Market Overview

Neodymium Rare Earth Metals Market – To Accrue More Than 30% share by 2024

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Global rare earth metals market share has surged owing to increased demand from crucial industries such as electronics and electrical, automotive, wind power generation, as well as oil and petroleum refining. 

According to a new research report by Global Market Insights, Inc. Rare Earth Metals Market growing at9.7% to exceed USD 20 billion by 2024.Earth metals are widely used in magnets and magnetic powders, catalysts, polishing powders, metallurgical additives, batteries, ceramics, glass additives and other components. Additionally, electric vehicles and wind power generation use turbines and motors comprised of rare earth metal magnets.

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Growth drivers are

1.      

High demand for clean energy

2.     

Growing demand from emerging technologies such as electric vehicles, and hybrid vehicles 

Growing demand for clean energy alternatives owing to the increasing carbon footprint globally will complement the product demand in the coming years. Low weight and cost, reduced noise, low maintenance requirement and reduced incidences of catastrophic failures is propelling the use of rare earth metals in Generation 4 machine designs to eliminate gearbox issues. 

Notable factors influencing rare earth metals industry forecast: 

Rapidly emerging wind energy sector

The robust automobile industry is showcasing rising demand for rare earth metals. With increasing awareness among people regarding carbon emission levels along with stringent government regulations, he use of hybrid and electric vehicles for proper energy consumption is growing.

 Rising cost of electricity coupled and the demand for clean energy is leading to the adoption of renewable energy generators such as wind turbines. Wind turbine manufacturers mainly use rare earth metals for constructing internal components, while their motors require rare earth magnets as they provide enhanced strength as compared to traditional magnets, bolstering rare earth metals market outlook.

 Enhanced performance at high temperatures and resistance to corrosion are some of the vital characteristics boosting the use of rare earth metals in the manufacturing of wind turbines. Additionally, lack of substitutes for rare earth metal magnets to ensure high performance in wind turbines is magnifying the product penetration.

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Increasing demand for neodymium

 Neodymium as a rare earth metal is witnessing burgeoning demand globally in the making of high powered, infrared lasers for industrial and defense applications. Reportedly, neodymium segment accounted for over 30% of the total rare earth metals market share in the year 2016. The product when combined with praseodymium works as a strong permanent magnet.

These magnets are further used in wind turbines, hand tools, vehicles and consumer electronics such as hard disk drives, computer discs, earphones, smartphones and microphones. Hence, the escalating consumer electronics industry, due to the increase in disposable income among people and the demand for innovations in electronics technology, will expand rare earth metals market share. 

Expanding industrial sector in Asia Pacific 

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Regionally, Asia Pacific is expected to emerge as a profitable revenue terrain for global rare earth metals market in terms of consumption and demand. Increasing industrialization in the region owing to the rise in FDI will steer APAC rare earth metals industry size in the coming years.

China accounts for over 80% of the global rare earth metal production and uses approximately 60% of it for domestic consumption. Over the years, China has increased its control over mining of rare earth elements, production and quotas for domestic use by levying mining rights allocation plans.

Consumption of rare earth metals in the APAC region owing to a robust industrial and automotive sector will positively influence rare earth metals market trends.

 

 

 

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