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TBRC Report: Rare Earth Metals Market to Hit $9.38B by 2028 at 5.4% CAGR, Driven by Electronics and Computing Advancements
Rare Earth Metals Market Report
As per the report, the rare earth metals market size has grown strongly in recent years. It will grow from $7.05 billion in 2023 to $7.62 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The rare earth metals market size is expected to see strong growth in the next few years. It will grow to $9.38 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%.
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Electronics Demand Surge To Propel Rare Earth Metals Market Growth
An increase in the demand for electronics is expected to serve as a major driver of the rare earth metals market in the forecast period. Rare earth metals are widely used in the manufacturing of electronic products such as cellular telephones, computer hard drives, flat-screen monitors, and televisions. According to data by StockApps.com, a UK-based centric brokerage firm that allows users to trade online, global consumer spending in electronics is expected to reach $1.06 trillion in 2021. This will create a significant surge in demand for the rare earth metals market and thus will propel the growth of the rare earth elements.
Key Player Advancement Revolutionizing Computing And Electronics In The Rare Earth Metals Market
The development of ultrathin 2D magnets is shaping the rare earth metals market, leading to new applications in computing and electronics. This ultrathin 2D magnet can operate at room temperature and can be used in computing and electronics. For instance, in July 2021, Scientists at the Department of Energy, Lawrence Berkeley National Laboratory recently developed an ultrathin 2D magnet that is chemically stable under ambient conditions and can be used in high-density, compact spintronic memory devices.
The rare earth metal market covered in this report is segmented -
1) By Product Type: Light Rare Earth Metals, Heavy Earth Metals, Other Product Types
2) By Metal Type: Neodymium, Yttrium, Dysprosium, Terbium, Cerium, Lanthanum, Other Metal Types
3) By Application: Catalysts, Ceramics/Glass, Glass Polishing, Metallurgy, Other Applications
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Major companies operating in the rare earth metals market report are Hastings Technology Metals Limited, Shin-Etsu Chemical Co Ltd., Showa Denko K.K., Hitachi Metals Ltd., Materion Corporation, Iluka Resources Limited, Neo Performance Materials Inc., Lynas Rare Earths Limited, MP Materials Corp, Alkane Resources Limited, Peak Resources Limited, Pensana Rare Earths PLC, Energy Fuels Inc., Arafura Resources Limited, Northern Minerals Limited, RareX Limited, Australian Strategic Materials Limited, Greenland Minerals Limited, Texas Mineral Resources Corp, Rare Elements Resources Ltd., Ucore Rare Metals Inc., Rainbow Rare Earths Limited, Leading Edge Materials Corp, Ionic Rare Earths Limited, Medallion Resources Ltd., Commerce Resources Corp, Vital Metals Limited, Quest Rare Minerals Ltd., Alces Lake Ltd., Appia Energy Corp
Contents of the report:
1. Executive Summary
2. Rare Earth Metals Market Report Structure
3. Rare Earth Metals Market Trends And Strategies
4. Rare Earth Metals Market - Macro Economic Scenario
5. Rare Earth Metals Market Size And Growth
…..
27. Rare Earth Metals Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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