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The Rare Earth Metals Market To Reach $15,473.0 Million by 2030
The Asia-Pacific rare earth metals market will have the highest growth rate, in excess of 9%, in the near future.
By: P&S Intelligence
China has the largest reserves of the majority of rare earth elements and is the largest producer, with a share in excess of 60% of the global output. Furthermore, it is the key exporter of these elements. With the increase in the production of vehicles and the development of the construction industry, the industry is growing continuously. These minerals are employed as alloys for the manufacture of automobiles and their parts.
The growth of the rare earth metals market is mainly because of the increasing use of neodymium magnets in the machines of MRI, to get internal assessments of the human body without the use of radiation. This is because of the heavy funding in the healthcare industry by the government and top companies at a global level. According to statistics, in 2021, the global healthcare investment was valued at around $6 billion. Furthermore, numerous uses of these metals are in protection equipment like communication equipment, precision-guided weapons night-vision goggles, and stealth technology, which are pushing the demand for the same.
There is an increase in the demand for rare metals (https://www.psmarketresearch.com/