As stated by market research firm P&S Intelligence, the total size of the rare earth metals market was $7,063.9 million in 2021, and it will rise to $15,473.3 million by 2030, with a 9.1% CAGR in the coming years. This is mainly because of the growing use of these elements in the energy, aerospace, consumer electronics, and automobile industries.
Increasing Requirement for Semiconductors Propels Rare Earth Metal Demand
- The advancements in IoT, AI, and wireless connected devices are propelling the requirement for semiconductors. A single system on a chip powers most of the new semiconductor devices, for high integration levels.
- Moreover, SoCs let the devices work with high power competence and improved security, by bringing together processors, sensors, memory, power management, connectivity components, and RF transceivers on a single unit.
- During the pandemic, there was a shift toward digital communications, which has augmented the necessity for SoC-based devices, where the semiconductors are made of rare earth metals.
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Magnets Are Used Most
Magnets have the greatest demand, with an over 30% share in the past, and this application category will retain its ascendence over this decade. This is credited to the high necessity for magnets in electronic devices, including speakers, sensors, and headphones.
The catalysts category follows the magnets category, as catalysts containing rare earth elements are used widely for absorbing, releasing, and storing, and oxygen, while maintaining the environments in which they exist.
Additionally, glass and polishing category generates the third-highest revenue, with the most-commonly utilized minerals in glass being ytterbium, erbium, and neodymium.
Moreover, the consumption of cerium oxide abrasive in the fine polishing of lenses, prisms, liquid crystal panels, and the glass substrates of hard disks is growing.
Consumption of Rare Rath Metals Burgeoning in APAC
APAC will have the highest growth rate, of around 10%, in the market in the coming years. China, which has the largest reserves of the key rare earth elements, is their major producer and contributes significantly to the global output.
Additionally, North America will follow the APAC region, in terms of market growth. The booming end-use industries, especially consumer electronics and semiconductors, increasing count of tech-savvy inhabitants, and technological advancements are responsible for the incessant increase in the requirement for these metals.
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Europe will have the third-fastest growth in the years to come. This will mainly be due to the fact that European nations have substantial shares in the worldwide imports of rare earth metals.
Rare Earth Metals Market Size Breakdown by Segment
By Type
- Cerium
- Neodymium
- Praseodymium
- Lanthanum
- Dysprosium
- Terbium
- Promethium
- Yttrium & Scandium
- Others
By Application
- Catalysts
- Ceramics
- Phosphors
- Glass and Polishing
- Metallurgy
- Magnets
- Others
Regional Analysis
- North America Rare earth metals market
- By type
- By application
- By country – U.S. and Canada
- Europe Rare earth metals market
- By type
- By application
- By country – Germany, France, U.K., Italy, Spain, Russia, and Rest of Europe
- Asia-Pacific Rare earth metals market
- By type
- By application
- By country – Japan, China, India, South Korea, and Rest of APAC
- Latin America, Middle East, and Africa Rare earth metals market
- By type
- By application
- By country – Brazil, Argentina, Saudi Arabia, South Africa, and Rest of LAMEA
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