Press release
Rare Earth Metals Market 2024 Global Key Players Great Western Minerals Group Ltd., China Minmetals Rare Earth Co., Ltd. , Arafura Resources Limited , Iluka Resources
Rare Earth Metals Market size was over USD 9 billion in 2016 and will grow at a CAGR over 9% over the projected period. Growing demand for magnets in automobiles, and energy generation will majorly contribute to the growth of global rare earth metals market over the forecast period. The demand for rare earth magnets is majorly increasing by their consumption in electric and hybrid vehicles, and wind turbines. Increasing focus on utilizing clean and renewable energy is giving a substantial pressure on the electricity providers, to generate energy through renewable sources, which in turn will show a positive impact on the growth of this market.
High performance of rare earth magnets at very high temperatures, coupled with high corrosion resistance will significantly help the market to grow at a higher rate over the forecast period. These factors will also increase the demand for rare earth’s in wind turbine applications, as other metals cannot substitute them.
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Following the lines of numerous industry verticals, rare earth metals market has also succumbed to the vast expanse of technology, emerging as a pivotal sphere of the polymers space. In the current scenario, numerous electronic components ranging from computer hard drives and cellular phones to electronic displays and hybrid vehicles have been deploying rare earth metals. Taking into account the surging popularity of rare earth metals, many regional governments have been rather proactive in exploration and excavation activities.
Inconsistencies in rare earth metal supply and demand is the significant restraint to the growth of global rare earth metals market over the forecast period. As majority of the global rare earth production capacity is in China, it is becoming difficult for the other countries to rely more on China, and causing huge disturbances in trading. Also, small changes in the production of rare earth metals, will show some bigger changes in the prices of these metals, as the demand for these metals is established globally.
Cerium, and lanthanum are found out to be the major metals in terms of volume over the forecast period. Growing consumption in catalytic, and battery applications has led the segmental market to grow over the forecast period. By revenue, neodymium had the highest market share in 2016, with a market share of over 30%. It will dominate the global rare earth metals market till the end of projected period. Neodymium market will grow at a CAGR of 8.2% from 2017 to 2024.
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By applications, magnets held the dominant market share in terms of both volume, and revenue over the forecast period. This segment grows at a CAGR of more than 8.2% in terms of revenue, and 7.2% in terms of market volume. Catalysts application segment has the second largest market share in terms of both volume, and revenue in the global rare earth metals market. In 2016, the catalysts application segment contributed a share of more than 23% share of the global rare earth metals market.
In terms of region, the Asia Pacific region has the lion’s share of the global rare earth metals market. Rapid industrialization in the developing countries like India, and China, coupled with high consumption in China, due to strict regulations regarding clean energy production drives the regional rare earth metals market till the end of the forecast period.
Speaking of green energy initiatives, one of the leading electric vehicle manufacturers in the U.S., Tesla is looking forward to procuring a huge proportion of rare earth metals to produce magnets for its futuristic electric cars. In addition, the U.S. military also requires super magnets for its next-generation electric motors and missile destroyer. In modern combat vehicles, Common Modular Power Systems (CMPS) are extensively deployed, which needs compact and powerful magnets.
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www.gminsights.com/industry-analysis/rare-earth-metals-ma...
Some of the key companies in the global rare earth metals market are Great Western Minerals, India Rare Earth Ltd., Avalon Rare Metals, and Canada Rare Earth Corporation among others.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Contact Us:
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: www.gminsights.com
High performance of rare earth magnets at very high temperatures, coupled with high corrosion resistance will significantly help the market to grow at a higher rate over the forecast period. These factors will also increase the demand for rare earth’s in wind turbine applications, as other metals cannot substitute them.
Request for a sample copy of this report @
www.gminsights.com/request-sample/detail/2303
Following the lines of numerous industry verticals, rare earth metals market has also succumbed to the vast expanse of technology, emerging as a pivotal sphere of the polymers space. In the current scenario, numerous electronic components ranging from computer hard drives and cellular phones to electronic displays and hybrid vehicles have been deploying rare earth metals. Taking into account the surging popularity of rare earth metals, many regional governments have been rather proactive in exploration and excavation activities.
Inconsistencies in rare earth metal supply and demand is the significant restraint to the growth of global rare earth metals market over the forecast period. As majority of the global rare earth production capacity is in China, it is becoming difficult for the other countries to rely more on China, and causing huge disturbances in trading. Also, small changes in the production of rare earth metals, will show some bigger changes in the prices of these metals, as the demand for these metals is established globally.
Cerium, and lanthanum are found out to be the major metals in terms of volume over the forecast period. Growing consumption in catalytic, and battery applications has led the segmental market to grow over the forecast period. By revenue, neodymium had the highest market share in 2016, with a market share of over 30%. It will dominate the global rare earth metals market till the end of projected period. Neodymium market will grow at a CAGR of 8.2% from 2017 to 2024.
Make an inquiry for purchasing this report@
www.gminsights.com/inquiry-before-buying/2303
By applications, magnets held the dominant market share in terms of both volume, and revenue over the forecast period. This segment grows at a CAGR of more than 8.2% in terms of revenue, and 7.2% in terms of market volume. Catalysts application segment has the second largest market share in terms of both volume, and revenue in the global rare earth metals market. In 2016, the catalysts application segment contributed a share of more than 23% share of the global rare earth metals market.
In terms of region, the Asia Pacific region has the lion’s share of the global rare earth metals market. Rapid industrialization in the developing countries like India, and China, coupled with high consumption in China, due to strict regulations regarding clean energy production drives the regional rare earth metals market till the end of the forecast period.
Speaking of green energy initiatives, one of the leading electric vehicle manufacturers in the U.S., Tesla is looking forward to procuring a huge proportion of rare earth metals to produce magnets for its futuristic electric cars. In addition, the U.S. military also requires super magnets for its next-generation electric motors and missile destroyer. In modern combat vehicles, Common Modular Power Systems (CMPS) are extensively deployed, which needs compact and powerful magnets.
Browse Complete Summary of this report @
www.gminsights.com/industry-analysis/rare-earth-metals-ma...
Some of the key companies in the global rare earth metals market are Great Western Minerals, India Rare Earth Ltd., Avalon Rare Metals, and Canada Rare Earth Corporation among others.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Contact Us:
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: www.gminsights.com
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