According to Technavio’s latest market research study, the global rare earth metals market is expected to grow at a CAGR of close to 14%, in terms of revenue, during the forecast period, 2017-2021.
This report by Technavio provides an in-depth analysis of the global rare earth metals market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
Technavio research analysts categorize the market based on the application type
The top three revenue contributing application segments are discussed below
Global rare earth metals market for permanent magnets: Neodymium, praseodymium, dysprosium, gadolinium, terbium, and samarium are the rare earth metals used in permanent magnets. Rare earth magnets are widely used in military technologies including precision-guided missiles and bombs in aircraft and warships, because of their high thermal stability. China stands as the leading consumer and supplier of NdFeB magnets with the country being a key exporter of these magnets.
“One of the key emerging application of permanent magnets is magnetic refrigeration. Magneto-calorific applications, which involve temperature control through magnetic field exposure, are widely being employed to attain extremely low temperatures that are often unattainable with gas compression refrigeration,” says Ajay Adikari, a lead analyst at Technavio for research on metals and minerals.
Global rare earth metals market for metal alloys: Rare earth metals are relatively less toxic than conventional materials such as cadmium and lead, and hence, are used widely in rechargeable batteries. These batteries are expected to gain prominence because of an increasing demand for hybrid vehicles and power generators. During the forecast period, growing environmental consciousness and gradual drops in the prices of hybrid vehicles driven by advances in technology are likely to propel the demand for rechargeable batteries, and subsequently, rare earth metals for metal alloys.
Global rare earth metals market for catalysts: Rare earth metals are used as catalysts to control temperature, pressure, and reaction conditions. They function as a protective coating for major catalytic elements, palladium, and platinum. The growth of the global rare earth metals market for catalysts will be driven by stringent environmental regulations pertaining to adoption of catalytics converters in vehicles.
The top vendors operating in the global rare earth metals market are:
- Alkane Resources
- Arafura Resources
- Avalon Advanced Materials
- China Minmetals Rare Earth
- Lynas Corporation
Other prominent vendors in the market include Baogang Group, Canada Rare Earth Corp, China Rare Earth Holdings, Frontier Rare Earths, Greenland Minerals and Energy, Indian Rare Earths, Jiangxi Copper Company, Montero Mining and Exploration, Namibia Rare Earths, Neo, Quest Rare Minerals, Rare Element Resources, Showa Denko K.K, and Ucore Rare Metals.
A more detailed analysis is available in the Technavio report titled, ‘Global Rare Earth Metals Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
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