Rare Earth Metals Market insights shared in detailed report
Global Rare Earth Metals Market: Overview
Rare earth metal is any group of elements in the periodic table falling in the lanthanide series and compromising of scandium and yttrium. They are not actually rare but the form of nature that they occur makes them rare. They occur all together in nature. This makes them very difficult to separate.
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Global Rare Earth Metals Market: Growth Factors
The global rare earth metal market is likely to witness huge growth in coming future. The rising demand for rare earth metals from the permanent magnet industry is the main reason that has driven the growth of the global market. Additionally, the growing exploration of unmined reserves and the recycling of rare metals from e-waste are also boosting the growth of the global market. Furthermore, affordable cost of labor is also driving the growth of the global market. In addition to this, high demand from the industry is also powering the growth of the global earth metal market. Huge job opportunities are also one of the main reasons that are towering the global market. Besides, use of advanced technology for discovery and processing of rare earth metals are also lowering the growth of the global earth metal market.
On the other hand, the high cost of ownership for the processing of rare earth metals is the main reason hampering the growth of global earth metal market. Besides, high cost for raw material is one of the reasons that are decreasing the growth of the global market. Moreover, high cost for transportations is also one of the significant reasons that are restraining the growth of the global market.
Global Rare Earth Metals Market: Segmentation
Based on the type, the global earth metal market is mainly classified as praseodymium, lanthanum, neodymium, cerium, promethium, samarium, dysprosium, europium, gadolinium, holmium, thulium, terbium, yttrium, scandium, ytterbium, erbium, lutetium, and others.
On the basis of applications, the global market is divided into catalyst, magnets, ceramics, metallurgy, glass, phosphors, polishing, and others.
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Global Rare Earth Metals Market: Regional Analysis
The global market for earth metal is regionally segmented into the Middle East and Africa, North America, and Asia Pacific. The rising demand for rare earth metals from the permanent magnet industry is boosting the global market in the U.S. and Canada. The growing recycling of rare metals from e-waste and the exploration of unmined reserves is towering the global market in countries such as India and China. The rest of the world will witness a steady and slow growth in the global market in the coming future.
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Global Rare Earth Metals Market: Competitive Players
Key players in the global earth metal market are Lynas Corporation Ltd., Molycorp, Inner Mongolia Baotou Steel, Chinalco Yunnan Copper Resources Ltd., Rare Elements Resources Ltd., Greenland Rare Earth and Energy Ltd., Alkane Resources, Indian Rare Earths, Arafura Resources, Avalon Rare Metals, Great Western Minerals Group, Rare-Earth Hi-Tech Co, and China Rare Earth Holdings.
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