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Asia Pacific contributed 42.1% share of the global rare earth metals market owing to its rich rare earth reserves and control over supply. It accounts for the major share of worldwide rare earth oxide production. The mountains of Southern China have been a major source of rare earths for decades. Chinese companies dominate rare earth mining and the country hosts a strong manufacturing base that utilizes these crucial minerals. It has strategically developed downstream rare earth processing and alloy making capacities over the years. This vertically integrated supply chain allows China to dictate prices in the global market. While other nations are trying to reduce dependence on China, it will take considerable time and investment for anyone to match China's production capabilities and market control.
North America has emerged as the fastest growing region in the rare earth metals market. Countries like the U.S. and Canada are boosting exploration of rare earth deposits and ramping up processing capacities. Supportive government policies and funding for indigenous rare earth industries is aiding regional growth. Several mining projects are underway to secure domestic supply of rare earths. Investments are also flowing into rare earth magnet and alloy production facilities. North America has a sizable consumer electronics and electric vehicle industry that depends on rare earth inputs. Hence, there is a strategic push to develop alternative regional sources and minimize Chinese imports over time. International collaborations between North American and allied nations will likely strengthen non-Chinese supply sources going forward.
Rare Earth Metals Market Report Snapshots
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