Top 5 product-centric trends transforming rare earth metals industry landscape


The rare earth metal industry is advancing rapidly and will gain significant attraction in the near future. But why are rare earth elements so important? Rare earth – a group of 17 almost indistinguishable soft heavy metals – is present in almost all the materials currently used. Neodymium, dysprosium, praciodium and other metals are essential for the production of magnets used in future applications such as electric vehicles and wind turbines.

Rare Earth components are experiencing strong demand in emerging technologies such as electric and hybrid vehicles. The global expansion of renewable energy capacity is expected to increase this demand in the future. IRENA reports that the world has added 111 gigawatts of new wind power by 2020, despite the disruption caused by COVID-19.

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Growing vehicles driven by electrification and renewable installation efforts, worldwide Rare Earth Metal Market By 2026, its size could be US $ 19.8 billion. Discussed below are some of the major rare earth elements as well as some of the important factors that affect their needs.

Itrium

Yttrium is expected to witness significant demand in the rare earth metals industry in the next few years. This is mainly due to its widespread use in consumer electronics. A popular material for superconductors and lasers, the application of itrium as phosphor on TV screens is increasing. Its demand is influenced by the need for catalysts and microwave filters. Additionally, demand for durable alloys will increase the demand for yttrium, which is used to add energy to aluminum, chromium and magnesium alloys.

Cerium

One of the most abundant rare earths, cerium continues to occupy a significant portion of the rare earth metal market. Demand for this specialty has grown significantly as a result of its widespread use in shale production. The appliance is also in demand in household appliances like TVs, microwave ovens, light bulbs and others. Demand will further expand through the increasing application of cerium as a catalyst and as a glass polishing agent. The application of carbon arc lighting for projector lights and studio lighting could create significant demand for metals in the film and television sectors.

Erbium

Erbium is gaining widespread recognition in the rare earth metals industry due to its exceptional chemical properties and the potential for extended application. Increased use in fiber-optics transmission and telecommunications will be a key factor driving product demand. Due to its widespread use in laser development, erbium is increasingly being used in healthcare for laser surgery. The increasing use of a number of metallic metals as control rods in nuclear reactors will certainly increase its demand in the coming years.

Promethium

The rare earth metals market is set to witness increasing demand for Promethium in the future. This demand will be largely influenced by the increasing application of pacemakers. Due to the increasing incidence of various heart conditions are forced to feel the strong demand for pacemakers. These factors will significantly accelerate the demand for promethium with increasing federal investment in the military as it is widely used in guided missiles.

Lanthanum

Lanthanum could account for a significant portion of the rare earth metals industry by 2026. The rare earth element is testifying to the demand as an alloy in a wide range of applications. These include batteries and hydrogen cars. Due to its exceptional catalytic properties, the demand for lanthanum as a catalyst in petroleum refineries is increasing. Expanding the use of TVs and modern energy-efficient lamps will significantly increase this demand.

Major companies in the rare earth metals market include Arafura Resources Limited, Northern Minerals Limited, Baotu Jinmeng Rare Earth Co., Linas Corporation, Iluka Resources Limited, UCOR Rare Metals Inc., and others. These companies are bound to witness emerging opportunities in the industry with the adoption of EVs, the use of wind energy and the growing demand for consumer electronics.



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