One major element driving the market's growth is the rising need for renewable energy around the globe. One of the main industries that uses rare earth metals and their products is the renewable energy sector. For instance, the production of wind turbines heavily relies on the use of permanent magnets made from rare earth metals like neodymium and dysprosium. The market for rare earth metals is expected to develop as a result of the rising demand for hybrid and electric automobiles. Another significant end-use sector for rare earth metals is the manufacture of electric vehicles. They are used in the production of the batteries that drive these electric vehicles. Rare earth magnets are essential parts of the electric motors that power hybrid vehicles' propulsion systems. Hence, the rare earth metal market is growing at a rapid rate thanks to the EV industry's strong expansion. One of the major market trends is the expansion of strategic partnerships and agreements among important manufacturers.
According to Coherent Market Insights, the global market for Rare Earth Metals was worth US$4710.8 million in 2021, growing at a CAGR of 6.24% over the forecast period (2022 to 2030).
Major Players in the Rare Earth Metals Industry:
1. China Northern Rare Earth (Group) High-Tech Co., Ltd,
The business was established in 1961 and is situated in china. The business specialises in creating and selling items made of rare earths. The company's main products are oxides, metals, salts, and rare earth magnetics. China asks rare earths manufacturers to return prices to "reasonable" levels by March 2022.
2. RISING NONFERROUS METALS CO., LTD
The business was established in 1993 and the business is headquartered in China. The business operates in China's nonferrous metal mining, production, processing, and distribution industries. Tungsten and related materials, as well as rare earth and related products, are the company's major offerings. The activity of import and export trading is also carried out by the organisation.
3. China Minmetals Rare Earth Co., Ltd
The business was established in 1998 and has its headquarters in China. In addition to producing rare earth oxides, rare earth metals, and other rare earth goods, the company also processes and sells mineral products. Research and consultancy services for related technologies are also offered by China Minmetals Rare Earth.
4. Aluminum Corporation of China Limited
The company was founded in 2001 and has its headquarters in Beijing, China. The business produces aluminium goods and sells ores, aluminium, bauxite, coal, and other goods. Coal mining, logistics, and other businesses are served by Aluminum of China. On May 18, 2022, Aluminum Company of China Ltd (Chalco) had its "BBB" Foreign Currency LT credit grade reaffirmed by S&P Global Ratings.
5. Lynas Corporation, Ltd.
The business was founded in 1983 and the business is headquartered in Kuantan, Malaysia. Its two main businesses are a refinery and a mining and concentrate plant. On December 30, 2021, Lynas declared that it has received environmental licence from Malaysian authorities to construct a long-term disposal facility for water leached purification residue at Gebeng Industrial Estate.
6. Beijing Zhongke Sanhuan High-tech Co. Ltd.
The company was established in 1999 and has its headquartered in China. The business creates and produces rare earth permanent magnetic materials and goods. Neodymium iron boron magnetic materials are the company's principal product. The corporation primarily worked on developing, manufacturing, and selling rare-earth permanent magnets.
7. Arafura Resources Ltd.
The business was established in 1997 and is situated in Perth, Western Australia. A rare earth metals mining and exploration firm is called Arafura Resources Ltd. In addition to rare earths, phosphate, uranium, iron, vanadium, and gold, it is also involved in the discovery and development of other mineral sources. With a contract inked with Hyundai on May 22, Arafura agreed to supply 5% of the world's NdPr by 2025.
8. Alkane Resources Ltd.
The business was established in 1969 and is situated in Australia. The company is both a gold producer and an explorer, producing gold from its fully owned Tomingley Gold Project in New South Wales and doing exploration in that state. Alkane has assets in young Australian gold developers as well.
Definition: Among the rare earth metals are cerium, praseodymium, neodymium, yttrium, lanthanum, and dysprosium. The earth's crust contains a group of elements called these metals. They are widely employed in a variety of applications, including catalysts, glass, ceramics, phosphors, metal alloys, permanent magnets, pigment, metallurgy, and glass and ceramics.
