Rare Earth Metals Market is Led by Magnets, Based on Application

The size of the rare earth metals market will touch USD 15,473.3 million by 2030, powering at a rate of 9.1% by the end of this decade. This is because of the increasing use of these elements in energy, aerospace, consumer electronics, and automobile industries.

There are continuous advancements in IoT, AI and wirelessly connected devices, creating a huge requirement for semiconductors. Most of these novel devices have an SoC, to provide prominent integration levels. Moreover, SoCs also let the devices to work with a high-power competence and improved security, by integrating processors, memory, sensors, RF transceivers, power management, and connectivity apparatuses in a single unit.

Furthermore, during the pandemic, there was a shift in the world toward digital communication, which has augmented the requirement for SoC-powered devices, in which numerous rare earth metals are there in the manufacturing procedures of semiconductors.

Cerium and dysprosium are extremely magnetic and increasingly used in the making of computer disks, commercial lights, lasers, turbine generators, e- motors, and energy-efficient automobiles.

Catalysts had the second-largest share in the past. The primary role of these products in a catalyst is to absorbing, storing, and releasing oxygen, while also steadying the environs in which they function. 

Cerium and Lanthanum are commonly used in catalyst systems. They are also employed in the illuminated screens, air pollution control systems, electronic devices, and when the e-polishing of optical glass is done.

The APAC rare earth metals market will grow the fastest at a rate of, around 10% in the future. China has the largest reserves of the key rare earth elements, is their main producer, also has a considerable proportion of the total global output. 

North America is just behind APAC in terms of growth rate. The rising end-use industries, growing number of tech-savvy people, growing production of consumer electronics, and growing use of semiconductors because of tech advancements are the factors accountable for the unceasing rise in the requirement for these metals in North America.

Due to the increasing production of consumer durables all over the globe, the demand for rare earth metals is growing. This trend will continue like this in the near future as well.

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APAC is Dominating Force in Rare Earth Metals Market

The size of the worldwide rare earth metals market was approximately $7,063.8 million in the year 2021 and it will reach a value of $15,473.0 million by 2030, advancing at a compound annual growth rate of approximately 9% during the forecast period. This will chiefly be a result of the growing use of these elements in the customer electronics, space, and automotive industries. With rapid industrialization, there is been an intensification in the growth of all the industries employing rare metals as raw materials.

The APAC rare earth metals market will have the highest growth rate, in excess of 9%, in the near future. China has the largest reserves of the majority of rare earth elements and is the largest producer, with a share in excess of 60% of the global output. Furthermore, it is the key exporter of these elements. With the increase in the production of vehicles and the development of the construction industry, the industry is growing continuously. These minerals are employed as alloys for the manufacture of automobiles and their parts.

The growth of the rare earth metals market is mainly because of the increasing use of neodymium magnets in the machines of MRI, to get internal assessments of the human body without the use of radiation. This is because of the heavy funding in the healthcare industry by the government and top companies at a global level. According to statistics, in 2021, the global healthcare investment was valued at around $6 billion. Furthermore, numerous uses of these metals are in protection equipment like communication equipment, precision-guided weapons night-vision goggles, and stealth technology, which are pushing the demand for the same.

There is an increase in the demand for rare metals at a global level due to the use of the same in a large number of industries such as customer goods.

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