Rare Earth Metal Market Global Industry Trends, Share, Size, Key Players and Forecast to 2022
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Rare Earth Metal Market Rare Earth Metal Market : Global Demand, Industry Size, Share, Key Players and Forecast to 2022 One of the key drivers for the growth of rare earth metals market is the use of metals such as praseodymium and Yttrium in manufacturing of smartphones. The use of such metals in smartphones makes them compact, bright and powerful. Also, these are used for guiding missiles and enabling radar systems in the defense sector, which is expected to fuel the growth of the global rare earth metal market. The increase in adoption of rare earth metals for use in clean energy technologies such as electric cars and wind turbines have further augmented the growth of the market.
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Rare Earth Metal Market Segmental Analysis The report has been analyzed based on types, end-use and regions. On the basis of end-use, magnets segment is expected to dominate the market, owing to increase in the use of high power magnets in electric vehicles and wind turbines. Based on types, the market is driven by neodymium and europium which are also known as critical rare earth oxides. These are majorly used in the manufacturing of the permanent magnets.
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Rare Earth Metal Market Major Players in this Research: Key Players for Rare Earth Metal Market: • Lynas Corporation, Ltd.( Australia), • Molycorp Inc (U.S.), • Alkane Resources Ltd (Australia), • Baotou Steel Rare-earth (China), • Ucore Rare Metals Inc.(Canada), • Tantalus Rare Earths AG(Germany), • Tasman Metals Ltd. (Canada), • Greenland Minerals and Energy Ltd. (Australia), • Avalon Advanced Materials Inc. (Canada)
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Rare Earth Metal Market Regional Market Analysis
Asia-Pacific region is expected to dominate the market due to the increase in demand of rare earth metals from electronic and automotive industries. Country such as China also supports the growth in the region. China is the largest consumer of rare earth metals. The abundance of such metals in the region encourages foreign manufacturers to set up their manufacturing plants in China.
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