LONDON, Dec. 16, 2021 (GLOBE NEWSWIRE) -- According to The Business Research Company's research report on the rare earth metals market, the development of ultrathin 2D magnets is shaping the rare earth metals market, leading to new applications in computing and electronics. This ultrathin 2D magnet can operate at room temperature and can be used in computing and electronics. For instance, in July 2021, Scientists at the Department of Energy, Lawrence Berkeley National Laboratory recently developed an ultrathin 2D magnet that is chemically stable under ambient conditions and can be used in high-density, compact spintronic memory devices.
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The global rare earth metals market is expected to grow from $5.22 billion in 2020 to $5.72 billion in 2021 at a compound annual growth rate (CAGR) of 9.6%. The growth of the rare earth metals market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The rare earth metals market is expected to reach $8.88 billion in 2025 at a CAGR of 11.6%.
Asia Pacific was the largest region in the rare earth metals market in 2020. The regions covered in the rare earth metals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The Business Research Company's report titled Rare Earth Metals Global Market Report 2021 - By Product Type (Light Rare Earth Metals, Heavy Earth Metals), By Metal Type (Neodymium, Yttrium, Dysprosium, Terbium, Europium, Cerium, Lanthanum), By Application (Catalysts, Ceramics/Glass, Glass Polishing, Metallurgy), COVID-19 Growth And Change covers major rare earth metals companies, rare earth metals market share by company, rare earth metals manufacturers, rare earth metals market size, and rare earth metals market forecasts. The report also covers the global rare earth metals market and its segments.
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The rare earth metals market consists of sales of rare earth metals by entities (organizations, sole traders, and partnerships) that are used as components in high technology devices in wind turbines, computer hard drives, electric car motors, solar panels, and lithium-ion batteries. Rare earth metals are a group of 17 chemical elements that are all metals and play a vital role in a clean-tech-driven economy.
Major players in the rare earth metals market are Lynas Rare Earths, Iluka Resources, Greenland Minerals, Northern Minerals, Arafura Resources limited, Neo Performance Materials, MP Materials Corp., Australian Strategic Materials Limited, Hitachi Metals Ltd, Energy Fuels Inc., Pensana Rare Earths PLC, Hastings Technology Metals Limited, Texas Mineral Resources, Shin-Etsu Chemical Co. Ltd, Showa Denko K. K., Rare Elements Resources limited, Ucore Rare Metals, Rainbow Rare Earths, RareX Limited, Leading Edge Materials Corp, and Ionic Rare Earths.
The main types of products of rare earth metals are light rare earth metals, heavy earth metals, and others. The lanthanides with the lowest atomic numbers are known as light rare earth metals and include praseodymium, cerium, samarium, lanthanum, scandium, and neodymium. The different types of metals include neodymium, yttrium, dysprosium, terbium, europium, cerium, lanthanum, others and are used in magnets, catalysts, metallurgy, polishing, glass, phosphors, ceramics, others.
Rare Earth Metals Global Market Report 2021 – COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provide rare earth metals market overviews, rare earth metals market analyze and forecast market size and growth for the whole market, rare earth metals market segments and geographies, rare earth metals market trends, rare earth metals market drivers, rare earth metals market restraints, rare earth metals market leading competitors' revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors' approaches.
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