“The Global Rare Earth Elements Market is expected to grow at a high CAGR of 10.0% during the forecasting period (2021-2028)”.
Rare earth elements are a group of seventeen metals and compounds of the same metals in the periodic table with specific properties. The group of elements consists of yttrium, scandium and the 15 lanthanide elements such as Cerium, Erbium, Europium, Gadolinium, Holmium, Lanthanum, Neodymium, Praseodymium, Promethium, Samarium, Scandium, Terbium, Thulium, Ytterbium and Yttrium. These elements possess certain characteristics such as high electrical conductivity, fluorescent properties, and have high magnetic properties. It can be useful when alloyed, or mixed, in small quantities of other metals such as iron, aluminum, etc.
Rare earth elements are usually found in several applications such as portable electronic devices such as smartphones, portable computers readers, loudspeakers, and cameras as well as in automobile batteries.
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The global rare earth elements market is driven by the rising sale of the electronics devices such as smartphones, laptops, televisions, computers, etc. due to rising consumer spending and increasing internet penetration around the globe. Further increasing sales of electric as well as hybrid vehicles around the globe due to growing consumer awareness and rising government initiatives and schemes has propelled the growth of the rare earth elements market.
Rising demand of the rare earth elements in the manufacturing of the electrinic devices
The market is driven by a surge in the sale of electronic devices such as smartphones, portable speakers, cameras, etc with increasing use of E-commerce sites, rising internet penetration, and growing disposable income of the people around the globe. For instance, as per the International Monetary Fund Organization in 2019, the global smartphone sale was registered to around 1.37 million and is increasing at a rapid pace in developing countries due to the presence of a huge population and a rising number of internet users. The rare earth elements are widely used in the manufacturing of the smartphone due to its feasible properties such as high electrical conductivity.
The Middle East and Africa
The rare earth elements market is moderately competitive with the presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include China Northern Rare Earth, Arafura Resources Ltd , Lynas Corporation Ltd, Avalon Rare Metals, Alkane Resources Ltd, Shin-Etsu Chemical Co. Ltd, China Minmetals Rare Earth Co. Ltd, High-Tech Co., Ltd, Molycorp Inc., Iluka Resources Ltd, Canada Rare Earth Corporation, Molycorp Inc, India Rare Earth Ltd. and among others.
The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the Rare Earth Elements Market globally. For instance, on 4th Nov 2020 Rainbow Rare Earths Africa-focused collaborated with Bosveld Phosphates for co-developing the Phalaborwa rare earths project in South Africa.