Rare Earth Metals Market Analysis

Type (Light, Heavy)

The light segment is estimated to gain the largest market share of 63% in the year 2037. Light rare earth metals are commonly used in electronics and semiconductors due to their unique magnetic and electrical properties, making them essential for manufacturing electronic devices. The increasing demand for electronic devices fuels the need for LREEs in their production. LREEs, particularly neodymium and praseodymium, are crucial components in high-performance magnets used in EV motors and wind turbines, driving the growth of the LREEs segment. According to the International Energy Agency (IEA), the global electric car stock exceeded 10 million vehicles in 2020, with the number projected to grow further in the coming years.

Additionally, the Global Wind Energy Council reported that the cumulative installed wind power capacity reached 743 GW by the end of 2020, indicating the increasing demand for wind turbines.

Application (Electronics, Lighting, Semiconductors)

The electronics segment in the rare earth metals market is expected to garner a significant share in the year 2037. Advancements in electronics technology, such as the development of smaller and more powerful microprocessors, integrated circuits, and sensors, drive the growth of the electronics sector. New technologies enable the creation of innovative and more sophisticated electronic products. The growing popularity of smartphones, tablets, smartwatches, and other smart devices has contributed significantly to the expansion of the electronics segment. These devices offer advanced functionalities and connectivity, driving consumer demand.

Our in-depth analysis of the global market includes the following segments: