Leading players in the Rare Earth Metals Market & Their Global Industry Dominance

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Global rare earth metals market is projected to expand at 6% CAGR during the forecast period 2021-2031. The market value will exceed US$ 3,818.8 Mn, registering sales of 14,378 tons in 2021.

As per ESOMAR-certified consulting firm Future Market Insights (FMI), the global rare earth metals market is poised to witness steady growth at around 6% CAGR, exceeding the market valuation of US$ 3,818.8 Mn between the forecast period 2021 and 2031.

Growing consumer preference towards electronic vehicles and rapid expansion of the automotive and electronic industry are emerging as chief factors augmenting the growth of the rare earth metals market. Presence of high-growth potential industries including consumer goods and renewable energy in developed countries such as the U.S., the U.K., and Germany will propel sales in the market.

Permanent magnets used in wind turbines are produced from rare earth metals such as dysprosium and neodymium. Considering this, a steady expansion of wind turbine installations worldwide will create conducive environment for rare earth metals sales.

Key Takeaways from FMI’s Rare Earth Metals Market Study

  • Neodymium will emerge as the most preferred metal type throughout the forecast period.
  • Permanent magnets will dominate the application-type segment.
  • The U.S. will exhibit high demand due to rapid expansion of automotive and renewable energy industries.
  • China will lead the rare earth metals market owing to the presence of major players and increasing production of consumer electronics.
  • The U.K. will experience steady growth, which is attributable to increasing demand by various end-use industries.
  • South Korea and Japan will account for nearly 14% of the market share.

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Competitive Landscape

China Northern Rare Earth (Group) High-Tech Co., Ltd., Rising Nonferrous Metals Share Co., Ltd., Lynas Corporation, China Minmetals Corporation Limited, and Aluminium Corporation of China Limited are some leading players operating in the rare earth metals market.

Key strategies being incorporated by manufacturers include emphasis on sustainable mining practices, research, and development regarding efficient use of metals, industry-grade machinery installations, and expansion of procurement facilities.

More Insights on the Rare Earth Metals Market

In its latest report, FMI offers an unbiased analysis of the global rare earth metals market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031.

In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of application type (catalysts, permanent magnets, metallurgy alloys, polishing, glass, phosphors, ceramics, and others (fertilizers, pigments, defense, etc.) metal type (Neodymium, Yttrium, Dysprosium, Terbium, Europium, Cerium, Lanthanum) across seven major regions (North America, Latin America, Eastern Europe, Asia Pacific excluding Japan, Western Europe, Japan, and Middle East Africa)

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