source：Business Intelligence
A detailed analysis of the Rare Earth Metals Market 2019 Industry research report has been compiled in this research study, inclusive of prominent factors such as the market size with respect to volume and remuneration. Also, Rare Earth Metals Market study elucidates in extensive detail the generic industry segmentation as well as a reliable evaluation of the current status of the market. The competitive scope of this business arena, as well as its regional expanse, have also been enumerated in the study
The Rare Earth Metals Market was worth USD 7.56 billion in 2014 and is expected to reach approximately USD 16.21 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 8.84% during the forecast period. The rare earth metals market incorporates 17 components that are significantly discovered together in Earth’s crust, and reflect comparable properties. Extraction and processing of these components from their metal structures to isolate minerals is a complex procedure and requires major investments. Lanthanum, cerium, and neodymium are the all the commonly occurring rare earth components. Samarium and praseodymium are light uncommon earth metals and promptly found when contrasted with the overwhelming uncommon earth metals, for example, europium, gadolinium, holmium, terbium, thulium, dysprosium, erbium, lutetium, and ytterbium that are less abundant. Because of varieties in chemical, physical, molecular and application attributes, diverse rare earth metals have their own particular market drivers and difficulties.
Metal Outlook and Trend Analysis Rare Earth Metals
Lanthanum and cerium are anticipated to encounter higher demand than other rare earth metals, as they have significant applications in catalytic, and battery applications. Moreover, the inexpensive nature of these two metals will likewise help their applications to develop in the upcoming years. On the basis of revenue, scandium, and neodymium are anticipated to witness higher market incomes, as their costs are high contrasted with different metals.
Application Outlook and Trend Analysis
Magnets application section is anticipated to have the significant market volume, trailed by catalysts, and alloys. Expanding usage of rare earth magnets in electric vehicles, turbine generators, electric motors, and different automobiles will drive the interest for rare earth magnets, and contribute altogether to the development of uncommon earth metals market.
Regional Outlook and Trend Analysis
Asia Pacific is the major producer, customer, and the quickest developing in the rare earth metals market. The Asia Pacific rare earth metals market income will develop at a tremendous CAGR over the estimated period. China is the major purchaser of rare earths in the whole Asia Pacific locale. The requirement for uncommon rare metals in China is anticipated to grow significantly over the gauge time frame.
Competitive Insights
The leading players in the market are Lynas, Shanxi Guanlu Co Ltd, Rare Earth Metals Inc, Avalon Rare Metals, Neo Performance Materials, Iluka Resources, Great Western Minerals Group Ltd, Arafura Resources and Alkane Resources. The major players in the market are profiled in detail in view of qualities, for example, company portfolio, business strategies, financial overview, recent developments, and share of the overall industry.