The Rare-Earth Metals Market is projected to grow from USD 5.3 billion in 2021 to USD 9.6 billion by 2026, at a CAGR of 12.33% during the forecast period.
Browse 99 market data Tables and 43 Figures spread through 156 Pages and in-depth TOC on “Rare-Earth Metals Market by (Lanthanum, Cerium, Neodymium, Praseodymium, Samarium, Europium, & Others), and Application (Permanent Magnets, Metals Alloys, Polishing, Additives, Catalysts, Phosphors), Region – Global Forecast to 2026”
The Phosphors segment is projected to grow at the highest CAGR during the forecast period.
The Phosphors segment, by application, is projected to grow at the highest CAGR during the forecast period. Phosphors used in many applications that require color in the light exhibited, namely, cathode ray tube displays, fluorescent lamps, and other applications. The important elements in this sector are europium, terbium, and yttrium. Phosphors are used to convert the incident radiation into the light of designed colors. This is based on the properties of the elements that are included in the phosphors. The demand for rare-earth oxide phosphor products is expected to increase, due to the government policies in US, Canada, China, among other countries, and the European Union, where the incandescent lamps are being replaced with fluorescent and LED lamps
The Asia Pacific is projected to hold the largest share in the rare-earth metals market during the forecast period
APAC is the top region in terms of total rare-earth material consumption due to rapidly increasing demand in China, which accounts for maximum global rare-earth consumption. It was the largest consumer of rare-earth elements in 2019, with an estimated market revenue of over USD 5.2 billion. The region is also expected to witness the fastest-growth in terms of consumption due to growing industrialization and extraction activities in China.
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