Rare Earth Metals

Rare Earth Metals Market - Global Industry Insights,
Trends, Outlook, and Opportunity Analysis,
Rare earth metals are a group of seventeen metallic elements, including fifteen
lanthanides, with atomic numbers 57 (lanthanum, La) to 71 (lutetium, Lu), together
with yttrium (Y, atomic number 39) and scandium (Sc, atomic number 21). Cerium
oxide, an abundantly found rare earth metal, is used as a catalyst in catalytic
converters and various metal alloys to reduce emission in automotive exhaust
system. Rare earth metals enhance the efficiency of industrial processes such as
catalytic cracking, chemical catalysis, glass manufacturing, automotive emission
control, energy storage, energy efficient electrical motors, manufacturing lighter and
less brittle steel alloys, energy efficient fluorescent lamps acoustic devices, and
military and defense electronics.
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These metals are also used in positron emission tomography (PET) scan, magnetic
resonance imagery (MRI) contrast agents, x-ray tubes, nuclear medicine imaging,
and portable x-ray machines, for application in genetic screening tests, medical
cancer treatment applications, and dental lasers. Rare earth metals have unique
luminescent, magnetic, and electrochemical properties, exhibiting reduced
emissions, weight, and energy consumption, due to which they are increasingly
being used in advanced technologies.
Scandium is primarily used to strengthen metal compounds for various industrial
purposes. Yttrium is a non-lanthanide, which in used in superconductors, powerful
pulsed lasers, cancer treatment drugs, rheumatoid arthritis medicines, and surgical
supplies, among others. Increasing prevalence of such cancer and rheumatoid
arthritis is in turn, increasing demand for rare earth metals. Lanthanum finds it
application in wastewater treatment, petroleum refining, camera, and telescope
lenses. While, praseodymium is used in the manufacturing of aircraft engines and in
flint for starting fires. Increasing demand for air transportation due to growing
population is expected to increase demand for praseodymium, which are used to
manufacture aircraft.
Rare Earth Metals Market Outlook – Increasing Demand for Recyclable and
Environment Friendly Materials to be the Major Market Driver
The market in Asia Pacific is expected to witness rapid growth over the forecast
period. According to The Wall Street Journal, China produces around 90% share of
the total rare earth metals globally. The growth of the market in this region is thus
attributed to high number of rare earth metal resources found in countries such as
China and India. In India, the production of rare earth metals is under the control of
the Indian Rare Earths Limited (IREL), a governmental undertaking under the
administrative control of the department of Atomic Energy. According to Scientific
American, India is authorizing a plant to produce up to 5,000 tons of rare earth
metals per year, which would help India to contribute around 5 percent to the global
supply of the rare earth metals.
Increasing demand for renewable energy such as hybrid automobiles, next
generation rechargeable batteries, wind turbines, and biofuel catalysts are expected
to boost growth of the rare earth metals market, which are used in such application.
However, fluctuating prices of these metals, use of alternative substances, and
challenging mining of metals due to their unusual concentrations, are expected to
restrain growth of the rare earth metal market.
Major companies operating in the global rare earth metals market include Lynas
Corporation, Avalon Rare Metals Inc, Greenland Minerals and Energy, Iluka
Resources Ltd., Alkane Resources Limited, Rock Tech Lithium Inc., Artemis
Resources Limited, and Great Western Minerals Group.
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Rare Earth Metals Market report categorizes global market by product type, and application - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018–2026