Rare Earth Metals Global Market Report 2021: COVID-19 Growth And Change
New York, Nov. 30, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Rare Earth Metals Global Market Report 2021: COVID-19 Growth And Change” – https://www.reportlinker.com/p06187347/?utm_source=GNW
, Pensana Rare Earths PLC, Hastings Technology Metals Limited, Texas Mineral Resources, Shin-Etsu Chemical Co. Ltd, Showa Denko K. K., Rare Elements Resources limited, Ucore Rare Metals, Rainbow Rare Earths, RareX Limited, Leading Edge Materials Corp, and Ionic Rare Earths.
The main types of products of rare earth metals are light rare earth metals, heavy earth metals, and others.The lanthanides with the lowest atomic numbers are known as light rare earth metals and include praseodymium, cerium, samarium, lanthanum, scandium, and neodymium.
The different types of metals include neodymium, yttrium, dysprosium, terbium, europium, cerium, lanthanum, others and are used in magnets, catalysts, metallurgy, polishing, glass, phosphors, ceramics, others.
The global rare earth metals market is expected to grow from $5.22 billion in 2020 to $5.72 billion in 2021 at a compound annual growth rate (CAGR) of 9.6%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $8.88 billion in 2025 at a CAGR of 11.6%.
The rare earth metals market consists of sales of rare earth metals by entities (organizations, sole traders, and partnerships) that are used as components in high technology devices in wind turbines, computer hard drives, electric car motors, solar panels, and lithium-ion batteries. Rare earth metals are a group of 17 chemical elements that are all metals and play a vital role in a clean-tech-driven economy.
Asia Pacific was the largest region in the rare earth metals market in 2020. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
An increase in the demand for electronics is expected to serve as a major driver of the rare earth metals market in the forecast period.Rare earth metals are widely used in the manufacturing of electronic products such as cellular telephones, computer hard drives, flat-screen monitors, and televisions.
According to data by StockApps.com, a UK-based centric brokerage firm that allows users to trade online, global consumer spending in electronics is expected to reach $1.06 trillion in 2021. This will create a significant surge in demand for the rare earth metals market and thus will propel the growth of the rare earth elements.
The development of ultrathin 2D magnets is shaping the rare earth metals market, leading to new applications in computing and electronics.This ultrathin 2D magnet can operate at room temperature and can be used in computing and electronics.
For instance, in July 2021, Scientists at the Department of Energy, Lawrence Berkeley National Laboratory recently developed an ultrathin 2D magnet that is chemically stable under ambient conditions and can be used in high-density, compact spintronic memory devices.
In April 2020, USA Rare Earth, LLC, a US-based company specializing in critical heavy rare earth elements and high-tech metals acquired Hitachi Metals America, Ltd for an undisclosed amount.Under the terms of the agreement, USA Rare Earth bought Hitachi Metals America’s neodymium iron boron (NdFeB) permanent magnet production equipment, which was located in North Carolina.
Hitachi Metals America is a US-based company and a subsidiary of Hitachi Metals that offers rare earth metals such as the family of permanent magnets, Neodymium (Nd)-Iron (Fe) Boron (B).
The countries covered in the rare earth metals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06187347/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.
This announcement was originally posted on the website of Global Newswire.
