Increased Adoption of Electric Vehicles to Propel the Rare Earth Metals Market Growth to 10.1% CAGR during the period 2023-2033: FMI Presents Latest Analysis
12/20/2022, Newark // Future Market Insights, Inc. //
The Rare Earth Metals Market is valued at US$ 5.6 billion as of 2023. The market is projected to grow at a CAGR of 10.1% during the forecast period, and by 2033, the market is expected to reach a valuation of US$ 14.6 billion.
The surging demand for rare earth metals can be ascribed to the increase in the sales of consumer electronics. Be it smartphones or laptops. These metals are used in the speakers of these devices. Apart from that, the key players in the electronics sector are betting on the high-temperature resistance offered by these metals, which allows them to function with higher efficiency.
Furthermore, growth in the sales of electric vehicles is also expected to surge the demand for rare earth metals during the forecast period. This is owing to the fact that rare earth metals assist in miniaturizing the size of the circuit, which makes electric vehicles work using lesser components.
Moreover, rapid urbanization worldwide is also expected to surge the market growth of rare earth metals. This is owing to the fact that rare earth metals are used in the construction industry as well. Apart from this, rare earth metals are also used in the process of digitization, which is happening at a rapid rate in developing countries.
Even the healthcare sector has seen a surge in the application of rare earth metals. These are specifically used for manufacturing MRI machines, insulin pumps, pacemakers, etc. Apart from that, these are also used as high-strength aluminum alloys, metal halide lamps, etc.
Get a Sample Copy of the Report @ https://www.futuremarketinsights.com/reports/sample/rep-gb-2290
Additionally, the majority of the companies are looking to work on the idea of sustainability, as a result of which they are developing plans to cut down emissions. Thus, these firms have started adopting renewable sources of energy. The implementation of rare earth metals supports the functioning of renewable energy systems, which is expected to further surge their market growth.
Thus, from the insights delivered by FMI researchers, it can be inferred that “an increase in the adoption of electric vehicles, coupled with the increased application across sectors and a number of other factors are expected to surge the rare earth metals market share during the forecast period.”
- The market of rare earth metals is expected to surge at a CAGR of 10.1% during the period 2023-2033.
- The rare earth metals market is valued at US$ 5.6 billion as of 2023.
- By 2033, the market is expected to reach a valuation of US$ 14.6 billion.
- As per the regional analysis, Asia Pacific is the largest rare earth metals market, having a share of nearly 70% in 2022.
- Based on the country-wise analysis, China market is the largest market, and is expected to grow at a CAGR of 11.6%.
- The USA market is anticipated to grow at a CAGR of 7.5%.
- Brazil market is expected to grow at a CAGR of 5.3%.
- India rare earth metals market is expected to grow at a CAGR of 10%.
- Japan market is projected to grow at a CAGR of 7.4%.
- As per application, the magnets segment is expected to have the highest market share during the forecast period, growing at a CAGR of 10.2%.
- As per metal type, the neodymium segment is expected to have the highest market share during the forecast period, growing at a CAGR of 10.8%.
Request for Customization to Get 40% Discount on CHRISTMAS OFFER!
The key players operating in the rare earth metals market are mainly focusing on merging with other key players tap into each other’s crucial resources. Apart from that, the market is also witnessing strategic collaborations with players from the other niches.
Some of the recent developments in the rare earth metals market are:
- In August 2022, the Arafura Resources examined pathways to decarbonisation and how Mining, Oil & Gas companies can prosper in a low carbon world using innovative solutions & emerging cost-effective technologies.
- In July 2022, Lynas Rare Earth was shortlisted for prestigious WA Golden Gecko environmental excellence award.
Rare Earth Metals Market Segmentation
- Permanent Magnets,
- Metallurgy and Alloys,
By Metal Type:
- North America
- Latin America
- Western Europe
- Eastern Europe
Ask an Analyst @ https://www.futuremarketinsights.com/ask-question/rep-gb-2290
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
to be continued…!
Have a Look at Related Research Reports of Chemicals & Materials Domain
Fluoropolymers Market Size: The global fluoropolymer market is anticipated to witness significant growth during the assessment period, starting from 2021 to 2031.
Surface Protection Services Market Share: The surface protection services market is experiencing huge investments across the sector and is expected to benefit the oil and gas industry.
Salt Content Reduction Ingredients Market Growth: Growing awareness about the negative health effects of consuming too much salt is emerging as a key driver propelling growth of the global salt content reduction ingredients market.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
Contact:Future Market Insights Inc. Christiana Corporate, 200 Continental Drive, Suite 401, Newark, Delaware – 19713, USA T: +1-845-579-5705 For Sales Enquiries: Browse Chemical Domain Reports:
The post Increased Adoption of Electric Vehicles to Propel the Rare Earth Metals Market Growth to 10.1% CAGR during the period 2023-2033: FMI Presents Latest Analysis appeared first on Future Market Insights.
Source: Future Market Insights, Inc.
Release ID: 472206
Original Source of the original story >> Increased Adoption of Electric Vehicles to Propel the Rare Earth Metals Market Growth to 10.1% CAGR during the period 2023-2033: FMI Presents Latest Analysis
This content is published on behalf of the above source. Please contact them directly for any concern related to the above.
This press release may contain forward-looking statements. Forward-looking statements describe future expectations, plans, results, or strategies (including product offerings, regulatory plans and business plans) and may change without notice. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements.