CHICAGO, May 3, 2024 /PRNewswire/ -- The report "Rare Earth Metals Market by Type (Cerium Oxide, Lanthanum Oxide, Neodymium Oxide, Yttrium Oxide, Europium Oxide), Application (Permanent Magnets, Metal Alloys, Glass Polishing, Glass Additives, Phosphors, Catalysts), and Region - Global Forecast to 2029", size is projected to grow from USD 6.0 billion in 2024 and is projected to reach USD 10.9 Billion by 2029, at a CAGR of 12.6%. The increasing use of rare-earth elements in permanent magnet applications is expected to fuel the growth of the rare-earth metals market. The Asia-Pacific (APAC) region is the fastest-growing market for rare-earth metals due to increased production and consumption in China. The substantial use of permanent magnets in various industries provides a strong boost to these advanced materials, propelling the rare-earth metals market in the region.
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Praseodymium Oxide type segment accounted for the second highest CAGR by volume during the forecast period.
Praseodymium is a soft, silvery metal initially used for creating a yellow-orange stain in ceramics. While still used to color certain glasses and gems, its main application is in rare-earth magnets. Praseodymium is also used in high-strength metals for aircraft engines and as flint for fire starters. Known for its magnetic, electrical, chemical, and optical properties, it occurs at an average of eight parts per million, primarily sourced from the mineral bastnaesite in China and the US. Praseodymium's excellent properties make it vital in a range of applications, including its use with neodymium to create super-strong permanent magnets for clean energy applications. It forms high-strength alloys with magnesium for aircraft use and serves as a glass additive for its characteristic yellow color. Praseodymium oxide is also employed as a catalyst in producing plastics and polyethylene products like soda bottles, bubble wrap, and milk packaging.
Phosphors application segment accounted for the second highest CAGR by value during the forecast period.
Phosphors is crucial for applications such as cathode ray tube displays and fluorescent lamps, require specific light colors. Europium, terbium, and yttrium are key elements in this sector, converting radiation into light of desired hues. REO phosphors (Rare Earth Oxide phosphors) are used in instrument panels for backlighting, while phosphor coatings can tailor fluorescent lamp emissions to any required lighting. The lighting industry can handle high REO prices, which may impact its economics. Demand for REO phosphor products is expected to rise as countries like the U.S., Canada, China, and the European Union phase out incandescent lamps in favor of fluorescent and LED lamps due to government policies.
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North America is projected to be the second largest region in terms of value during the forecast period.
The rare-earth metals market in North America is driven by technological advancements in electronics and telecommunications, the growing renewable energy sector, and the significant defense and aerospace industries. Increased demand for rare-earth metals stems from the expanding electric vehicle market and the medical device industry. Additionally, efforts to tap domestic reserves and reduce reliance on imports have driven interest and investment in the market. Supportive government initiatives and policies aimed at promoting advanced manufacturing and securing supply chains also contribute to the market's growth.
Market Players
Major companies such as Lynas Rare Earths Ltd. (Australia), Australian Strategic Materials Ltd. (Australia), Arafura Rare Earths (Australia), China Rare Earth Holdings Limited (China), Avalon Advanced Materials Inc. (Canada), Bataou HEFA Rare Earth Co. Ltd (China), Canada Rare Earth Corporation (Canada), Northern Minerals Limited (Australia), MP Materials (US), Shenghe Resources Hording Co., Ltd (China) and other leading companies in rare earth metal market.
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