Attributing to the emerging electronics’ consumer demand across the globe, rare earth metal market will experience huge capital investment and overwhelming profit in the foreseen future as evaluated by the IndustryARC’s expertise. According to the report analysis, the rare earth metals market had a healthy global market size of $9,249 million in the year 2018. The global market demand for rare earth metals stood at a CAGR of 13.20% during the forecast period of 2019-2025.The report is titled “Rare Earth Metals Market- Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast 2019-2024”.
Global Rare Earth Metals Market: Leading Segments
APAC region contributes as the largest rare earth metals market around the world with China as the primary source for these rare earth metals, accounting for 80% of its total annual production globally. As per the report, APAC held a regional share of 90%. The most abundant element found in the APAC region, REE has a high demand from green technology, automotive and electronic industry being applied to wind turbines, hybrid cars, smartphones, computers and television, and various others. Being used in a technologically advanced society, REE holds a leading place in the global market for its massive demand and overwhelming characteristics. With higher market opportunities, the application CAGR of rare earth metals will grow at 10% during the period of 2019-2025.
View Full Table Of Content Of Rare Earth Metals Market
www.industryarc.com/Research/Rare-Earth-Metals-Market-Research-500325
Global Rare Earth Metals Market: Disruptive Trends
Control Rods in Nuclear reactor: Certain rare earth elements (REE) are known for their strong radioactive isotopes during spontaneous fission or nuclear bombardments. REE such as Europium and lanthanum are better neutron absorbers owing to their wide usage in nuclear reactors by scientists as control rods.
Permanent Magnet in Green Technology: Environment-friendly technologies are a boost to every industrial sector with high demand in the global market. Utilizing REE to enhance the green technology such as offshore wind energy, and hybrid vehicles incorporate less exhaustion of non-renewable resources reducing harmful emissions.
Application as Optical lenses and Glass: Technological advancement in optics world has been made possible by the diverse range of REE supplied throughout the world.
Atomic Clocks Enhancing GPS App: GPS clocks are considered for the precision of time. Ytterbium is one of the REE which is utilized as a measurement for the passage of time in atomic clocks where the atom oscillates to give accurate time measurement.
Strengthens Steel in Construction Sites: Steel manufacturing is a costly affair and emits a large quantity of pollution in the surrounding. technological advancement provides a solution by combining REO and steel to generate modified steel.
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