Top 4 trends likely to stimulate Rare Earth Metals Market outlook over 2020-2026
Selbyville, Delaware, United States, September 7 2020 (Wiredrelease) Global Market Insights, Inc –:Rare earth metals market is projected to witness a commendable growth over the forthcoming years on account of rising popularity of these metals in renewable energy sector. With several countries shifting towards renewable energy sources, the demand for rare earth metals will generate huge revenue gains for the market across these nations. According to the EIA and GWEC, the U.S. produced over 190 million MWh of wind energy in 2015 and it was around 4.7 percent of total electricity generated in the country.
Major industry players in the U.S. have laid emphasis on adopting renewable energy, reducing greenhouse gas emissions and improving overall energy efficiency, which has reportedly augmented rare earth metals market share across the country. Growing demand for clean and renewable energy along with supportive public policies pertaining to renewable energy consumption will favor the industry growth.
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Moreover, apart from growing need for energy across the globe, the fluctuating oil and gas prices has increased the preference for renewable energy sources owing to their very little dependency on those commodities. This trend will significantly contribute to rare earth metals industry growth as it is predominantly used in the manufacturing of wind turbines.
According to Global Market Insights, Inc. report, rare earth metals market size is poised to surpass USD 19.8 billion by 2026, considering the below mentioned trends:
Increasing industrial applications of Neodymium and Scandium
Neodymium segment had led the global rare earth metals market by acquiring a business share of over 30% followed by Scandium and dysprosium with a market share of 17% and 10% respectively in 2019. Neodymium finds wide usage in renewable energy sector, electric vehicles, etc., whereas scandium alloys are extensively used in aircrafts and aerospace industry. On account of these numerous applications, the segments are anticipated to witness a substantial growth over the coming years.
Proliferating demand for magnets
Magnets segment had emerged as a major end user vertical for rare earth metals industry in 2019 and is projected to register 7.5% CAGR over the forecast timeframe. The growth can be credited to their rising application in electric and hybrid cars. Governments around the world are taking consistent efforts to mitigate toxic emissions produced by cars operating on fossil fuels. This has urged the demand for electric vehicles and metals used to manufacture them.
Various automakers are already using permanent magnet motors made from rare earth metal like Neodymium as they are stronger, lighter and high in efficiency than conventional induction motors based on copper coils. For instance, in 2018, Tesla, Inc. had introduced magnetic motor made of Neodymium in its Model 3 Long Range car as a part of widening their range of sustainable cars. Reportedly, this move is likely to impel the demand for Neodymium metal.
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Rising adoption in North America
North America rare earth metals market is expected to secure a market share of over 18% by 2026 attributing to a higher demand from several segments such as optical instruments, magnets, alloys and colorants in the region. Further, the U.S. is investing heavily on R&D activities and new product development in order to reduce its dependence on other countries for rare earth metals which is likely to have a positive influence on the regional market.
Speaking of initiatives being taken in the U.S. to increase the domestic capacity of rare earth metals, in 2019, Lynas Corporation Ltd, the Australia based rare earther mining company had signed an MoU with Blue Line Corporation based in Texas to develop a capacity for rare earths separation in the U.S.
Escalating demand in Asia Pacific
Asia Pacific rare earth metals market is estimated to emerge as a largest market in 2026 and will account for over 55% of the global demand during the analysis timeline owing to the presence of large RE metal reserves in the region. China being the biggest consumer of rare earth metals in entire Asia Pacific region is likely to register a CAGR of over 11% during the forecast timeline. The growth can be credited to the elevating domestic demand in the country. Moreover, stringent government regulations pertaining to illegal mining activities will further propel the regional market growth over the ensuing years.
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