Rare-Earth Metals Market size worth USD 14.24 Billion, Globally, by 2030 at 14.9% CAGR: Verified Market Research®

5 September 2023

The Global Rare-Earth Metals Market is projected to grow at a CAGR of 14.9% from 2023 to 2030, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 5.37 Billion in 2022 and is expected to reach USD 14.24 Billion by the end of the forecast period.

Rare-Earth Metals Market Set to Thrive Amidst Environmental Challenges: Key Players and Growth Drivers

The global Rare-Earth Metals market is poised for significant growth, driven by a unique blend of market drivers and a dynamic outlook. Rare-Earth Metals, a group of 17 metals with similar properties, characterized by a silvery-white appearance and exceptional magnetic properties, have carved out a vital niche in industries ranging from automotive to electronics. A recent market research report explores the current landscape, key drivers, and major players influencing this burgeoning sector.

Rare-Earth Metals Market Drivers:

  • Exceptional Properties: Rare-Earth Metals' exceptional magnetic properties and versatility have positioned them as indispensable components across diverse industries.
  • Technological Advancements: Continuous technological innovations have expanded the applications of Rare-Earth Metals, further bolstering Rare-Earth Metals Market demand.
  • Green and Eco-Friendly Energy: Increasing global demand for green and eco-friendly energy sources has accelerated the utilization of Rare-Earth Metals, especially in wind turbines and electric vehicles,
  • Consumer Electronics Boom: The proliferation of electronic devices, including smartphones, speaker systems, and hard disc drives, has led to a surge in demand for Rare-Earth Metals due to their strength-to-size ratio.
  • Disposable Income Growth: Rising disposable incomes have driven consumer demand for cutting-edge innovations and gadgets, indirectly benefiting the Rare-Earth Metals market.

Rare-Earth Metals Market Outlook:

The Rare-Earth Metals market is expected to witness robust growth in the coming years, particularly within the medical equipment manufacturing sector, as heightened research and development investments in healthcare drive the demand for these metals. However, the market's trajectory is not without challenges.

Environmental Concerns: The extraction of Rare-Earth Metals often takes place in regions with lax environmental and social regulations, resulting in environmental degradation, human rights violations, and resource contamination. The oversupply of these metals can infiltrate ecosystems, posing toxicity risks. Additionally, the extraction process involving potent acids can lead to increased water acidity, endangering aquatic ecosystems. Mismanagement of these metals can also result in the generation of radioactive tailings, introducing further hazards.

Key Players:

Prominent players in the Rare-Earth Metals market include:

  • Aluminum Corporation of China Ltd
  • Avalon Advanced Materials Inc.
  • Minmetals Land Limited
  • China Nonferrous Metal Industry's Foreign Engineering and Construction Company Ltd.
  • Caeneus Minerals Ltd
  • Eutectix
  • Galaxy Resources Limited
  • Iluka Resources Limited
  • International Ferro Metals Limited

These key players are anticipated to play a pivotal role in shaping the future of the Rare-Earth Metals market through strategic initiatives, innovations, and sustainable practices.

In conclusion, the Rare-Earth Metals market is on a growth trajectory, propelled by technological advancements, increasing demand for eco-friendly energy sources, and the proliferation of electronic devices. However, environmental concerns remain a significant challenge. As key players in the industry continue to innovate and adopt sustainable practices, the Rare-Earth Metals market is poised for a promising future.

To get market data, market insights, financial statements and a comprehensive analysis of the Global Rare-Earth Metals Market, please Contact Verified Market Research®.

Based on the research, Verified Market Research® has segmented the global Rare-Earth Metals Market into Product Type, Application, And Geography.

  • Rare-Earth Metals Market, by Product Type
    • Cerium Oxide
    • Lanthanum Oxide
    • Neodymium Oxide
    • Yttrium Oxide
    • Praseodymium oxide
    • Samarium Oxide
    • Gadolinium Oxide
    • Dysprosium Oxide
    • Terbium Oxide
    • Europium Oxide
    • Other Oxides
  • Rare-Earth Metals Market, by Application
    • Permanent Magnets
    • Metal Alloys
    • Glass Polishing
    • Glass Additives
    • Catalysts
    • Phosphors
    • Ceramics
    • Others
  • Rare-Earth Metals Market, by Geography
    • North America
      • U.S
      • Canada
      • Mexico
    • Europe
      • Germany
      • France
      • U.K
      • Rest of Europe
    • Asia Pacific
      • China
      • Japan
      • India
      • Rest of Asia Pacific
    • ROW
      • Middle East & Africa
      • Latin America

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Source: prnewswire.com