Chicago, Aug. 16, 2023 (GLOBE NEWSWIRE) The global 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% from 2021 to 2026. as per the recent
The increasing use of rare-earth elements that are used in the permanent magnet application are likely to drive the rare-earth metals market. APAC is the fastest-growing market for rare-earth metals due to increase in production and consumption in China. Significant usage of permanent magnets offer a huge impetus to these advanced materials, are expected to drive the rare-earth metals market in the region.
The Neodymium Oxide segment is projected to lead the global rare-earth metals market through 2026
Neodymium oxide is used to produce magnets which are found in most modern vehicles and aircraft as well as popular consumer electronics, such as headphones, microphones, and computer discs . It is used in high-strength permanent magnets that are also known as neodymium-iron-boron (NdFeB) magnets and are one of the strongest magnets in the world. Incresing use of Clean energy application has driven the market.
Rare-Earth Metals Market worth $9.6 billion by 2026 - Exclusive Report by MarketsandMarkets
CHICAGO, April 1, 2021 /PRNewswire/ According to the new market research report 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 , published by MarketsandMarkets, 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.
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