Rare Earth Metals Market to grow at 9.7% CAGR through 2024, Says Global Market Insights Inc.
The growth of the rare earth metals market is driven by increasing demand for clean energy coupled with advancements in the automotive sector with the advent of technologies such as electric vehicles and hybrid vehicles, says this report.
SELBYVILLE, Del., January 23, 2020 (Newswire.com) - According to the report published by Global Market Insights Inc., the global rare earth metals market share was estimated to be worth $9.0 billion in 2016 and is expected to hit $20 billion by 2024, registering an CAGR of 9.7% from 2017 to 2024. The report provides a comprehensive analysis of the market size & estimations, major investment pockets, top winning strategies, drivers & opportunities, competitive scenario, and wavering market trends.
Rising demand for magnets in automobiles and energy generation will majorly contribute to the growth of the global rare earth metals market. The demand for rare earth magnets is majorly growing by their consumption in electric and hybrid vehicles and wind turbines. Increasing focus on utilizing clean and renewable energy is giving substantial pressure on the electricity providers to generate energy through renewable sources, which in turn will have a positive impact on the market.
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High performance of rare earth magnets even at very high temperatures coupled with high corrosion resistance will significantly help the rare earth metals market value to grow at a higher rate over the forecast period. These factors will further boost the demand for rare earth metals in wind turbine applications with lesser or no availability of substitutes.
Key reasons for rare earth metals market growth:
- High demand for clean energy
- Growing demand from the automotive sector with emerging technologies such as electric vehicles, and hybrid vehicles
Based on metal, the market is segmented into cerium, dysprosium, erbium, europium, gadolinium, holmium, lanthanum, lutetium, neodymium, praseodymium, promethium, samarium, scandium, terbium, thulium, ytterbium, yttrium. The neodymium segment held a major share in 2016 primarily driven by the rising demand for neodymium-based magnets in the automotive and power generation sectors. The cerium segment, on the other hand, is projected to grow at the fastest CAGR during the study period.
Based on applications, the magnets segment held the highest share in terms of both volume and revenue in 2016. This segment is projected to grow at a CAGR of more than 8.2% and 7.2% in terms of revenue and volume respectively over 2017-2024.
The catalyst segment, on the other hand, had the second-largest share in terms of both volume and revenue in the global rare earth metals market. In 2016, the catalyst segment held 23% of the global market.
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North America to maintain its hold during the forecast period
Based on geography, North America dominated the regional landscape with the highest share in 2016 and is anticipated to maintain the lion’s share during the estimated period. Simultaneously, Asia Pacific also held a major share in 2016 and is expected to lead the trail throughout the forecast period, owing to the large RE element reserves and processing technology available in China. Consumption in China is also driven by strict regulations regarding clean energy production which will further drive the rare earth metals market till the end of the forecast period.
Leading market players
Leading market players profiled in the rare earth metals industry include Lynas Corporation, Iluka Resources Limited, Northern Minerals Limited, Arafura Resources Limited, Ucore Rare Metals Inc. and Baotou Jinmeng Rare Earth Co. These industry participants have adopted various growth tactics including partnership, development, collaboration, joint investments, and others to retain their strong foothold in the industry.
About Global Market Insights Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Source: Global Market Insights, Inc.