earth metals market demand. Another major factor driving the rare earth metals market is the increasing use of these
elements as a metal catalyst. Lanthanum and Cerium are widely used as catalyst in petroleum and metallurgical
refining process. Hence, it expected to significantly increase the demand for lanthanum and cerium which has
accounted for over 50.0 % of global rare earth metal consumption in 2012.
Despite the vast application scope for these metals, the market faces significant restraint in the form of depleting
reserves and unavailability of raw material. In the recent past, over 90.0 % of these elements were extracted in China,
and this has led to rising supple demand gap in several other parts of the world. The expected depleting prevailing
reserves of rare earth metal include dysprosium and neodymium since the consumption is projected to increase
drastically over the forecast period owing to increasing consumption by end users such as electrical vehicles and the
wind turbines industry. Furthermore, the environmental threats of mining have enforced several countries such as
China to impose a ban on extreme mining to restrain exploitation of resources.
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The major rare earth metals include Lanthanum, Yttrium, Dysprosium, Cerium, Praseodymium, Neodymium and
Gadolinium. Cerium was the maximum consumed metal, accounting for over 35.0 % of global rare earth market
consumption in recent past. Cerium is extensively used as a rare earth metal catalyst in refining and metallurgy process.
The rising industrialization in emerging economies is anticipated to fuel the demand for cerium over the next eight
years. Lanthanum was recorded as the second highest consumed metal with global consumption of more than 40 kilo
tons in recent past. It is also used in a variety of refining and metallurgical activities. Neodymium is one of the most
significant rare earth metals and has its application in permanent magnets. The demand for permanent magnets is
expected to grow significantly owing to its increasing use in electronic and automobile application.
Metallurgy, magnets, glass, polishing, and catalyst are main applications for the rare earth metals market. Magnets
were the biggest application segment for this market. The rising use of magnets in automotive and wind turbine is
expected to fuel the sales of these metals. Catalyst and metallurgy were the largest application markets for these
metals accounting for over 35.0 % of the revenue in recent past. Asia Pacific is anticipated to be account for major
market share over the forecast period mainly due to the growing awareness regarding its industrial advantages and
presence of rich natural resource reserves. China constitutes more than 90% rare earth metals manufacturing, thus
creating a huge demand and supply gap in the sector. Hence, creating new opportunities for emerging manufacturers
that are anticipated to cater the growing end-user demand from electric vehicle industry coupled with wind turbine
industry.
North America and Europe are anticipated to witness significant growth over the next eight years owing to the
presence of high reserves of rare earth metals and rising demand from end-user industries. Particularly the US,
Germany, France, the UK, and Italy are projected to account for highest growth in the region majorly due to growing
demand for big 5 elements and rising R&D endeavors to enhance quality and properties. The Middle East & Africa is
projected to see significant growth by 2024 mainly owing to increasing urbanization, globalization, and