Rare Earth Metals Market To Reach $15,473 Million by 2030, says P&S Intelligence
Monday, June 06, 2022
NEW YORK, June 3, 2022 /PRNewswire/ -- According to P&S Intelligence, in 2021, the rare earth metals market was worth around $7,063.8 million, which is projected to touch $15,473.0 million by 2030, growing at a 9.1% CAGR from 2021 to 2030. In the coming years, Europe is predicted to become the second-fastest-growing market after APAC, because European countries hold a significant share in rare earth metal imports.
Key Opportunity in Rare Earth Metals Market
Several factors are driving the rare earth metals market, such as the growing use of neodymium magnets in MRI machines to image the internal anatomy without any radiation. Moreover, government and private organizations are investing in the sector.
Furthermore, the demand for these elements is driven by their various applications in defense equipment, such as night-vision glasses, communication equipment, stealth technology, and precision-guided weapons. Defense spending was 2.4% of the global GDP in 2020, indicating a considerable demand for diverse military equipment.