The periodic table contains seventeen chemical elements known as rare earth elements. Despite their names, these elements, such as europium, holmium, erbium, lanthanum, terbium, and others, are abundant in the earth’s crust. These elements are present in close proximity in the earth’s crust and are difficult to distinguish.
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The rare earth metal market can be geographically segmented as North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW).
From 2019 to 2025, North America is expected to expand at a CAGR of 8.2% in terms of sales. The region’s expanding automotive industry is driving up demand for rare earth elements. Over the forecast era, the consumer electronics and nuclear energy industries are expected to drive rare earth demand. The United States is the world’s largest manufacturer of nuclear power, accounting for a significant portion of global electricity production. According to the World Nuclear Association, the nation is building two nuclear reactors. The region’s market growth is expected to be aided by the rising demand for nuclear reactors.
With China’s high demand for rare earth metals, Asia Pacific is projected to be the largest buyer and manufacturer of these metals globally. North America is also expected to develop quickly because it is a major importer of rare earth metals from China, the world’s largest rare earth metals extraction country. The coronavirus outbreak in China had an unintended yet predictable result. Truck drivers have refused to transport goods to places that have been confirmed as or are suspected of being infected with the disease. Not only has this halted the movement of minerals out of the affected areas, but it has also halted the mining and manufacturing of metals, fruit, and fuel. The disruption in the flow of chemical reagents required for processing rare-earth metals and manufacturing metals, alloys, and magnets is one of the under-reported deficiencies that has caused the most critical ones for the global rare-earth metals production and utilization industries.
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By type, the market has been segmented into lanthanum, cerium, neodymium, samarium, europium, and others. The automotive industry’s expansion is expected to boost cerium demand and, as a result, the cerium market. Cerium is used as a catalyst in catalytic converters in exhaust systems in the automotive industry to reduce emissions. It’s also used in nickel-metal hydride (NiMH) batteries. Over the forecast era, the rising demand for hybrid vehicles is expected to have a positive impact on rare earth demand.
Magnets, metal alloys, polishing, catalysts, and others are the end-use segments of the industry. In terms of volume and sales, the magnet was the most common application. They’re used in a variety of places, including computer hard drives, linear actuators, servo motors, microphones, and sensors. Over the forecast era, rising demand for magnets in cars, generators, and consumer electronics is expected to fuel rare earth element consumption.
The demand for rare metals such as Neodymium and Praseodymium for the manufacture of high-power metals, which are used in electric vehicles and wind turbines, is driving the global Rare Earth Metal Market. In the forecast era, the demand is also expected to be powered by an increase in the use of a large number of rare earth metals in offshore wind turbines. With stringent regulations on greenhouse gas emissions being implemented around the world, demand for electric vehicles is expected to rise. Over the projected period, this growth in electric vehicle demand is expected to fuel the market for rare earth metals even further.
COVID-19 had a major influence on the rare-earth metals industry. Several countries’ factories were forced to close during the early stages of the pandemic as governments imposed strict lockdowns to prevent the epidemic from spreading. Rare-earth metals producers were permitted to resume factory operations after the lockout was lifted and restrictions were relaxed, but only in restricted capacity and subject to a number of rules and regulations.
The COVID-19 pandemic has already had a major impact on the global macroeconomic landscape. For example, in the automotive industry, car manufacturers declared a production halt, which is now steadily resumed.
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The key players of rare earth metal market are Lynas Corporation, Ltd.( Australia), Molycorp Inc. (U.S.), Alkane Resources Ltd (Australia), Baotou Steel Rare-earth (China), Ucore Rare Metals Inc.(Canada), Tantalus Rare Earths AG (Germany), Tasman Metals Ltd. (Canada), Greenland Minerals and Energy Ltd. (Australia), Avalon Advanced Materials Inc. (Canada) and others.
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