“Rare Earth Metals market is valued at $10 billion in 2020” says new Visiongain report
04 December 2019
Visiongain has launched a new advanced material report Rare Earth Metals Market Report 2020-2030: Forecasts by Product Type (Cerium, Lanthanum, Neodymium, Praseodymium, Yttrium, Dysprosium, Samarium, Europium, Gadolinium, Terbium and others) and by Application (Permanent Magnets, Metal Alloys, Catalysts, Polishing Rare, Phosphors, Glass Additives, Ceramics and Others) PLUS Profiles of Leading Companies and Regional and Leading National Market Analysis.
The Rare Earth Metals market is in the growth stage. Rare Earth Metals industry has witnessed extraordinary growth in the last decade. Advances in Rare Earth Metals have made possible some applications that looked improbable and difficult to achieve only a few years ago. The current wave of Rare Earth Metals has enabled technology to perform all sorts of tasks. Rare-earth metals are particularly used in low-carbon technologies. Some important uses of rare-earth elements are applicable to the production of high-performance magnets, catalysts, alloys, glasses, and electronics. Rare earth metals are used in many devices that people use every day such as computer memory, DVDs, rechargeable batteries, cell phones, catalytic converters, magnets, fluorescent lighting and much more.
The Visiongain report analyst commented "Rare Earth Metals market is expected to witness a high growth on account of ongoing plans of many companies in various applications. Nowadays, rare earth metals have become integral to many industrial, commercial and residential purposes. Though rare earth metals are used in very small volumes, they provide high performance or longevity benefits. Through the development of new products and technologies traditional applications will continue to generate significant demand for rare earth metal market.
Production of hybrid electric vehicles and full electric vehicles is projected to increase from 2.4 million units in 2016 to over 11.2 million units in 2026 as almost all major automotive manufacturers have developed HEV and EV models. This relative growth in the electric vehicle production is likely to drive the demand for rare earth metals such as neodymium-iron-boron magnets. Moreover, application of several rare earth metals in the automotive industry will generate huge demand for the market in the future. Lanthanum is widely utilized in the manufacturing of rechargeable batteries in hybrid cars, fluid catalytic cracking catalysts to produce gasoline, as a glass for camera, lenses, laser and x-ray films to reduce radiation exposure."
Leading companies featured in the report who are developing Rare Earth Metals include Alkane Resources Ltd, Arafura Resources, China Minmetals Rare Earth Co.,, Canada Rare Earth Corporation, Neo Performance Materials Inc, Lynas Corporation Ltd, Iluka Resources Limited., China Northern Rare Earth (Group), High-Tech Co.,Ltd, Galaxy Resources Limited, Critical Elements Corp., Avalon Advanced Materials Inc., and other international players in the Rare Earth Metals market.
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