Permanent Magnet Industry to Register High Demand for Rare Earth Metals

The global market for rare earth metals is benefiting significantly from the increasing usage of rare earth metals in the permanent magnet industry, says a TMR analyst. Considerable rise in the recycling of rare metals, especially from e-waste, and surge in the exploration of unmined reserves are also supporting the growth of this market. However, increase in the production of engineering nanocomposites, rapid depletion of reserves, high cost required for the extraction of rare earth metals, and rise in the number of environmental issues are likely to hamper the global market in the next few years, states the market report.

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Rare Earth Metals Market: Prominent Regions

Europe, Asia Pacific, North America, Latin America, and Middle East & Africa are key regional segments of the global market for rare earth metals. With extremely concentrated reserves of rare earth metals, this market witnesses robust progress in only a few parts across the world. Asia Pacific, by far, has been leading the global rare earth metals market, with China being the most prominent one.

Due to the gigantic reserves of rare earth metals in this country, nearly 95% of the overall production of rare earth metals around the world is carried out in China. Not only the production, but also the consumption of rare earth metals is considerably high in this country, which ensures its future dominance. The U.S., India, Russia, and Australia are expected to closely follow China over the next few years, reports the research study.

Rare Earth Metals Market: Key Players

Many of the leading companies in the global rare earth metals market are located in China. Some of the companies studied in this report are Arafura Resources, Inner Mongolia Baotou Steel Rare Earth Hi-Tech Co, Great Western Minerals Group, Alkane Resources, Greenland Rare Earth and Energy Ltd, Indian Rare Earths, China Rare Earth Holdings, and Molycorp.

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Global Rare Earth Metals Market: Segmentation

Rare Earth Metals Market, by Type

  • Lanthanum
  • Praseodymium
  • Cerium
  • Neodymium
  • Samarium
  • Promethium
  • Europium
  • Dysprosium
  • Holmium
  • Gadolinium
  • Terbium
  • Thulium
  • Scandium
  • Yttrium
  • Erbium
  • Ytterbium
  • Lutetium

 Rare Earth Metals Market, by Application

  • Magnets
  • Catalysts
  • Metallurgy
  • Ceramics
  • Phosphors
  • Glass
  • Polishing

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Concentration of Rare Earth Ores to Ensure Steady Dominance of China

Geographically, the global rare earth metals market is led by China, as it is home to the largest deposits of rare earth metals. Other leading producers of rare earth metals include Australia, India, Russia, and the U.S., indicating the likely dominance of Asia Pacific in the global rare earth metals market in the next few years. Expansion of automotive and consumer electronics industries in China is likely to drive the global rare earth metals market during the forecast period.

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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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