Rare Earth Metals Market Poised for Strong Growth Accelerated by Rising Demand from Consumer Electronics Industry

 

Rare earth metals find extensive applications in various industries like automotive, consumer electronics, defense, healthcare, and others due to their unique magnetic and luminescent properties. Rare earth metals play a crucial role in manufacturing of high-strength permanent magnets, rechargeable batteries, catalysts, phosphors, and polishing compounds. They are integral components of many technologies including electric and hybrid vehicles, wind turbines, LED lights, smartphones, flat screen displays, and others. The growing adoption of electric vehicles and increasing sales of consumer electronics are the major factors contributing to the rising demand for rare earth metals.

The global Rare Earth Metals Market is estimated to be valued at US$ 4710.8 Mn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The robust growth of the consumer electronics industry has been a key driver for the rare earth metals market. Rare earth metals such as neodymium, lanthanum, cerium, and praseodymium are extensively used in the manufacturing of consumer electronics including smartphones, tablets, laptops, TVs, and others. According to the Consumer Technology Association, global consumer electronics sales reached over US$ 442 billion in 2020. The strong sales of electronics have fueled the demand for rare earth metals from the electronics industry. Moreover, with growing digitization and increasing penetration of smart home devices, the demand for rare earth metals from the electronics industry is anticipated to witness further growth over the forecast period.

Segment Analysis

The global rare earth metals market is dominated by the permanent magnet segment which accounted for over 40% share in 2022. Rare earth elements such as neodymium, praseodymium, dysprosium, and terbium are important components of permanent magnets that are used in various applications such as consumer electronics, automotive, industrial, medical, and defense industries. Permanent magnets find widespread application in electric vehicles, wind turbines, smartphones and other consumer electronic devices driving the growth of this segment.

Key Takeaways

The global rare earth metals market is expected to witness high growth during the forecast period of 2023 to 2030. The market size is projected to grow registering a CAGR of 6.2% during the forecast period.

Regional analysis:

China dominates the global rare earth metals market with over 35% market share in 2023. Abundant rare earth reserves and large-scale rare earth separation facilities enable China to produce rare earth metals at competitive costs. However, the Asia Pacific region excluding China is expected to witness the fastest growth during the forecast period due to increasing rare earth consumption from developing economies such as India, Indonesia and Vietnam for use in automotive, electronics and renewable energy sectors.

Key players:

Key players operating in the rare earth metals market are China Northern Rare Earth (Group) High-Tech Co., Ltd, RISING NONFERROUS METALS CO., LTD, China Minmetals Rare Earth Co., Ltd, Aluminum Corporation of China Limited, Lynas Corporation, Ltd., Beijing Zhongke Sanhuan High-tech Co. Ltd., Jiangxi Tungsten Industry Group Co. Ltd., Arafura Resources Ltd., and Alkane Resources Ltd. China Northern Rare Earth (Group) High-Tech Co., Ltd is the leading player with over 25% market share in 2023 owing to its large rare earth reserves and production facilities located in China.

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