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NEW YORK , June 3, 2022 /PRNewswire/ -- According to P&S Intelligence, in 2021, the rare earth metals market was worth around $7,063.8 million , which is projected to touch $15,473.0 million by 2030, growing at a 9.1% CAGR from 2021 to 2030. In the coming years, Europe is predicted to become the second-fastest-growing market after APAC, because European countries hold a significant share in rare earth metal imports.
Key Opportunity in Rare Earth Metals Market
Several factors are driving the rare earth metals market, such as the growing use of neodymium magnets in MRI machines to image the internal anatomy without any radiation. Moreover, government and private organizations are investing in the sector.
Furthermore, the demand for these elements is driven by their various applications in defense equipment, such as night-vision glasses, communication equipment, stealth technology, and precision-guided weapons. Defense spending was 2.4% of the global GDP in 2020, indicating a considerable demand for diverse military equipment.
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Moreover, the demand for rare earth elements will be fueled by the growing manufacturing of consumer durables in developing nations. For example, in India , HP has begun manufacturing laptops with the assistance of the government's Make in India initiative. The company, which holds an around 35% share of the market, has planned to expand its product line.
Rare Earth Metal Demand in APAC Is Predicted To Grow at Highest CAGR
The APAC rare earth metals market is expected to grow at a CAGR of more than 9% in the coming years. China has the largest stock of these elements, and it is also their largest producer and exporter, accounting for more than 60% of the global output. Moreover, the market continues to develop owing to the increasing automobile production and growing construction industry.
Magnets Category Holds Largest Share
Magnets hold around 30% share in the rare earth metals market due to the snowballing demand for these elements in electronics, including speakers, headphones, and sensors. Dysprosium and cerium are extremely magnetic and used in the production of lasers, computers, turbine generators, commercial lights, energy-efficient automobiles, and electric motors.
Browse detailed report on Global Rare Earth Metals Market Opportunities, Emerging Trends, Competitive Strategies and Forecast to 2030
Similarly, catalysts hold the second-largest share in the market. The primary function of these compounds as catalysts is to store, release, and absorb oxygen. Moreover, they are utilized in air pollution control systems, e-polishing of optical glass, and electronic gadgets' illuminated displays.
Companies Engaged in Numerous Strategic Developments to Be More Competitive
Rare Earth Metals Market Segmentation Analysis
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About P&S Intelligence
P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.
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