Rare Earth Metals Market Showing 9% CAGR Growth to 2024: Company Profiles & Trends Analysis

MarketStudyReport.com adds a new Rare Earth Metals Market Research Report for the period of 2017-2024 that shows the growth of the market is rising at a 9% CAGR to 2024.

Rare earth metals are a group of 17 elements, which are found in geological deposits, and share similar properties. Some of the most abundant metals in the world are neodymium, cerium, and lanthanum. All the rare earth metals are classified into two groups, namely light rare earth's (LRE's), and heavy rare earth's (HRE's).

Rare Earth Metals Market will exceed USD 20 billion by 2024; according to a new research study published.

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In automobile industry, the demand for rare earth magnets is highly increasing, and this will positively affect the rare earth metals market growth globally over the projected period. Hybrid and electric vehicles are increasing, as the need for proper energy consumption is increasing. Due to the increasing electricity costs, the demand for clean energy is also increasing, creating an ample of opportunities for the growth of renewable energy generators such as wind turbines. Wind turbines majorly utilize rare earth metals for the construction of internal components, and their motors require rare earth magnets, as they provide much strength than traditional magnets, and this will in turn show a significant effect on the global rare earth metals market growth. Advantages such as improved performance at high temperatures, and resistance to corrosion are causing the wind turbine manufacturers to utilize rare earth metals, which in turn favoring the market growth. Lack of substitutes for rare earth magnets for high performance in wind turbines are also causing an additional boost to the market growth over the entire forecast period.

High performance of rare earth magnets at very high temperatures, coupled with high corrosion resistance will significantly help the market to grow at a higher rate over the forecast period. These factors will also increase the demand for rare earth's in wind turbine applications, as other metals cannot substitute them.

Inconsistencies in rare earth metal supply and demand is the significant restraint to the growth of global rare earth metals market over the forecast period. As majority of the global rare earth production capacity is in China, it is becoming difficult for the other countries to rely more on China, and causing huge disturbances in trading. Also, small changes in the production of rare earth metals, will show some bigger changes in the prices of these metals, as the demand for these metals is established globally.

Regarding application, magnet applications had the leading share in both market revenue, and as well as volume till the projected period. Increasing applications in electric vehicles favor the market growth by end of projected period. Catalyst had the second major market in 2016, and it had a 23% share in the global rare earth metals market.

Geographically, Asia Pacific regional market had the maximum share in 2016. Increasing industrialization activities in emerging nations like China, Japan, and India will drive the APAC rare earth metals market by 2024.

Some of the key companies in the global rare earth metals market are Great Western Minerals, India Rare Earth Ltd., Avalon Rare Metals, and Canada Rare Earth Corporation among others.

For more information on this report, please visit @ https://www.marketstudyreport.com/reports/rare-earth-metals-market/?utm_source=FR-SK

Related Reports: -
Global Rare Earth Metals Market Research Report 2018
In this report, the global Rare Earth Metals market is valued at USD XX million in 2017 and is expected to reach USD XX million by the end of 2025, growing at a CAGR of XX% between 2017 and 2025. G...
https://www.marketstudyreport.com/reports/global-rare-earth-metals-market-research-report-2018/?utm_source=RR-SK

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This release was published on openPR.