,
Phosphors), Region – Global Forecast to 2026"
The rare-earth metals market is projected to grow from USD 5.3 billion in 2021
to USD 9.6 billion by 2026, at a CAGR of 12.33% during the forecast period.
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Browse in-depth TOC on "Rare-Earth Metals Market"
99 - Tables
43 - Figures
156 – Pages
The increasing use of rare-earth elements that are used
in the permanent magnet application are likely to drive the rare-earth metals
market. APAC is the fastest-growing market for rare-earth metals due to
increase in production and consumption in China. Significant usage of permanent
magnets offer a huge impetus to these advanced materials, are expected to drive
the rare-earth metals market in the region.
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The Neodymium Oxide segment is projected to lead the
global rare-earth metals market through 2026
Neodymium oxide is used to produce magnets which are
found in most modern vehicles and aircraft as well as popular consumer
electronics, such as headphones, microphones, and computer discs. It is used in
high-strength permanent magnets that are also known as neodymium-iron-boron
(NdFeB) magnets and are one of the strongest magnets in the world. Increasing
use of Clean energy application has driven the market.
The Phosphors segment is projected to grow at the highest
CAGR during the forecast period.
The Phosphors segment, by application, is projected to
grow at the highest CAGR during the forecast period. Phosphors used in many applications that
require color in the light exhibited, namely, cathode ray tube displays,
fluorescent lamps, and other applications. The important elements in this
sector are europium, terbium, and yttrium. Phosphors are used to convert the
incident radiation into the light of designed colors.
This is based on the properties of the elements that are
included in the phosphors. The demand
for rare-earth oxide phosphor products is expected to increase, due to the
government policies in US, Canada, China, among other countries, and the
European Union, where the incandescent lamps are being replaced with
fluorescent and LED lamps.
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The Asia Pacific is projected to hold the largest share
in the rare-earth metals market during the forecast period
APAC is the top region in terms of total rare-earth
material consumption due to rapidly increasing demand in China, which accounts
for maximum global rare-earth consumption. It was the largest consumer of
rare-earth elements in 2019, with an estimated market revenue of over USD 5.2
billion. The region is also expected to witness the fastest-growth in terms of
consumption due to growing industrialization and extraction activities in
Key players operating in the rare-earth material market
are Lynas Corporation (Australia), Alkane Resources ltd (Australia), Arafura
Resources Ltd (Australia), China Minmetals Rare Earth Co Ltd (China), Avalon
Advanced Materials, Inc (Canada), Iluka Resource Ltd (Australia), Canada Rare
Earth Corporation (Canada). These players have adopted various growth
strategies to expand their global presence and increase their market share.
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