Rare Earth Metals Market to Reach a Capital Expenditure of USD 26.35 Billion by 2028

Market.us (Prudour Research) states that there is a global Rare Earth Metals Market, which will grow at an average CAGR 9.4% over the next ten years and reach USD 26.35 billion by 2028. This will be an increase of USD 10.73 billion in 2018.

 

A group of elements that includes rare earth metals is elements that share similar chemical and physical properties. Both these elements can be extracted or processed as ore. There are two types of these elements: one is stiff, and the other is lightweight. Samarium or Praseodymium is lighter than heavy metals such as terbium.

Sales have continued to rise despite a slow recovery from the COVID-19 virus epidemic. The report predicts that rare earth metals demand will rise by 3% between 2021 and 2020.
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Growing Demand:

The rare earth metals market will grow due to the rising demand for renewable energy sources.
The climate change research and energy solutions center estimates renewables accounted for 26.2 % of worldwide electricity generation in 2018. This figure is expected to rise to 45 percent by 2040. This is due to the rapid growth of hydropower, solar, and wind power. Rapid growth in end-user industries will stimulate market growth.
Fluctuations will likely hamper the market growth in raw material costs.

Driving Factors:
For market growth, there has been an increase in the adoption of rare earth elements

Many industries are experiencing increased demand because of their unique chemical and physical properties.
Cerium is used as a polishing agent and is experiencing a rapid increase in demand because of the electronics industry’s growth. Cerium can be used to polish glass panels, liquid crystal displays, magnetic memory disks, and glass panels.
There is also a growing demand to use elements like lanthanum, europium, and samarium for their applications in batteries, displays, lasers, and optical electronics.

Restraining Factors:

Fluctuating Valuations of Rare Earth Metals to Hinder Growth

The low volumes of rare earth oxides and other minerals make these products volatile in North America and Western Europe. Batteries, motors and bearings are just a few of the many products made from rare Earth metal oxides. Rising demand will cause an increase in raw material prices and disruptions to supply chains. China has a monopoly over the market, resulting in increased export prices and slowed market growth. China has limited supplies to meet future demand for rare earth compounds. This has also disrupted the supply chains for other countries’ end-use businesses.

Market Key Trends:

Electric vehicle sales are expected to rise dramatically and will require neodymium magnetics. Global sales of electric cars will surpass 32 million units by 2028. This is 10x higher than the current level. The offshore wind power capacity will reach 228 GW by 2028. New installations will reach 40 GW between 2019 and 2028. According to the International Renewable Energy Agency, IRENA wind energy could make up more than 35% of the global energy mix. Clean energy technologies such as wind power generation and electric cars will make rare earth elements more in demand. More than 80% of the rare earth elements will be sold using magnets by 2028.

Recent development:

Rio Tinto and the United States Geological Survey teamed up in October 2021 to search for vital minerals beneath the Continental Divide, near Montana’s Boulder Batholith. As part of the Earth Mapping Resources Initiative, the USGS and a resource company teamed up to fly aerial geophysical surveys in troubled areas in 2022. (Earth MRI). It will be able to double the area being studied.
Rio Tinto, a Canadian firm, started producing scandium dioxide on January 20, 2021, when it constructed a small-scale demonstration facility in Sorel-Tracy. Initial production of scandium dioxide was only 3 tons per annum. This represents approximately 20% of global production.

The report includes key market players:

Bucher (Johnston).
Nilfisk
FAUN
BRODD
Aebi Schmidt
Hako
Alfred Karcher
Disab Vacuum Technology
The Key Market Segments
Type
One Rare Earth Metal
Mixed Rare Earth Metal
Application
Metallurgy
Permanent magnet material for rare earth
Hydrogen Storage Material

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Key questions:

How big is the current global rare-earth market?
How does the rare-earth metals market align?
Which are the leading players in the global rare earth market?
What are the main factors driving the rare-earth industry?

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