According to ESOMAR-certified consulting firm Future Market Insights (FMI), the worldwide rare earth metals market is poised to witness a regular boom at around 6% CAGR, exceeding the market valuation of US$ 3,818.8 Mn between the forecast lengths 2021 and 2031. Growing customer preference in the direction of electronic vehicles and rapid expansion of the car and digital industry is emerging as leader factors augmenting the growth of the rare earth metals market.
The presence of high-increase capacity industries consisting of consumer goods and renewable energy in developed international locations, which include the U.S., the U.K., and Germany, will propel income in the market.
Everlasting magnets used in wind turbines are comprised of rare earth metals along with dysprosium and neodymium. Considering this, consistent growth of wind turbine installations worldwide will create a conducive environment for rare earth metals income.
Besides this, the market will retain gaining from software in production batteries set up in electric motors. With electric and hybrid automobiles income forecast to advantage momentum in the coming years, the call for rare earth metals with a consistently upward thrust. Rising digitization and urbanization in developing countries consisting of China, India, and South Korea is boosting the call for patron electronics, which in flip is fostering sales of rare earth metals.
As in step with FMI, Asia Pacific excluding Japan will hold showing excessive growth in the global market. In the vicinity, the neodymium segment is probable to advantage super 270 basis points by way of 2026 in evaluation to that of 2016.
China trailed using India, which will turn out to be the dominant market for rare earth metals in the Asia Pacific. The ongoing surge in mining activities, except the enlargement of electronics and car sectors will support an increase within us.
Key Companies Profiled-
- China Northern Rare Earth (Group) High-Tech Co., Ltd
- RISING NONFERROUS METALS CO., LTD
- China Minmetals Rare Earth Co., Ltd
- Beijing Zhongke Sanhuan High-tech Co. Ltd.
- Alkane Resources Ltd.
- Aluminum Corporation of China Limited
- Lynas Corporation, Ltd.
- Arafura Resources Ltd.
- Jiangxi Tungsten Industry Group Co. Ltd.