According to the latest study titled ‘Global Rare Earth Metals Market 2019 by Manufacturers, Regions, Type and Application, Forecast to 2024’ available with Market Study Report LLC, the rare earth metals market is estimated to grow substantially by the year 2025.
Rare earth metals are a group of 17 elements displaying similar chemical properties and are known to found in the same ore deposits. Elements like scandium, lutetium, yttrium, ytterbium, lanthanum, thulium, cerium, erbium, praseodymium, holmium, neodymium, dysprosium, promethium, terbium, samarium, gadolinium, and europium comprise this group. These metals are reported to be vital to the world’s economy as they are essential to develop technologies in the electronics, communications, and military weapons industries. This is the main factor propelling the growth of rare earth metals market.
The study analyzes the rare earth metals market for segmental shares and growth opportunities. It also provides an in-depth outlook regarding the trends, challenges, marketing strategies, distribution channels, consumer spectrum, and drivers influencing the market growth.
Based on type, the market is segmented into mixed rare earth metal and single rare earth metal, wherein the former segment let the market as Pr-Nd (praseodymium neodymium) mixed metal accounted for 70.98% consumption share in 2016.
Speaking of application spectrum, the global rare earth metals market is fragmented as hydrogen storage material, metallurgy, and rare earth permanent magnet material. The rare earth permanent magnet material segment held 42.88% share in 2016, claims the report.
Considering the geographical landscape, the global rare earth metals market is divided into five major regions. The United States, Canada, and Mexico fall under North America; Asia-Pacific comprise of India, Japan, Korea, China, Southeast Asia, and Australia; France, UK, Germany, Italy, and Russia come under Europe; Middle East & Africa is split into UAE, Saudi Arabia, Nigeria, Egypt, and South Africa; and South America compose of Brazil, Argentina, and Colombia.
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Moreover, China dominated the worldwide rare earth metals market with 79.7% production share in 2016 and is presumed to follow the same trend over the analysis period, owing to the abundance of rare earth metal reserves in the country.
The key manufacturers of the global rare earth metals market outlined in the report are Sunlux Rare Metal, Baotou Xinye New Materials, Integral Materials Investment Vietnam, Grirem Advanced Materials, Jiangtong Rare Earth, Yiyang Hongyuan Rare Earth, Shenghe Resources, Xiamen Tungsten, Beifang Rare Earth, and Chenguang Rare Earths New Material.