The rare earth metals market will touch USD 15,473.3 million by 2030, powering at a rate of 9.1% by the end of this decade. This will chiefly be because of the growing use of these elements in the consumer electronics, aerospace, energy, and automobile sectors.
There have been advancements in IoT, AI and wirelessly connected devices, creating an enormous requirement for semiconductors. Most of these novel devices are fortified with a SoC, for offering prominent integration levels.
Moreover, SoCs also let the devices to work with a high-power competence and improved security, by integrating procedures, memory, power management sensors, RF transceivers, and connectivity components in a single unit.
Furthermore, during the pandemic, the world shifted on the way to the digital communication, which has augmented the requirement for SoC-powered devices, in which numerous rare earth metals are involved in the manufacturing procedure of semiconductors.
Neodymium will generate about USD 7 billion revenue in 2030. This will generally be due to the fact that the increasing use of neodymium magnets in HEVs, consumer electronics and aircrafts, e.g. mobiles, audio systems, and TVs.
Furthermore, neodymium is a high-strength metal supporting in decreasing the size of e-motors for electric vehicles. According to the data, the electric motor market had a revenue of above more than USD 100 billion in 2020, DISPLAYING a high requirement for this mineral.
Rare earth metals are widely used in catalyst systems as they surge the rate of a chemical reaction without themselves experiencing any permanent chemical alteration, by absorbing, stowing, and releasing oxygen, and steadying the surroundings in which they work.
Some key uses of catalysts are chemical processing, petroleum refining, diesel additives, catalytic converters, and industrial pollution scrubbers.
APAC rare earth metals market will grow the fastest at a rate, of about 10%, in the near future as mentioned in a report by P&S Intelligence. China has the largest reserves of the key rare earth elements, is their major producer, also accounting for a substantial proportion of the global output.
Furthermore, it is a key exporter of these elements. With the increase in the production of vehicles, the industry is growing because these minerals are employed as alloys for the automobile and their components manufacturing.
It is because of the increasing production of consumer durables all over the world, the demand for rare earth metals will continue to grow in the years to come.