NEW YORK , July 23, 2024 /PRNewswire/ -- The global rare earth metals market size is estimated to grow by USD 6.31 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 9.
59% during the forecast period. Growing demand for electronic appliances and personal equipment is driving market growth, with a trend towards rise in production capacities and emergence of alternative suppliers. However, demand-supply outages and the rise of substitutes poses a challenge.
Key market players include Alkane Resources Ltd, Arafura Rare Earths Ltd., Arnold Magnetic Technologies Corp., Avalon Advanced Materials Inc.
, Canada Rare Earth Corp, Energy Transition Minerals Ltd., Frontier Rare Earths Ltd., HEFA Rare Earth Canada Co.
Ltd., Hitachi Ltd., Iluka Resources Ltd.
, IREL India Ltd., Lynas Rare Earths Ltd., Montero Mining and Exploration Ltd.
, Namibia Critical Metals Inc., Neo Performance Materials Inc., Northern Minerals Ltd.
, Rare Element Resources Ltd., Shin Etsu Chemical Co. Ltd.
, Resonac Holdings Corp., and Ucore Rare Metals Inc..
Get a detailed analysis on regions, market segments, customer landscape, and companies - Click for the snapshot of this report Forecast period 2024-2028 Base Year 2023 Historic Data 2018 - 2022 Segment Covered Application (Permanent magnets, Metal alloys, Catalysts, Polishing powder, and Others), Type (Light rare earth elements, Heavy rare earth elements, and Other element type), and Geography (APAC, North America, Europ.