Zion Market Research has published a new report titled “Rare Earth Metals Market by Product (Cerium, Lanthanum, Neodymium, Praseodymium, and Others) and by Application (Catalyst, Magnets, Ceramics, Metallurgy, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the — global rare earth metals market was valued at approximately USD 8.10 billion in 2018 and is expected to generate around USD 14.43 billion by 2025, at a CAGR of around 8.6% between 2019 and 2025.
Rare earth metals are a group of chemical elements that are found in the Earth crust with an atomic number ranging from 57 to 71. Rare earth metals are crucial to various modern technologies, including clean energy, consumer electronics, computers and networks, advanced transportation, communications, healthcare, environmental mitigation, national defense, etc. The global rare earth metals market is likely to experience notable growth in the future, owing to the increasing demand and escalating adoption of rare earth metals in the magnet industry. With technological advancements, rare earth metals are gaining acceptance in the field of consumer goods. For instance, Neodymium is popularly used in smartphones, lasers, televisions, hard drives, and rechargeable batteries. Furthermore, the growing exploration activities in un-mined regions across the globe are likely to foster market development in the upcoming years. The renewable energy sector is the biggest consumer of rare earth metals. Permanent magnets from neodymium are widely used in wind turbines. However, the price volatility of raw materials may hamper market growth in the future.
By product, the rare earth metals market is segmented into cerium, lanthanum, neodymium, praseodymium, and others. The cerium segment is expected to dominate the global market in the future, owing to the growing acceptance of cerium in a large number of applications. By application, the market is categorized into catalyst, magnets, ceramics, metallurgy, and others. Magnets are expected to dominate the global market in the future. Neodymium is extensively used for making magnets. Additionally, the rising acceptance of neodymium in the renewable energy sector is likely to drive this segment’s growth in the years ahead.
Get Free Research Report Sample PDF more Insights - https://www.zionmarketresearch.com/sample/rare-earth-metals-market
By region, Asia Pacific contributed an extensive revenue share in the global rare earth metals market in 2018 and is expected to continue with its regional authority in the upcoming years as well. This can be attributed to the growing production of rare earth metals across the region. China is the biggest producer of rare earth metals followed by India. North America is expected to provide significant opportunities for the global rare earth metals market, owing to the growing adoption of rare earth metals in various technological applications and the rising need for rare earth metals in electronic devices.
Some key players of the rare earth metals market are Lynas Corporation Ltd., Molycorp, Inner Mongolia Baotou Steel, Chinalco Yunnan Copper Resources Ltd., Rare Elements Resources Ltd., Greenland Rare Earth and Energy Ltd., Alkane Resources, Indian Rare Earths, Arafura Resources, Avalon Rare Metals, Great Western Minerals Group, Rare-Earth Hi-Tech Co, and China Rare Earth Holdings.
Browse all other Heavy Industry Market Research Reports - https://www.zionmarketresearch.com/category/heavy-industry
This report segments the global rare earth metals market as follows:
Global Rare Earth Metals Market: Product Analysis
Global Rare Earth Metals Market: Application Analysis
Global Rare Earth Metals Market: Regional Analysis
The Middle East and Africa
Browse Blog - https://chemicalnewsreports.com/
Zion Market Research is an obligated company. We create futuristic, cutting-edge, informative reports ranging from industry reports, the company reports to country reports. We provide our clients not only with market statistics unveiled by avowed private publishers and public organizations but also with vogue and newest industry reports along with pre-eminent and niche company profiles. Our database of market research reports comprises a wide variety of reports from cardinal industries. Our database is been updated constantly in order to fulfill our clients with prompt and direct online access to our database. Keeping in mind the client’s needs, we have included expert insights on global industries, products, and market trends in this database. Last but not the least, we make it our duty to ensure the success of clients connected to us—after all—if you do well, a little of the light shines on us.
Release ID: 88979456