(MENAFN- America News Hour) In a recently published report, Global Rare Earth Metal Market report for till 2030. The report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Rare Earth Metal Market products.
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It is also anticipated to grow on account of the growing demand for chemicals from the end users, backed by the increasing consumption of chemicals across different industries and the rising need for advanced chemicals. In India, the production of major chemicals and petrochemicals during the period 2020-2021 was close to 12000 thousand MT. Additionally, between the period 2015-16 and 2019-20, the production of the chemicals and petrochemicals in the nation grew at a CAGR of close to 6%.
Global Rare Earth Metal Market is valued approximately at USD 3.09 Billion in 2019 and is anticipated to grow with a healthy growth rate of more than 10.40% over the forecast period 2019-2026. The rare-earth element or rare-earth metals are defined as one of a set of seventeen chemical elements in the periodic tables, specifically the fifteen lanthanides, as well as scandium and yttrium which is defined by the International Union of Pure and Applied Chemistry. It has a wide range of application in various areas which includes magnets, catalysts, metal alloys, electronics, glass, ceramics, new materials and some other high-technology fields. The rare earth metals are energy efficient and has faster, lighter, smaller and efficient properties. Due to such properties it has gain larger demand in technology advancement and gained a prominent role in development of various industries such as internet of things, automotive and customer electronics etc. The rare earth metals are gaining larger demand in manufacturing electric vehicles across the globe due to its advent offerings within automotive industries such as wind power generation, fuel cells, hydrogen storage and rechargeable batteries, as well as the permanent magnets used in electric and hybrid-electric vehicles. Therefore, the rapid growth in demand of electric vehicles across the globe propel the demand of rare earth metal over the forecast years. For instance: According to the International Energy Agency (IEA) 2019, the global electric car deployment has been growing rapidly over the past ten years, the global stock of electric passenger vehicle cars was passed by 5 million in 2018 with an increase of 63% from 2017. It was found that over 45% of electric cars on China's road in 2018 that is 2.3 million compared to 39% in 2017. Similarly, Europe accounts for 24% of global electric cars and the United States with 22% in 2018. However, fluctuating costs of rare earth metals and illegal mining in rare earth metal ores are the factors hampering the market growth over the forecast years.
The regional analysis of global Rare Earth Metal market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Europe is the leading/significant region across the world in terms of market share owing to the rapid growth in demand of electric vehicles across the region. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2026. Factors such as inherent properties of rare earth metals and significant growth in consumer electronics industries in the region would create lucrative growth prospects for the Rare Earth Metal market across Asia-Pacific region.
Major market player included in this report are:
Alkane Resources Ltd.
Arafura Resources Ltd.
Avalon Rare Metals Inc.
Baotou Hefa Rare Earth Co. Ltd.
Canada Rare Earth Corporation
China Minmetals Rare Earth Co. Ltd.
Great Western Minerals Group Ltd.
Indian Rare Earth
Lynas Corporation Ltd.
Molycorp Inc.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Product:
Cerium
Lanthanum
Neodymium
Praseodymium
Others
By Application:
Catalyst
Magnets
Ceramics
Metallurgy
Others
By Region:
North America
U.S.
Canada
Europe
UK
Germany
Asia Pacific
China
India
Japan
Latin America
Brazil
Mexico
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2016, 2017, 2018
Base year – 2019
Forecast period – 2020 to 2026
Target Audience of the Global Rare Earth Metal Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors
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The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analys & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
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