Rare-Earth Metals Market | Key players operating in the market include Lynas Corp, Alkane Resources, Arafura Resources, China Minmetals Rare Earth, Iluka Resource

According to recent market research "Rare-Earth Metals Market by (Lanthanum, Cerium, Neodymium, Praseodymium, Samarium, & Others), and Application (Permanent Magnets, Metals Alloys, Polishing, Additives, Catalysts, Phosphors), Region - Global Forecast to 2026", The rare-earth metals market is projected to grow from USD 5.3 billion in 2021 to USD 9.6 billion by 2026, at a CAGR of 12.33% during the forecast period.

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Neodymium oxide is used to produce magnets which are found in most modern vehicles and aircraft as well as popular consumer electronics, such as headphones, microphones, and computer discs. It is used in high-strength permanent magnets that are also known as neodymium-iron-boron (NdFeB) magnets and are one of the strongest magnets in the world. Incresing use of Clean energy application has driven the market.

The Phosphors segment, by application, is projected to grow at the highest CAGR during the forecast period. Phosphors used in many applications that require color in the light exhibited, namely, cathode ray tube displays, fluo¬rescent lamps, and other applications. The important elements in this sector are, terbium, and yttrium. Phosphors are used to convert the incident radiation into the light of designed colors. This is based on the properties of the elements that are included in the phosphors. The demand for rare-earth oxide phosphor products is expected to increase, due to the government policies in US, Canada, China, among other countries, and the European Union, where the incandescent lamps are being replaced with fluorescent and LED lamps.

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The rare-earth metals market is projected to grow from USD 5.3 billion in 2021 to USD 9.6 billion by 2026, at a CAGR of 12.3% during the forecast period. The increasing use of rare-earth elements that are used in the permanent magnet application are likely to drive the rare-earth metals market. APAC is the fastest-growing market for rare-earth metals due to increase in production and consumption in China. This is expected to remain a key driving factor for the market over the next five years.

The rare-earth metals market is dominated by major players such as Lynas Corporation (Australia), Alkane Resources ltd (Australia), Arafura Resources Ltd (Australia), China Minmetals Rare Earth Co Ltd (China), Avalon Advanced Materials, Inc (Canada), Iluka Resource Ltd (Australia), Canada Rare Earth Corporation (Canada). These players have adopted growth strategies, such as joint ventures and contracts to further expand their presence in the global rare-earth metals market.

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Lynas Corporation Ltd (Lynas Corporation) is a minerals explorer. The company offers rare earth oxides from mines. Its rare earths are a group of chemical elements with unique magnetic, luminescent, and electrochemical properties. Lynas Corporation's rare earth elements includes , lutetium, lanthanum, samarium, scandium, yttrium, lanthanum, cerium, praseodymium, neodymium, dysprosium, lutetium, among others. Its products find application across aero space, metal alloys, batteries, fibre optic technology, solar panel, lasers and glass colourant sectors. The company operates in Malaysia and Australia. Lynas Corporation is headquartered in East Perth West Australia, Australia.

Arafura Resources Ltd (Arafura) is a rare-earth metals mining and exploration company. It is involved in exploration and development of various mineral sources including rare earths, phosphate, uranium, iron, vanadium and gold. It primarily focuses on Nolans Rare Earths project, which includes a proposed rare earths mine and processing operation near Aileron, in Central Australia. The company also owns other exploration projects including the Aileron-Reynolds project. Its rare-earth products are used in magnetic, optical, catalytic and electronic applications in key growth sectors, such as automotive technology, clean energy technology, and consumer electronics. These are also used in oil refining, healthcare, lighting, robotics, industrial, and aerospace sectors. Arafura is headquartered in Perth, Australia.

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