Rare Earth Metals Market worth $10.9 billion by 2029 - Exclusive Report by MarketsandMarkets

CHICAGO, May 3, 2024 /PRNewswire/ -- The report "Rare Earth Metals Market by Type (Cerium Oxide, Lanthanum Oxide, Neodymium Oxide, Yttrium Oxide, Europium Oxide), Application (Permanent Magnets, Metal Alloys, Glass Polishing, Glass Additives, Phosphors, Catalysts), and Region - Global Forecast to 2029", size is projected to grow from USD 6.0 billion in 2024 and is projected to reach USD 10.9 Billion by 2029, at a CAGR of 12.6%. The increasing use of rare-earth elements in permanent magnet applications is expected to fuel the growth of the rare-earth metals market. The Asia-Pacific (APAC) region is the fastest-growing market for rare-earth metals due to increased production and consumption in China. The substantial use of permanent magnets in various industries provides a strong boost to these advanced materials, propelling the rare-earth metals market in the region.

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324 – Tables
52 – Figures
303 – Pages

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Praseodymium Oxide type segment accounted for the second highest CAGR by volume during the forecast period.

Praseodymium is a soft, silvery metal initially used for creating a yellow-orange stain in ceramics. While still used to color certain glasses and gems, its main application is in rare-earth magnets. Praseodymium is also used in high-strength metals for aircraft engines and as flint for fire starters. Known for its magnetic, electrical, chemical, and optical properties, it occurs at an average of eight parts per million, primarily sourced from the mineral bastnaesite in China and the US. Praseodymium's excellent properties make it vital in a range of applications, including its use with neodymium to create super-strong permanent magnets for clean energy applications. It forms high-strength alloys with magnesium for aircraft use and serves as a glass additive for its characteristic yellow color. Praseodymium oxide is also employed as a catalyst in producing plastics and polyethylene products like soda bottles, bubble wrap, and milk packaging.