Rare Earth Metals are expected to witness increased demand from the Consumer Elctronics and Automotive Sector

Manufacturing permanent magnets represents among the most important end use for rare earth metal. Permanent magnets are an essential part of modern electronics in cell phones, televisions, computers, automobiles, wind turbines, jet aircraft, and many other products. Due to their luminescent and catalytic properties, rare earth metals are also often used in high-tech and green products. Rare earth metals are used in a wide variety of industrial applications, including electronics, clean energy, aerospace, automotive, and defense. Lanthanum and neodymium oxide compounds are used in the production of specialty glass. Lanthanum is used as a phosphor in X-ray films; Yttrium in high-performance ceramics such as nitrides. Yttrium, europium and terbium are used as phosphors in computer screens, televisions, etc., and with lanthanum, cerium and gadolinium as phosphors in fluorescent and halogen lamps.

During the Covid-19 pandemic in the early 2020, majority of the countries and region witnessed a country wide lockdown. This has impacted the overall demand for rare earth metal demand. Shutdown of manufacturing plant due to lockdown and low demand from end user owing to financial crisis, resulted in the low demand of rare earth metal.

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According to UnivDatos Market Insights (UMI)’ research report “Global Rare Earth Metals Market”, the market is expected to witness a CAGR of above 10% during the forecast period 2021-2027F. Europium–Yttrium are rare earth compounds which are widely used in phosphors industry. Macro trends toward higher energy efficiency and larger display technologies have driven the growth in phosphors demand. The growth in LED is also contributing to phosphor demand. Further, US-based raw materials supplier American Resources Corporation is developing a technology to recycle and reuse rare-earth metals such as?neodymium (Nd), praseodymium (Pr), and dysprosium (Dy) from lithium-ion batteries?at the end of their lifecycle. The market is driven by the increasing demand for these products in the manufacturing of magnets & catalysts for the automotive industry. Cerium is used extensively as a catalyst in catalytic converters of motor vehicles while neodymium & praseodymium are used in the production of batteries for electric vehicles.?

Based on Metal, the global rare earth metals market is divided into lanthanum, cerium, neodymium, praseodymium, samarium, europium and others. Among all, neodymium significantly captured the market in 2020. Since?Neodymium and praseodymium are some of the most sought-after light rare earth elements whose demand propelled with the growth of technology and will continue to increase amid the ongoing race to create a large electric vehicle market. Owing to increasing carbon footprints, governments are supporting clean energy and are moving towards low-carbon economy. According to IEA, Electric car share in the sustainable development scenario in 2016 was 0.2% and rose to 0.8% in 2019, further it is projected to increase at a very influential rate and reach 4.85% in 2025. Therefore, with increasing demand of electric vehicles demand of neodymium would increase during the forecast period.

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Based on Application, the segment is categorized as magnets, metal alloys, batteries, polishing agents, catalysts, phosphors and others. Among all, magnets held a lucrative market share owing to its high demand from manufacturers of headphones, loudspeakers, dynamos, televisions, hard drives, motors, and refrigerators. Since magnets are extensively used in consumer electronics therefore, with increase in market size of consumer electronics, demand for magnets would also grow. For instance, according to India Brand Equity Foundation, Indian appliance and consumer electronics market reached US$ 31.48 Billion in 2017 and is expected to grow at a CAGR of 9% and reach US$ 48.37 Billion by 2022.

Asia Pacific to witness highest growth

Based on region, the report provide detail analysis for overall adoption of Rare Earth Metals in major region including North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), and Rest of World. Asia Pacific is expected to see high growth of rare earth metals owing to manufacturing companies focus on the market with rising the investment in research and development coupled with favorable government policy for reducing carbon footprints and increasing foreign direct investment in developing country like India thus fueling the rare earth metal demand.

According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the Global Rare Earth Metals market are (Lynas Corporation, Alkane Resources Ltd., Arafura Resources Ltd., China Minmetal Rare Earth Co. Ltd., Avalon Advanced Materials Inc., Iluka Resource Ltd., Metal Rare Earth Limited, Northern Minerals Ltd., Canada Rare Earth Corporation, India Rare Earths Corporation). These companies are taking various steps to improve their market presence

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Some of the instances are:

§?In May 2019, Lynas Corporation and Blue Line announced formed a joint venture to develop rare earths separation capacity.

§?In April 2019, Lynas Corporation invested USD 2.16 million in Calidus Resources Limited, a gold exploration company in Australia.

§?In March 2019, Lynas Corporation and MARA signed an MoU to commercialize the neutralization underflow residue from the Lynas Malaysia plant.

“Global Rare Earth Metals Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on different parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.??????

Market Segmentation:

1.????By Metals (lanthanum, cerium, neodymium, praseodymium, samarium, europium and others)

2.????By Application (magnets, metal alloys, batteries, polishing agents, catalysts, phosphors and others)

3.????By Region (North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), and Rest of World)

4.????By Company (Lynas Corporation, Alkane Resources Ltd., Arafura Resources Ltd., China Minmetals Rare Earth Co. Ltd., Avalon Advanced Materials Inc., Iluka Resource Ltd., Metall Rare Earth Limited, Northern Minerals Ltd., Canada Rare Earth Corporation, India Rare Earths Corporation)

Key questions answered in the study:

1.????What are the current and future trends of the global rare earth metals industry?

2.????How the industry has been evolving in terms of end-user demand and product category?

3.????How the competition has been shaping across the countries followed by their comparative factorial indexing?

4.????What are the key growth drivers and challenges for the global rare earth metals industry?

5.?????What are the customer orientation, purchase behavior, and expectations from the global rare earth metals suppliers across various region and countries?