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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