Rare Earth Elements Market to Grow US$7.3 Bn by 2026, at a CAGR of 10.2%

Fairfield Market Research's latest report states that the global rare earth elements (REE) market is witnessing a boom as its end users stand on the cusp of revolutionary upheaval. Commonly understood as neodymium, cerium, praseodymium, lanthanum, yttrium, and dysprosium, the rare earth elements or metals are indispensable to the automotive and the consumer electronics industries. Used in the production of hybrid and electric cars, computers, superconductors, and batteries, these elements have a huge scope as the world inches closer to living a digitized reality.

As per the latest report by Fairfield Market Research, the global rare earth elements market was valued at US$3.5 Bn in 2020 and is predicted to reach US$7.3 Bn by the end of 2026, a 2x value growth during the period. The report says the market is expected to exhibit a CAGR of 10.2% between 2022 and 2026.

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Rare Earth Elements Production Ramps Up as Electric Vehicle Sales Improve

The global demand for rare earth elements is expected to be driven by a shift towards electric vehicles. Fairfield Market Research states that about 50% of the conventional vehicles will be replaced by electric or hybrid vehicles by 2040. The urgent need to reduce vehicular pollution and curb CO2 pollution is expected to favour the sale of EVs, which use neodymium and praseodymium in battery production. Government subsidies for EV production and purchase and better charging infrastructure are expected to prompt users to make a conscious mobility choice, thereby supporting REE market growth throughout the forecast period.

Growing Use of Ceramic Tiles to Boost Application of Rare Earth Elements for Glazing

Revival of construction activity after the slowdown of 2020 is expected to boost the application of rare earth elements such as lanthanum, yttrium, cerium, neodymium, and praseodymium. These are used in the ceramics industry for the production of tiles. Cerium oxide adds to the glaze effect on the tiles. Government rulings to encourage new home buyers and ongoing refurbishment and renovation activities are also anticipated to boost this segment, increasing the demand for rare earth elements.

Fibre Optic Networks and Consumer Electronics to Augment Global Rare Earth Elements Market

The report also predicts that the exponential sales of consumer electronics such as smartphones, tablets, laptops, and other gadgets that demand superior bandwidths and high processing speed are likely to drive the demand for better optic fibre cables. Initiatives to digitize rural parts of developing economies and projects to create massive networks of optic fibre cables are expected to drive the global market for rare earth elements. Holmium, neodymium, and erbium are extensively used in the production of high-efficiency active fibres. These metals are known to have heat resistance, high electrical conductivity, and magnetism, which makes them ideal for use in electronic products.

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China to Pave the Way with its Booming Electronics Industry

In terms of geography, the global rare earth elements market is expected to be led by Asia Pacific with China paving the way. Fairfield Market Research states that China's production of rare earth metals stood at 190 kilo tons in 2018. This translates to about 75% of the global output for the same year. The country not only controls production but also is a major consumer due to the booming electronics industry. Furthermore, India too will give the rare earth elements market an impetus as it remains a key automobile manufacturing hub.

Some of the key players operating in the global rare earth elements market China Minmetals Corporation, Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co., Ltd., JL MAG RARE-EARTH CO., LTD., China Non-Ferrous Metal Mining, and China Rare Earth Holdings Limited.

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