Rare Earth Metals Market size to grow by USD 4,932.67 million from 2022 to 2027:… – Press Release



NEW YORK, June 22, 2023 /PRNewswire/ — The global rare earth metals market size is estimated to increase by USD 4,932.67 million from 2022 to 2027. The market’s growth momentum will progress at a CAGR of over 8.3%Growing demand for electronic appliances and personal equipment is a major driver shaping the market growth. Rare earth compounds of yttrium, terbium, cerium, and gadolinium are used as phosphors in various electronic appliances such as Liquid Crystal Displays (LCDs) and smartphones. These rare earth metal compounds exhibit electrophosphorescence, wherein an electric discharge in the compound results in colour variations. Furthermore, these elements are also used in energy-efficient lighting and magnetic refrigeration. However, magnetic refrigeration is now primarily being used for industrial purposes. An increase in disposable incomes, technology breakthroughs, and falling microprocessor prices are driving the demand for personal gadgets such as laptops, mobile phones, and tablets across the world. Rapidly expanding mobile networks and internet penetration in countries such as  India, Bangladesh, Indonesia, Thailand, and other Southeast Asia countries are aiding the demand for mobile gadgets and personal equipment. There is a significant untapped market in these regions, which presents an enormous growth opportunity for the sale of personal equipment. Therefore, such factors are expected to create a demand for rare earth phosphors for use in their manufacture. Discover some insights on the market size, historic period (2017 to 2021), and Forecast 2023-2027 before buying the full report -Request a sample report

Global Rare earth metals market – Vendor Analysis
Vendor Landscape – The global rare earth metals market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer rare earth metals in the market are Alkane Resources Ltd, Arafura Rare Earths Ltd., Arnold Magnetic…