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Rare Earth Metals Market to Register Unwavering Growth During in Global by 2026

The date of: 2019-01-25
viewed: 0

Source:Ace Newz

Rare earth metals (REM) are the group of seventeen metallic elements that have distinctive luminescent, magnetic, and chemical properties, which makes it significant in varied high-technology industries, especially in low-carbon technologies. According to the International Union of Pure and Applied Chemistry (IUPAC), the REM or rare earth elements (REE) consists of Cerium (Ce), Dysprosium (Dy), Erbium (Er), Europium (Eu), Gadolinium (Gd), Holmium (Ho), Lanthanum (La), Lutetium (Lu), Neodymium (Nd), Praseodymium (Pr), Promethium (Pm), Samarium (Sm), Scandium (Sc), Terbium (Tb), Thulium (Th), Ytterbium (Yb), and Yttrium (Y).

Rare earth elements (REE) are used in applications such as glasses & polishing, metallurgical alloys, magnets, catalysts, magnets, ceramics, phosphors, and others. Growing sales of the automotive industry are expected to boost demand for rare earth metals from 2018 to 2025. Moreover, rare earth metals are used for chemical processing such as petroleum refinement as an industrial catalyst.

Major players operating in the global rare earth metals market include Lynas Corporation Ltd., Avalon Advanced Materials Inc., Greenland Minerals Ltd., Iluka Resource Limited, and Alkane Resources Ltd.

Market Dynamics

Factors such as rapid industrialization and increasing population, coupled with growing manufacturing and automotive industries are boosting demand for rare earth metals in the market. According to Brookings Institution, China was the leading market in terms of manufacturing output, with over US$ 2.0 trillion output in 2017, followed by the U.S. and Japan, contributing US$ 1.8 trillion and US$ 1.0 trillion, respectively.

Factors such as raw material shortages coupled with depleting reserves are few of the major restraints, which are projected to hamper growth of the rare earth metals market. Moreover, emerging demand for clean energy, along with various government initiatives are likely to reduce mining activities of rare earth metals.

Market Outlook

Based on applications, glass & electronics segment dominated the global rare earth metals in 2017, owing to the usage of these metals in glass polishing and tinting, fiber optics, lasers, and display phosphors

Asia Pacific held the dominant position in the global rare earth metals market in 2017, owing to large consumption and application of rare earth metals in manufacturing and electronics industries in emerging economies such as India and China in the region.

According to the U.S. Department of Energy, the demand for critical REEs (Neodymium, Europium, Dysprosium, Terbium, and Yttrium) is predicted to grow during the near future.

About Coherent Market Insights:

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