The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033.
The Rare Earth Metals Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Rare Earth Metals Global Market Report 2024, The rare earth metals market size has grown strongly in recent years. It will grow from $7.05 billion in 2023 to $7.62 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to emergence of new applications, supply chain concerns, geopolitical factors, medical and healthcare applications, green technologies development.The rare earth metals market size is expected to see strong growth in the next few years. It will grow to $9.38 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%.
The increasing number of electric vehicles is expected to drive the growth of the rare earth metals market. Electric vehicles (EVs) rely on rare earth metals, such as neodymium and dysprosium, for manufacturing high-performance magnets used in electric motors. These magnets are crucial for the efficient operation of EVs. For example, according to the International Energy Agency, global sales of electric vehicles nearly doubled to 6.6 million in 2021 from 3 million in 2020, comprising almost 9% of total vehicle sales. This trend is expected to continue, with the total number of electric vehicles on the road reaching 16.5 million. Therefore, the increasing adoption of electric vehicles is fueling the demand for rare earth metals.
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The rare earth metal market covered in this report is segmented –
1) By Product Type: Light Rare Earth Metals, Heavy Earth Metals, Other Product Types
2) By Metal Type: Neodymium, Yttrium, Dysprosium, Terbium, Europium, Cerium, Lanthanum, Other Metal Types
3) By Application: Catalysts, Ceramics/Glass, Glass Polishing, Metallurgy, Other Applications
Top Major Players
Hastings Technology Metals Limited,
Shin-Etsu Chemical Co Ltd.,
Showa Denko K.K.,
Hitachi Metals Ltd.,
Materion Corporation
The rare earth metals market report table of contents includes:
1. Executive Summary
- Rare Earth Metals Market Characteristics
- Rare Earth Metals Market Trends And Strategies
- Rare Earth Metals Market – Macro Economic Scenario
- Global Rare Earth Metals Market Size and Growth
- Rare Earth Metals Market Segmentation
- Rare Earth Metals Market Regional And Country Analysis
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- Key Mergers And Acquisitions In The Rare Earth Metals Market
- Rare Earth Metals Market Future Outlook and Potential Analysis
- Appendix
List Of Tables :
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Rare Earth Metals Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Rare Earth Metals Market, Segmentation By Metal Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Rare Earth Metals Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 74: Hastings Technology Metals Limited Financial Performance
Table 75: Shin-Etsu Chemical Co. Ltd. Financial Performance
Table 76: Showa Denko K.K. Financial Performance
Table 77: Hitachi Metals Ltd. Financial Performance
Table 78: Materion Corporation Financial Performance
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