Global Rare Earth Metals Market: Snapshot
Rare earth metals are a group of elements consisting of the fifteen lanthanide series elements in addition to scandium and yttrium. These elements are often found in nature along with each other. While not being rare as such, they are widely dispersed across the earth and can be hard to separate. These metals display a similar set of properties and are utilized in a variety of application avenues in the electrical and electronics sector. Digital memory devices, smartphones and other cellphones, fluorescent lighting, catalytic converters used in automotive exhaust systems, and rechargeable batteries are among the key application segments of the global rare earth metals market.
The global rare earth metals market is divided into heavy earth metals and light earth metals on the basis of product type. Cerium, which is a light rare earth metal, is the most widely used rare earth metal. Lanthanum and neodymium, two of the other leading product segments of the global rare earth metals market, are also light rare earth metals. Neodymium is also among the highest revenue generators in the global rare earth metals market; scandium is the leader in the global rare earth metals market in this regard.
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Booming Electronics Sector to Drive Global Rare Earth Metals Market
The prime driver for the global rare earth metals market is the steady growth of the electronics industry and the rising use of electronic equipment in a variety of end use applications. The electronics industry has flourished in recent years thanks to the growing disposable income of consumers in an increasing number of regions and the consequent rise in the demand for premium consumer goods. The use of rare earth metals in the production of magnets is thus also crucial in ensuring steady revenue generation from the electronics sector. Due to the convenience provided by electronic and automated equipment, the electronics sector now has a presence in almost every sector. This is likely to enable steady demand from the global rare earth metals market in the coming years.
The automotive industry has a multifaceted role to play in the future development of the global rare earth metals market. The rising purchasing power of consumers in important prospective automotive markets has led to rising incorporation of electronic elements in automotive design, which is likely to remain a popular trend in the coming years. The demand for automotive electronics for the purpose of entertainment, security, and several other aspects is likely to rise steadily in the coming years, leading to rising demand from the global rare earth metals market.
The steady support for the development of electric vehicles from within the automotive industry also bodes well for the global rare earth metals market. The environmentally oriented regulatory framework in several countries is also conducive for the growth of the electric vehicles market, leading to strong growth prospects for the global rare earth metals market. Metalworking and glass are also likely to remain important sectors for the global rare earth metals market in the coming years.
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Concentration of Rare Earth Ores to Ensure Steady Dominance of China
Geographically, the global rare earth metals market is led by China, as it is home to the largest deposits of rare earth metals. Other leading producers of rare earth metals include Australia, India, Russia, and the U.S., indicating the likely dominance of Asia Pacific in the global rare earth metals market in the coming years. The booming automotive and consumer electronics industries in China are likely to be vital for the global rare earth metals market in the coming years.
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Key companies in the global rare earth metals market include Great Western Minerals Group, Rare Elements Resources Ltd., Arafura Resources, China Rare Earth Holdings, Molycorp, Alkane Resources, Avalon Rare Metals, and Indian Rare Earths.