How Has The Computer Vision in Rare Earth Metals Market Size Evolved In Recent Years?
The rare earth metals market has seen considerable growth due to a variety of factors.
• The market size for rare earth metals has seen significant expansion in recent periods. This market is projected to increase from $7.55 billion in 2024 to $8.15 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 7.9%.
This historic period's growth can be accounted for by the rise of new applications, challenges in the supply chain, geopolitical aspects, applications in medical and healthcare, along with advancement in green technologies.
What Will Be The Rare Earth Metals Market Size In The Future?
The rare earth metals market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for rare earth metals is projected to experience consistent expansion over the upcoming years, reaching $9.57 billion by 2029 with a compound annual growth rate (CAGR) of 4.1%.
The growth expected in this period can be attributed to factors such as demand from emerging markets, newly emerging applications, investment in exploration and mining, developments in recycling and circular economy, and advances in electronics and technology. Key trends expected to shape this market during the forecast period include the impact of policy and regulation, advancements in medical technology, the rise of electronic mobility, changes in consumer electronics, and strategic stockpiling.
What Factors Are Driving Growth In The Rare Earth Metals Market?
The demand for rare earth metals in the market is anticipated to be majorly driven by the rising need for electronics during the forecast period. These metals are extensively utilized in the production of several electronic goods, including mobile phones, PC hard drives, flat-screen displays, and TVs. StockApps.com, a UK-based firm focused on online trading, disclosed that by September 2024, the worldwide expenditure on electronics is projected to hit $977 billion in 2025. This will substantially inflate the demand for rare earth metals, thereby fueling the expansion of the rare earth elements market.
What are the Market Segments in the Rare Earth Metals Market?
The rare earth metals market covered in this report is segmented –
1) By Product Type: Light Rare Earth Metals, Heavy Earth Metals, Other Product Types
2) By Metal Type: Neodymium, Yttrium, Dysprosium, Terbium, Europium, Cerium, Lanthanum, Other Metal Types
3) By Application: Catalysts, Ceramics/Glass, Glass Polishing, Metallurgy, Other Applications
Subsegments:
1) By Light Rare Earth Metals: Lanthanum, Cerium, Praseodymium, Neodymium, Samarium
2) By Heavy Rare Earth Metals: Europium, Terbium, Dysprosium, Yttrium, Lutetium
3) By Other Product Types: Scandium, Thulium, Holmium, Gadolinium
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What Trends are Shaping the Rare Earth Metals Market?
Leading businesses in the rare earth metals sector are establishing strategic alliances to ensure a stable supply chain and create novel solutions for advanced technological applications. These alliances allow them to pool resources and strengths to secure mutual gains. An example of this strategy occurred in August 2023 when USA Rare Earth LLC, an integrated magnet tech firm from the United States, formed a collaboration with Hatch, a professional services company from Canada. They aim to uphold superior standards in engineering and build rare earth magnet operations through this alliance, showcasing their commitment via an investment in USARE.
Who Are the Key Players in the Rare Earth Metals Market?
Major companies operating in the rare earth metals market include:
• Hastings Technology Metals Limited
• Hitachi Metals Ltd.
• Materion Corporation
• Iluka Resources Limited
• Neo Performance Materials Inc.
• Lynas Rare Earths Limited
• MP Materials Corp
• Alkane Resources Limited
• Peak Resources Limited
• Pensana Rare Earths PLC
• Energy Fuels Inc.
• Arafura Resources Limited
• Northern Minerals Limited
• RareX Limited
• Australian Strategic Materials Limited
• Greenland Minerals Limited
• Texas Mineral Resources Corp
• Rare Elements Resources Ltd.
• Ucore Rare Metals Inc.
• Rainbow Rare Earths Limited
• Leading Edge Materials Corp
• Ionic Rare Earths Limited
• Medallion Resources Ltd.
• Commerce Resources Corp
• Vital Metals Limited
• Quest Rare Minerals Ltd.
• Alces Lake Ltd.
• Appia Energy Corp
What are the Regional Insights into the Rare Earth Metals Market?
Asia-Pacific was the largest region in the rare earth metals market in 2024. The regions covered in the rare earth metals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
