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. 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 owing to the increase in production and consumption of rare earth metals in China. Significant usage of permanent magnets provide a huge opportunity for the growth of these advanced materials, are also expected to drive the rare-earth metals market in the region.
Some of the prominent key players 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)
Recent Developments :
• In March 2019, Lynas Corporation signed an MoU with MARA to commercialize the neutralization underflow residue from the Lynas Malaysia plant
• In May 2019, Lynas Corporation and Blue Line announced a joint venture to develop rare earths separation capacity in the US.
• In April 2019, the company invested USD 2.16 million in Calidus Resources Limited, a gold exploration company in Australia.
The Neodymium Oxide segment is projected to lead the global rare-earth metals market through 2026.
Neodymium oxide segment growth is driven by the increasing use of Clean energy application has driven the market. The oxide is used in the production magnets which are found in most modern vehicles and aircraft, and 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 which are also known as one of the strongest magnets in the world.
The Asia Pacific is projected to hold the largest share in the rare-earth metals market during the forecast period
APAC is the largest region in terms of total rare-earth material consumption. This growth is due to rapidly increasing demand of rare earth metals in China, which accounts for largest global rare-earth consumption. In 2019, It was the largest consumer of rare-earth elements in with an estimated market revenue of over USD 5.2 billion. Owing to the to growing industrialization and extraction activities in China, the consumption of rare earth metal in the region is also expected to witness the fastest-growth.
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