Latest News- Rare Earth Metals Market: Permanent magnets is expected to lead the Application segment during 2025-2029

The Rare Earth Metals Market is being driven by Growing demand for electronic appliances and personal equipment

The Rare Earth Metals Market is expected to grow at a CAGR of 9.1% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 3777.8 million. The rare earth metals market is experiencing significant growth due to increasing demand and the strategic importance of these elements in various industries. Countries such as India, South Africa, Brazil, Australia, Canada, Vietnam, and Malaysia are investing heavily in this sector, aiming to emerge as dependable alternative suppliers to China. Notable developments include Lynas Rare Earths' USD120m contract from the US DoD for constructing a commercial HRE separation facility in Texas. These investments and new discoveries in North America, Australia, and Africa are expanding the global rare earth element resource base. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Permanent magnets
  • Metal alloys
  • Catalysts
  • Polishing powder
  • Others
• Type
  • Light rare earth elements
  • Heavy rare earth elements
  • Others
• Product
  • Cerium
  • Dysprosium
  • Erbium
  • Others
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
    • Vietnam
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing demand for electronic appliances and personal equipment
• Surge in consumption from APAC
• Rise of new production capacities

However, the market also witnesses some limitations, which are as follows:

• Demand-supply outages and the rise of substitutes
• Lack of skilled professionals in the mining sector
• Conservatism and federal control over production

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Market Scope in Rare Earth Metals Market Research Report

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Research Analysis Overview

Rare earth metals, including gadolinium, are essential components in the production of rare-earth magnets used in wind turbines and various consumer equipment like permanent magnets for electronic appliances and electric vehicles. These metals are primarily found in concentrated deposits within the Earth's crust, located on the periodic table. The demand for neodymium, a key rare earth metal, is driven by the supply chain needs of industries such as magnet applications in green technology, battery production, and industrial uses. The scarcity of these resources has led to increased efforts in recycling and expanding production capacities to meet the growing demand. Rare earth metals are also crucial in catalyst systems and various other applications, making resource management and sustainable extraction methods essential for the future.

Market Research Overview

The global diversified metals and mining market encompasses businesses involved in the production and extraction of a range of metals and minerals, including non-ferrous metals such as lead, nickel, tin, titanium, zinc, cobalt, mercury, tungsten, beryllium, bismuth, cerium, cadmium, niobium, indium, gallium, germanium, lithium, selenium, tantalum, tellurium, vanadium, and zirconium, as well as salt, borate, phosphate rock, and various alloys. These elements play crucial roles in various industries, particularly in catalyst systems and clean energy applications. The market size is determined by Technavio based on the consolidated revenue generated by these companies from their metal and mineral production and diversified mining operations.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/