As per Global Market Insights Inc. estimates, the global rare earth metals market size is expected to exceed $19.8 billion by 2026.

Renewable energy has become the fastest-growing energy source as electricity prices have been increasing, which is a major factor in the development of clean energy generators including wind turbines.

In building the internal components of these wind turbines, rare earth metals are widely used. To ensure the delivery of robust performance, rare earth magnets are preferred over traditional magnets in the motors. This aspect, coupled with the lack of product substitution in wind turbines, is anticipated to amplify rare earth metals industry expansion over the stipulated timeframe.

A set of 17 elements are included in the rare earth metals, which originate from the geographical deposits. Cerium, lanthanum, and neodymium are available in abundance across the globe. Considering the atomic weights, rare earth metals are divided into light and heavy metals.

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The many benefits of rare earth metals include a striking performance at high temperatures as well as resistance to corrosion. These offerings are expected to amass considerable gains among wind turbine manufacturers in adopting rare earth metals, which will significantly impact market outlook.

Recurrent supply chain disruptions and trade disturbances are some factors hindering the rare earth metals market outlook. China is a major concentration hub of this product and trade disturbances are creating a significant impact on industry trends, as several countries rely on these trading activities to meet their domestic product demand. Additionally, price fluctuations and minor production changes of rare earth metals are adversely impacting the global market dynamics.

In terms of segmentation by metal, rare earth metals market from the cerium segment is likely to accounts for a major market volume. This growth is attributed largely to the extensive use of the product in catalyst applications and batteries. The neodymium segment, meanwhile, is poised to exhibit a CAGR of around 8.2% through 2024.

With regards to the application spectrum, the magnets segment is likely to hold a dominant position in the rare earth metals market in terms of volume and revenue over the projected timeline. This is due to proliferating demand and applications of rare earth magnets in EV (electric vehicles). The catalyst segment, on the other hand, accounted for over 23% in the overall market share in 2016.

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On the regional front, the Asia Pacific rare earth metals market held the highest market share in 2016. Mounting industrialization in emerging countries such as India, Japan, and China will augment the demand for rare earth metals in the region during the estimated timeframe.

Major companies in the global rare earth metals industry include Lynas Corp., Avalon Rare Metals, India Rare Earth, Great Western Minerals, and Canada Rare Earth Corp., among others.

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