Rare Earth Metals Market Growth upto 2026 | Key Players are Lynas Corporation, Avalon Rare Metals Inc, Greenland Minerals and Energy

Rare earth metals are a group of seventeen metallic elements, including fifteen lanthanides, with atomic numbers 57 (lanthanum, La) to 71 (lutetium, Lu), together with yttrium (Y, atomic number 39) and scandium (Sc, atomic number 21). Cerium oxide, an abundantly found rare earth metal, is used as a catalyst in catalytic converters and various metal alloys to reduce emission in automotive exhaust system. Rare earth metals enhance the efficiency of industrial processes such as catalytic cracking, chemical catalysis, glass manufacturing, automotive emission control, energy storage, energy efficient electrical motors, manufacturing lighter and less brittle steel alloys, energy efficient fluorescent lamps acoustic devices, and military and defense electronics.

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Scandium is primarily used to strengthen metal compounds for various industrial purposes. Yttrium is a non-lanthanide, which in used in superconductors, powerful pulsed lasers, cancer treatment drugs, rheumatoid arthritis medicines, and surgical supplies, among others. Increasing prevalence of such cancer and rheumatoid arthritis is in turn, increasing demand for rare earth metals.

The market in Asia Pacific is expected to witness rapid growth over the forecast period. According to The Wall Street Journal, China produces around 90% share of the total rare earth metals globally. The growth of the market in this region is thus attributed to high number of rare earth metal resources found in countries such as China and India. In India, the production of rare earth metals is under the control of the Indian Rare Earths Limited (IREL), a governmental undertaking under the administrative control of the department of Atomic Energy. According to Scientific American, India is authorizing a plant to produce up to 5,000 tons of rare earth metals per year, which would help India to contribute around 5 percent to the global supply of the rare earth metals.

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Major companies operating in the global rare earth metals market include Lynas Corporation, Avalon Rare Metals Inc, Greenland Minerals and Energy, Iluka Resources Ltd., Alkane Resources Limited, Rock Tech Lithium Inc., Artemis Resources Limited, and Great Western Minerals Group.

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