Rare Earth Metals Market, By Metals (Neodymium, Yttrium, Dysprosium, Terbium, Europium, Cerium, and Lanthanum), By Application (Catalysts, Permanent Magnets, Metallurgy & Alloys, and Polishing), and By Region (North America, Asia Pacific except Japan, Japan, Latin America, Western Europe, Eastern Europe, and Middle East & Africa)- Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030
Rare earth metals, also known as rare-earths, are a group of 17 nearly indistinguishable silvery white, nearly-matte heavy alloys. These metals, which come from the Earth's crust and are extracted through several chemical processes, are used in the electronics industry, defense applications, and in various other industries. The rare earth metals that are extracted are generally not prepared in the mining process, meaning that the alloys and minerals from the earth come to the market with great deformity and are often found in a very limited range of different shapes.
Market Dynamics
Growing demand for renewable source of energy is expected to foster the rare earth metals market growth. According to the center for climate change and energy solutions, renewables made up 26.2% of global electricity generation in 2018 and is expected to rise to 45% by 2040. will likely come from solar, wind, and hydropower. Rapid growth in end-use industries is also expected to stimulate the market growth.
On the other hand, fluctuating cost of raw materials is expected to hinder the market growth.
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