Rare Earth Metals Market is Forecasted to Reach US$ 12.23 Billion in 2030, Says Stratview Research

The global rare earth metals market is projected to witness a growth rate of 12.67% annually from 2024 to 2030, with an anticipated size of US$ 12.23 billion by 2030, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global rare earth metals market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

Click here to get a free sample of the report:
https://www.stratviewresearch.com/Request-Sample/155/rare-earth-metals-market.html#form

Report Highlights:
Market Size in 2030: US$ 12.23 billion
Growth (CAGR): 12.67% during 2024-2030
Forecast Period: 2024-2030
Trend Period: 2018-2022
Base Year: 2023
Number of Segments Covered: 4
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights on the Rare Earth Metals Market:

The global rare earth metals market is segmented based on material type, application type, sales channel type, and region.

Based on material type - The market is segmented into Lanthanum Oxide, Cerium Oxide, Praseodymium, Neodymium, Samarium, Gadolinium, Terbium, Dysprosium, Yttrium, and Others. Cerium oxide is the most dominant rare earth metal accounting for >40% of the market in 2023, followed by Lanthanum oxide with a >20% share. Cerium oxide and Lanthanum oxide are cheaper than other rare earth metals and are widely used in metal alloys, catalysts, and glass phosphors.

Based on application type - The market is segmented into Permanent Magnets, Catalysts, Glass Polishing, Phosphors, Ceramics, Metal Alloy, Glass Additives, and Others. The top three applications (permanent magnets, metal alloys, and catalysts), together accounted for more than 60% of the market in 2023 and will continue to remain the dominant applications during the forecast period. Permanent magnets are likely to remain the growth engine during the forecast period, driven by increasing penetration in traditional applications as well as emerging applications.

To know the most attractive segments, click here:
https://www.stratviewresearch.com/155/rare-earth-metals-market.html

Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that Asia-Pacific is expected to remain the largest producer and consumer of the market with a volume share of more than 65% in 2023. This growth outlook is majorly attributed to the following-

• China owns the largest reserves of rare earth metals worldwide. China is both the leading producer as well as consumer of rare earth metals. The imposition of restrictions on China's exports and growing rare earth metals demand within China would create a demand-supply gap in the rare earth metals market worldwide.
• The market is likely to witness significant changes in the coming years. New sources of supply are scheduled to be developed across the globe. China, which is the major producer of rare earth metals worldwide, is witnessing consolidation by state-owned enterprises. China owns the largest reserves of rare earth metals followed by Brazil. China will continue to remain the largest producer during the forecast period.

Rare Earth Metals Market Drivers:

Some of the key drivers listed in the report are given below.
• Rise in adoption of electronic gadgets and other consumer electronics: Neodymium, one of the rare earth metals, is widely used in mobile phones, headphones, computer discs, etc. The rising use of consumer electronics thus raises the demand for this rare metal.
• Increasing numbers of Electric motors: Rare earth metals are used in manufacturing electric motors. With the growing environmental concerns, there is a surge in demand for clean energy, which requires more electric vehicles and motors. Electric car fleet counted ~26 million in 2022, marking a 60% surge from the previous year. The International Energy Agency estimates the number of electric vehicles on the roads crossing an impressive milestone of ~350 million by 2030. This, as a result, increases the need for rare earth metals.
• Growing use of rare earth magnets in wind turbines: Rare earth metals are crucial in the construction of direct-drive wind turbines. The rising use of turbines hence rises the demand for rare earth metals and magnets.

Top Companies in the Rare Earth Metals Market:

Stratview Research has identified the following companies as the top market players.
• Alkane Resources Ltd
• Arafura Resources Ltd.
• Avalon Rare Metals
• Canada Rare Earth Corporation
• China Minmetals Rare Earth Co. Ltd
• India Rare Earth Ltd.
• Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co Ltd.
• Lynas Corp.

What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the Rare Earth Metals Market, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com

Related Reports:
• Permanent Magnets Market: https://www.stratviewresearch.com/154/permanent-magnets-market.html
• Manganese Market: https://www.stratviewresearch.com/2660/manganese-market.html

Postal Address:
400 Renaissance Center, Suite 2600,
Detroit, Michigan, MI 48243
United States of America

Website: www.stratviewresearch.com
Mail Us: sales@stratviewresearch.com
Press: media@stratviewresearch.com
Call Us: +13133074176

About Us:
Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.

It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.

Stratview Research has been helping companies meet their global and regional growth objectives by offering customized research services. These include market assessment, due diligence, opportunity screening, voice of customer analysis, market entry strategies, and more.

This release was published on openPR.