Global rare earth metal market is expected to witness market growth at a rate of 11.15% in the forecast period of 2021 to 2028. Rare earth metals (REM), also known as rare earth elements (REE) are the collection of seventeen chemical elements in the environment. The term rare is given to them not due to the lack of abundance of these elements, rather their presence in the earth’s surface, they are quite difficult to explore as they are dispersed and not concentrated to a particular location.
Segmentation: Global Rare Earth Metal Market
- By Material Type (Lanthanum Oxide, Lutetium, Cerium, Praseodymium, Neodymium, Samarium, Erbium, Europium, Gadolinium, Terbium, Promethium, Scandium, Holmium, Dysprosium, Thulium, Ytterbium, Yttrium, Others)
- By Applications (Permanent Magnets, Catalysts, Glass Polishing, Phosphors, Ceramics, Colorants, Metallurgy, Optical Instruments, Glass Additives, Others)
- By Sales Channel (Direct Sales, Distributor)
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Key Market Competitors:
Few of the major competitors currently working in the global rare earth metal market are Minmetals Rare Earth Co., Ltd.; Alkane Resources Ltd; ARAFURA RESOURCES; Lynas Corporation Ltd; Avalon Rare Metals; Canada Rare Earth Corporation; IREL(INDIA) LIMITED; Greenland Minerals Ltd.; Iluka Resources Limited; Northern Minerals Limited; Rising Nonferrous Metals Co., Ltd; NEO; Rare Element Resources Ltd.; Krakatoa Resources Limited; JIANG XI SOUTH RARE EARTH HI-TECH CO,.LTD and China Rare Earth Holdings Limited among others.
Competitive Analysis: Global Rare Earth Metal Market
Global rare earth metal market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of rare earth metal market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Market Drivers:
- High levels of demand associated with the compounds due to their large range of applications; this factor is expected to fuel the growth of the market
- Growth in the levels of demand due to a renewed focus on clean energy and the usage of these metals in various applications associated with the development of clean energy; this factor is expected to propel the market growth
- Growing emergence of technologies in various industries resulting in increasing areas of applications for these metals is expected to boost the growth of the market
Market Restraints:
- Strict imposition from the authorities of China regarding the exports of rare earth elements amid rising levels of demand from their region is expected to result in vulnerable nature of prices globally due to the majority of China for these elements; this factor is expected to restrain the growth of the market
- Concerns regarding the illegal mining and exploration of these elements in the Asia-Pacific region also hinders the market growth
- Large area of applications of these metals amid lack of supply is creating a significant discrepancy in supply and demand hampers the growth of this market
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Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved
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