Rare Earth Metals Market Estimated To Witness High Growth Owing To Rising Demand From Consumer Electronics Industry
The Rare Earth Metals market is estimated to be valued at US$ 5317.05 Mn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Rare earth metals refer to a group of 17 chemical elements in the periodic table. They are cerium, dysprosium, erbium, europium, gadolinium, holmium, lanthanum, lutetium, neodymium, praseodymium, promethium, samarium, scandium, terbium, thulium, ytterbium, and yttrium. Rare earth metals have special properties like catalytic, phosphorescent, and magneto-optical. They are used across various applications such as consumer electronics, defense, automotive, and more.
Market Dynamics:
The Rare Earth Metals market is driven by the rising demand from the consumer electronics industry. Rare earth metals such as neodymium, dysprosium, and praseodymium are used to make small and powerful magnets used in devices like smartphones, laptops, and electric vehicles. According to India Brand Equity Foundation, the consumer electronics market in India is expected to reach US$ 400 billion by 2025.
Another driver for the market is increasing investment in renewable energy. Rare earth metals such as neodymium, praseodymium, and dysprosium are used to make powerful and efficient magnets used in electric vehicles and wind turbines. The favorable government policies and growing environmental concerns are encouraging investment in renewable energy sources worldwide.
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