Nov 13, 2020, 05:53 EST
Shibuya-ku, Tokyo, Japan, Japan, Nov 13, 2020, 05:53 /Comserve / -- Global Rare Earth Metal Market is valued approximately at USD 3.09 Billion in 2019 and is anticipated to grow with a healthy growth rate of more than 10.40% over the forecast period 2019-2026.
Global Rare Earth Metal Market is valued approximately at USD 3.09 Billion in 2019 and is anticipated to grow with a healthy growth rate of more than 10.40% over the forecast period 2019-2026. The rare-earth element or rare-earth metals are defined as one of a set of seventeen chemical elements in the periodic tables, specifically the fifteen lanthanides, as well as scandium and yttrium which is defined by the International Union of Pure and Applied Chemistry. It has a wide range of application in various areas which includes magnets, catalysts, metal alloys, electronics, glass, ceramics, new materials and some other high-technology fields.
The rare earth metals are energy efficient and has faster, lighter, smaller and efficient properties. Due to such properties it has gain larger demand in technology advancement and gained a prominent role in development of various industries such as internet of things, automotive and customer electronics etc. The rare earth metals are gaining larger demand in manufacturing electric vehicles across the globe due to its advent offerings within automotive industries such as wind power generation, fuel cells, hydrogen storage and rechargeable batteries, as well as the permanent magnets used in electric and hybrid-electric vehicles. Therefore, the rapid growth in demand of electric vehicles across the globe propel the demand of rare earth metal over the forecast years.
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For instance: According to the International Energy Agency (IEA) 2019, the global electric car deployment has been growing rapidly over the past ten years, the global stock of electric passenger vehicle cars was passed by 5 million in 2018 with an increase of 63% from 2017. It was found that over 45% of electric cars on China’s road in 2018 that is 2.3 million compared to 39% in 2017. Similarly, Europe accounts for 24% of global electric cars and the United States with 22% in 2018. However, fluctuating costs of rare earth metals and illegal mining in rare earth metal ores are the factors hampering the market growth over the forecast years.
The regional analysis of global Rare Earth Metal market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Europe is the leading/significant region across the world in terms of market share owing to the rapid growth in demand of electric vehicles across the region. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2026. Factors such as inherent properties of rare earth metals and significant growth in consumer electronics industries in the region would create lucrative growth prospects for the Rare Earth Metal market across Asia-Pacific region.
Major market player included in this report are:
Alkane Resources Ltd.
Arafura Resources Ltd.
Avalon Rare Metals Inc.
Baotou Hefa Rare Earth Co. Ltd.
Canada Rare Earth Corporation
China Minmetals Rare Earth Co. Ltd.
Great Western Minerals Group Ltd.
Indian Rare Earth
Lynas Corporation Ltd.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
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Rest of the World
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