The rare-earth element or rare-earth metals are known 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 declared by the International Union of Pure and Applied Chemistry. It has a big range of application in various areas like magnets, catalysts, metal alloys, electronics, glass, ceramics, new materials and some other high-technology fields. They are energy efficient and has faster, lighter, smaller and efficient properties. Because of 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.
According to the study, ‘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’ express that there square measure some corporates that presently functioning plenty of successfully for dominant the prime effective expansion of the market and obtaining the productive competitive edge whereas acceptive the productive profit making ways and policies like joint ventures, partnership, merger, mergers and acquisitions and merchandise the development includes Avalon Rare Metals Inc., Baotou Hefa Rare Earth Co. Ltd., Alkane Resources Ltd., Canada Rare Earth Corporation, Arafura Resources Ltd., Molycorp Inc., Great Western Minerals Group Ltd., China Minmetals Rare Earth Co. Ltd., Lynas Corporation Ltd. and Indian Rare Earth.
The rare earth metals are gaining big demand in making electric vehicles across the globe because of its advent offerings within automotive industries like wind power generation, fuel cells, hydrogen storage and rechargeable batteries, the permanent magnets utilized in electric and hybrid-electric vehicles. Therefore, the quick expansion in demand of electric vehicles across the globe increases the demand of rare earth metal over the forecast years. For example: According to the International Energy Agency (IEA) 2019, the world electric car deployment has been increasing quickly 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 as in comparison to 39% in 2017. Similarly, Europe accounts for 24% of global electric cars and the United States with 22% in 2018. However, fluctuating price of rare earth metals and illegal mining in rare earth metal ores are the factors hampering the market expansion over the forecast years.
The regional investigation of global Rare Earth Metal market is taken into the account for the key country like Asia Pacific, North America, Europe, Latin America and Rest of the World. Europe is that the most country 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 expected to exhibit highest rate of growth / CAGR over the forecast period 2020-2026.
Furthermore, one of the strong driving forces which are promoting the rising demand for clean and renewable energy is promising public policies towards renewable energy consumption. Furthermore, apart from the rising demand for energy, there are immense oil & gas price fluctuations. Since renewable energy plants depend little on these commodities, the adoption of renewable energy is likely to grow over the coming years, further assisting in the growth of new energy plants. The following trend is projected to make huge rare earth metals market revenue for rare earth metal since they are extensively utilized in the production of wind turbines across the world.
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