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Rare Earth Metals Market 2019- Competitive Approach, Breakdown and Forecast- 2027
Rare earth metals (REM) are the group of seventeen metallic elements that have distinctive luminescent, magnetic, and chemical properties, which makes it significant in varied high-technology industries, especially in low-carbon technologies.Get Sample Copy of This Premium Research (including full TOC, Tables and Figures) of Wind Turbine Composites @ https://www.coherentmarketinsights.com/insight/request-sample/293
According to the International Union of Pure and Applied Chemistry (IUPAC), the REM or rare earth elements (REE) consists of Cerium (Ce), Dysprosium (Dy), Erbium (Er), Europium (Eu), Gadolinium (Gd), Holmium (Ho), Lanthanum (La), Lutetium (Lu), Neodymium (Nd), Praseodymium (Pr), Promethium (Pm), Samarium (Sm), Scandium (Sc), Terbium (Tb), Thulium (Th), Ytterbium (Yb), and Yttrium (Y).
Rare earth oxides (REO) find its applications in the mature market comprising catalysts, metallurgy, and glassmaking, contributing a share of about 60.0% in global consumption of rare earth metals. Growing applications such as permanent magnet, battery alloy, and ceramic together contributes to the remaining share in the market.
Market Dynamics
Factors such as rapid industrialization and increasing population, coupled with growing manufacturing and automotive industries are boosting demand for rare earth metals in the market. According to Brookings Institution, China was the leading market in terms of manufacturing output, with over US$ 2.0 trillion output in 2017, followed by the U.S. and Japan, contributing US$ 1.8 trillion and US$ 1.0 trillion, respectively. The manufacturing industry is expected to grow in the near future, which in turn is likely to increase demand for rare earth metals during the forecast period.
Key Players
Major players operating in the global rare earth metals market include Lynas Corporation Ltd., Avalon Advanced Materials Inc., Greenland Minerals Ltd., Iluka Resource Limited, and Alkane Resources Ltd.
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