Rare Earth Metals Industry Size, Growth, Development and Forecast Report 2030

NEW YORK - Jan. 20, 2023 - PRLog -- The rare earth metals industry has garnered $7,063.9 million revenue in 2021, and it is advancing at the rate of 9.1% from 2021 to 2030, to generate $15,473.3 million revenue in 2030. It is led by the rising application of these elements in the energy, aerospace, consumer electronics, and automobile industries.

It is ascribed to the growing usage of neodymium magnets in MRI machines, to capture internal views of human views, in absence of radiation. It is ascribed to burgeoning investment in the healthcare sector by major industry players and the government.

In addition, the numerous applications of these metals in defense equipment, which consists of night-vision goggles, communication equipment, stealth technology, and precision-guided weapons boost demand for rare earth metals.

The global pandemic has transformed the digital communication mode, which has boosted the need for SoC-powered devices. Rare earth metals are used in the manufacturing process of semiconductors.

Neodymium is projected to capture around $7 billion revenue in 2030. It is ascribed to the rising usage of neodymium magnets in aircraft, hybrid electric vehicles, and consumer electronics, including audio systems, mobile phones, and TVs.

Furthermore, the high strength of neodymium helps in reducing electric motors' size for EVs. The global electric motor industry has recorded more than $100 billion revenue in 2020, which reflects the rising need for this mineral.

Neo magnets are utilized in wind turbines, for generating electricity. Hence, they are massively used in China, led by increasing shift toward renewable sources.

In the same manner, the U.S., and European countries have boosted the adoption of neo-magnet technology to generate power.

Therefore, the growing demand for rare earth metals (https://www.psmarketresearch.com/market-analysis/rare-ear...) is led by rising investments in the healthcare sector.