The Global Rare-Earth Metals Market: Covid-19 Impact Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, And Growth Forecast to 2031

The Global Rare-Earth Metals Market Overview:

Rare-earth metals are a group of 17 elements that compose the 15 lanthanide series (lanthanum, cerium, praseodymium) and the two radioactive elements, promethium and dysprosium. The abbreviation for this series is LREEs which stands for light rare earths. Rare-earth metals, such as neodymium and dysprosium, are an important component of many technologies that we use on a daily basis. However, demand for these resources is outpacing supply. The world's leading supplier of rare-earth metals is China, which currently produces more than 95% of the world's supply. This has led to much concern regarding the potential economic effects in the event that China restricts shipments of these metals in order to meet its own demands. In recent years, the manufacturing industry has been seen a demand for rare-earth metals. This is due to their many unique properties which make them desirable in the production of electronic and electric components and devices. The mining and processing of these metals can be costly and environmentally hazardous, so mined quantities are steadily decreasing. As a result, prices have shot up in an attempt to secure supply. Rare-earth metals are a series of chemical elements that have unique magnetic, conductive and luminescent properties.

Request Covid - 19 Impact

The Global Rare-Earth Metals Market size was estimated at USD 5,600 million in 2021, is expected to reach USD 7,100 million in 2023, and projected to grow at a CAGR of 12.60% reaching USD 10,136 million by 2026.

They are the most abundant minerals found on earth and occur in deposits worldwide. Virtually all high-technology applications requiring electrically active metals depend on these rare earths. These elements are by no means rare, as they exist in Earth's crust at much higher concentrations than gold and silver, but higher prices for these metals has led to them being termed as such. Despite the increased demand for rare-earth metals, the market remains in low supply due to China's export restrictions. In 2010, China supplied 95% of the world's rare-earth metals and in 2011 it cut its exports by 40%. Due to this restriction, countries such as Japan and the United States have been scrambling to find alternatives. Rare-earth metals are a relatively new, but rapidly growing segment of the global metals market. The very name "rare earth" is misleading, as many of these metals are in fact not rare, but are instead often sourced from less traditional suppliers or recycled from disposal streams. Their use has grown considerably in recent years due to their wide range of properties and uses. These properties have made them vital in fields such as consumer electronics, renewable energy production, and defense technologies.

Increasing Demand of Rare-Earth Metals from End-Use Industries

Rare-earth metals are used in a wide range of technological applications, such as magnets and batteries. They can also be alloyed with other metals, such as copper and manganese, to produce the magnetic properties that make them indispensable for modern-day life. Rare earth metals are used in the automotive industry for their ability to reduce or eliminate corrosion and increase performance of engines. They can also be used in magnetic components such as alternators, starters, and generators. These metals show several useful properties that make them especially useful for many different parts of the automobile. Often they are used because they allow for quicker production, reduced pollution, and reduced maintenance which is always an added benefit.

Opportunities in The Rare-Earth Metals Reuse and Recycling

The price of rare earth metals had been dropping over the last twenty years, before coming to a critical point in the rush to invest in their application. This raised the susceptibility to disparity between the availability of rare earth metals and the high prices of applications for them within the market as a whole. Previously, the demand for rare earth metals was much lower than it is now. At present, the circumstance is very different for the rare-earth metals. Noble industries, including its green energy and defense sectors use a considerable lot of rare earth metals. The huge price increase for the metals in 2011 triggered demand that generates outside the US occurring, which in turn sought after recycling. The secondary recycling of certain rare-earth elements is an opportunity to reduce the critical nature of these metals and lessen their demand. The current recycling rate for rare-earth metals is less than 5%, presenting a substantial opportunity for outreach. Recycling will supply a secondary supply of resources and will also help minimize the environmental impact of mining. There's also a much less chance of toxic contamination entering water sources.

The United States Department of Energy and the Oak Ridge National Laboratory developed a recycling technology that uses a combination of hollow fiber membranes, organic solvents, and neutral extractants to recover rare-earth elements, such as neodymium, praseodymium, and dysprosium from magnets.

COVID-19 Impact on Global Rare-Earth Metals Market

Corona virus (COVID-19) has severely grounded the economy, with adverse effects on global trade and has had a cruel effect on households, businesses, financial institutions, industrial establishments, and transport and logistics companies. The crisis triggered by the virus has been mitigated by thousands of companies and businesses, especially in several nations around the world. Likewise, creating and constructing projects around the world have been negatively affected by the COVID-19 pandemic and has additionally led many projects towards closure. As a result, there has been financial recession in the Automotive, Machinery & equipment, etc. worldwide and had led to unemployment. Specifically, this condition had made great concern, uncertainty, and unrest in overall industrial.

The Global Rare-Earth Metals Market Report Scope:

1. Forecast Period: 2022-2031
2. Actual Year: 2021
3. Historical Data Available for: 2015-2020

The Key Players in Global Rare-Earth Metals Market:

• Aluminum Corporation of China Ltd
• ARAFURA RESOURCES
• Avalon Advanced Materials Inc.
• Minmetals Land Limited
• China Nonferrous Metal Industry's Foreign Engineering and Construction Co. Ltd
• Eutectix
• Iluka Resources Limited
• MEDALLION RESOURCES LTD
• Northern Minerals
• Peak Resources

The Global Rare-Earth Metals Market Segmentation is based on Types, Application and Regions

Based on Type:

• Cerium Oxide
• Lanthanum Oxide
• Neodymium Oxide
• Yttrium Oxide
• Praseodymium Oxide
• Samarium Oxide
• Gadolinium Oxide
• Dysprosium Oxide
• Terbium Oxide
• Europium Oxide
• Other Types

Based on the Application:

• Permanent Magnets
• Metal Alloys
• Glass Polishing
• Glass Additives
• Catalysts
• Phosphors
• Ceramics
• Other Applications

The Global Rare-Earth Metals Market Regions:

1. North America
2. Europe
3. Asia Pacific
4. Latin America
5. Middle East and Africa