An upsurge in demand for powerful permanent magnets, fuel cells in many end-use verticals, and extensive growth in the consumer electronics & green technologies are fueling the growth of this market.
New York City, United States – May 18, 2020 /MarketersMedia/ —
The Global Rare Earth Metal Compounds Market is forecast to reach USD 9.19 Billion by 2027, according to a new report by Reports and Data. The global Rare Earth Metal Compounds market is currently observing a tremendous pace owing to the massive rise in the consumption by different industry verticals and propelling number of new use cases, which predominantly is replacing many conventional applications. The hidden potentiality of the rare earth metal compounds has been a major viewfinder of growth for many product-based companies that invest a handful of amount in their R&D to come up with new patented uses and create a monopoly in the market. For Instance, Tesla, Inc., an American electric vehicle manufacturing company, used neodymium magnets in its Model 3 Long Range vehicle.
The COVID-19 Impact:
The COVID-19 global pandemic has created a potential constraint in the growth of the economy, affecting many companies, governments, and the common individuals. The automobile industry that holds some significant uses of rare earth metal compounds, including catalytic converters to reduce harmful vehicle exhaust emissions and high-performance motors & power generators in electric vehicles, would observe a tremendous slowdown globally owing to the Coronavirus outbreak.
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Competitive Landscape
China Minmetals Rare Earth Co. Ltd., Shin-Etsu Chemical Co. Ltd., Inner Mongolia Baotou Steel Rare Earth Hi-Tech Co Ltd., China Northern Rare Earth Group High-Tech Co., Molycorp Inc., India Rare Earth Ltd., Canada Rare Earth Corporation, Alkane Resources Ltd, Great Western Minerals Group Ltd., and Lynas Corporation Ltd, among others.
For the purpose of this report, Reports and Data have segmented the global Rare Earth Metal Compounds Market on the basis of the rare earth metals, additive constituents, end-use verticals, and region:
Rare Earth Metals Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
• Cerium (Ce)
• Dysprosium (Dy)
• Erbium (Er)
• Europium (Eu)
• Gadolinium (Gd)
• Holmium (Ho)
• Lanthanum (La)
• Lutetium Lu)
• Neodymium (Nd)
• Praseodymium Pr)
• Promethium (Pm)
• Samarium (Sm)
• Scandium (Sc)
• Terbium (Tb)
• Thulium (Tm)
• Ytterbium (Yb)
• Yttrium (Y)
Additive Constituents Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
• Metal Oxides
• Inorganic Compounds
• Others
End-Use Verticals Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
• Catalysts
• Magnets
• Ceramics
• Metallurgical
• Glass
• Polishing
• Phosphors
• Others
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Further key findings from the report suggest
• Magnets made by NdFeB or Neodymium with the combination of Ferrous & Boron and Samarium-Cobalt rare earth metal compounds are most used premium magnets appraised for their permanent magnet-forming ability and high strength in operation. High growth in the consumer electronics, wind turbine generators, high-performance servo motors, power-lifting machines, traction motors are remarkably adding to the market growth with a CAGR of 19.6% during the forecast period.
• Sodium Terbium Borate, a compound made using Terbium (Tb), is being used in the solid-state devices. Combined with Zirconium Dioxide, this rare earth metal compounds can be used as a crystal stabilizer of extremely high-temperature fuel cells. Fuel cell, purportedly an alternative source of electricity in the future, has been substantially growing in the recent past.
Regional Outlook (Revenue, USD Billion; 2017-2027)
• North America
• Europe
• Asia Pacific
• MEA
• Latin America
Read the full Research Report along with a table of contents, facts and figures, charts, graphs, etc. @ https://www.reportsanddata.com/report-detail/rare-earth-metal-market
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