Rare Earth Metal Compounds Market Size Worth USD 9.19 billion By...

Rare Earth Metal Compounds Market Size Worth USD 9.19 billion By 2032

Posted 2023-12-01 09:02:36

Market Overview: The Rare Earth Metal Compounds Market is anticipated to experience a value-based growth rate of 16.8% from 2019, reaching USD 9.19 billion by 2027. The global market is currently witnessing substantial momentum due to increased consumption across various industry sectors and a growing number of innovative applications that are replacing traditional uses.

Competitive Landscape: Key players in the Rare Earth Metal Compounds Market include China Minmetals Rare Earth Co. Ltd., Shin-Etsu Chemical Co. Ltd., Inner Mongolia Baotou Steel Rare Earth Hi-Tech Co Ltd., China Northern Rare Earth Group High-Tech Co., Molycorp Inc., India Rare Earth Ltd., Canada Rare Earth Corporation, Alkane Resources Ltd, Great Western Minerals Group Ltd., and Lynas Corporation Ltd.

Market Statistics:

The global Rare Earth Metal Compounds Market valuation was USD 3.14 Billion in 2019 and is projected to reach USD 9.19 Billion by 2027.
The phosphors sub-segment is expected to grow at a CAGR of 18.2% due to increased usage in lighting and optical applications.
The glass sub-segment is forecasted to grow at a rate of 15.6%, driven by the emerging use of commercial glass in modern building and architecture.
The Catalysts sub-segment is anticipated to grow at a rate of 15.6%, mainly due to its widespread applications in petroleum refining.

Market Segmentation: The report segments the global Rare Earth Metal Compounds Market based on rare earth metals, additive constituents, end-use verticals, and region, providing revenue and volume forecasts from 2017 to 2027. The rare earth metals covered include Cerium, Dysprosium, Erbium, Europium, Gadolinium, Holmium, Lanthanum, Lutetium, Neodymium, Praseodymium, Promethium, Samarium, Scandium, Terbium, Thulium, Ytterbium, and Yttrium.

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Global Rare Earth Metal Compounds are expected to gain significant traction, driven by high demand from industries such as magnets, phosphors, glass, polishing, and catalysis. The shift towards alternative propulsion systems in the automotive sector, such as hybrid electric vehicles (HEV) and electric vehicles (EV), is a key driver. Environmental concerns and regulations targeting harmful emissions from internal combustion engines (ICE) also contribute to market growth. However, challenges in mining due to technological limitations have led to the underutilization of naturally abundant rare earth metals. Advancements in technology are enabling more cost-effective extraction methods, opening up opportunities for increased utilization across various verticals.

Impact of COVID-19: The global COVID-19 pandemic has significantly affected countries worldwide, causing disruptions in manufacturing industries. Challenges in the supply chain, labor shortages, and delivery issues have led to notable constraints. Rare earth metal compounds, being crucial raw materials for various end-use sectors, face production hurdles, resulting in a temporary market slowdown. Despite this, a rebound is anticipated in the third quarter of the fiscal year as manufacturing industries ramp up production to compensate for earlier losses. Production facilities for rare earth metal compounds are expected to resume and double capacity to meet heightened customer demands.

Key Report Highlights:

Region and country-wise statistics for the global Rare Earth Metal Compounds Market from 2017 to 2027, with 2019 as the base year.
Market size estimation, historical and forecasted trend analysis.
Analysis of various alternative types, with a focus on individual segment shares.
Regulatory frameworks in different regions.
Ongoing developments and upcoming research and application outlook.
Rare Earth Metal Compounds Market demand and supply gap analysis.
Pricing strategy of regional competitors.
Market share analysis of top industry players.
Strategic recommendations for new entrants.
Market trends, including drivers, constraints, opportunities, threats, challenges, and investment opportunities.

Salient Trends in the Rare Earth Metal Compounds Market:

Neodymium, when combined with iron and boron, produces the strongest permanent magnets, widely used in various applications such as hard disk drives, audio accessories, consumer electronics, and motors.
Praseodymium and magnesium compounds are used in aircraft engines to create high-strength metals.
Samarium-Cobalt compounds are employed in high-temperature permanent magnets, particularly in premium guitars and electric musical instruments.
Cerium is crucial in three-way Catalyst (TWC) technology for controlling atmospheric pollution from internal combustion engines (ICE).

The additive constituents are categorized as Metal Oxides, Inorganic Compounds, and Others. End-use verticals include Catalysts, Magnets, Ceramics, Metallurgical, Glass, Polishing, Phosphors, and Others.

The regional outlook covers North America (U.S.), Europe (U.K., France), Asia Pacific (China, India, Japan), MEA, Latin America (Brazil).

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