LONDON--(BUSINESS WIRE)--The global rare earth metal market size is expected to grow by USD 5.76 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report
Rise in disposable incomes, technology breakthroughs, and falling microprocessor prices are among factors propelling the demand for personal gadgets such as laptops, mobile phones, and tablets across the world. Rapidly expanding mobile networks and internet penetration in India, Bangladesh, Indonesia, Thailand, and other countries in Southeast Asia are further aiding the demand for mobile gadgets and personal equipment. There is a significant untapped market in these regions, which presents an immense growth opportunity for the sale of personal electronic equipment. Rare earth compounds of yttrium, terbium, cerium, and gadolinium are used as phosphors in various electronic appliances such as LCDs and smartphones. These rare earth metal compounds exhibit electro phosphorescence wherein an electric discharge in the compound results in color variations. Thus, the growing demand for electronic appliances and personal equipment will drive the growth of the market.
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As per Technavio, the rise of new production capacities will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Rare Earth Metal Market: Rise of New Production Capacities
China has remained the key producer and supplier of rare earth metals for the previous three decades. However, the country's practice of restricting export quotas and raising duties is forcing various countries to evaluate alternative sourcing agreements. In order to capitalize on the same and on the growing demand from end-users, various countries have embarked upon the exploration of their untouched and underutilized reserves. This increase in production capacities outside China is greatly supporting the growing demand for rare earth metals. Some notable exploration and development assessments in the US include Bear Lodge, Bokan Mountain, Elk Creek, Lemhi Pass, Diamond Creek, La Paz, Thor, Pea Ridge, and Round Top. Similarly, large numbers of projects are underway in Australia, Brazil, China, Greenland, India, Madagascar, Mozambique, South Africa, Sweden, Tanzania, and Vietnam. The rise of new production capacities across the world will lead to the growth of the market.
“Factors such as the growing popularity of green mining and environment-friendly refining, and surge in demand from APAC will have a significant impact on the growth of the rare earth metal market value during the forecast period,” says a senior analyst at Technavio.
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Rare Earth Metal Market: Segmentation Analysis
This market research report segments the rare earth metal market by application (permanent magnets, metal alloys, catalysts, polishing powder, glass additives, ceramics, and other applications), element type (light rare earth metals, heavy earth metals, and other element types), and geography (APAC, Americas, and EMEA).
The APAC region led the rare earth metal market in 2019, followed by the Americas and EMEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the increased demand for rare earth metals from the automotive and electronic industries.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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