According to the research report titled ‘Global Rare Earths Market 2022-2028’, available with MarketStudyReport, global rare earths market is anticipated to expand with a CAGR of 6.5% during the stipulated timeframe to reach USD 10533 million by the end of 2028.

Report findings suggest that growing demand for high-tech equipment, such as computer hard drives, cellular phones, flat-screen monitors, electric & hybrid vehicles, and televisions, in consort with increasing industrialization, construction, and building operations are the major growth catalysts for global rare earths market.

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Furthermore, stringent regulations on carbon emissions, as well as growing environmental concerns have aided the development of non-conventional energy sources, boosting the demand for rare earth elements, which in turn is expected to augment industry trends in the coming years.

For the unversed, rare-earth elements (REE) is a group of seventeen metallic elements that make up the periodic table. The fifteen lanthanides, as well as scandium and yttrium, make up this group.

However, high cost of these elements and the monopoly of Chinese manufacturers may stifle the market expansion during the analysis timeframe.

Based on end-user terrain, worldwide rare earths industry is branched into phosphors & pigments, glass & ceramics, energy, metallurgy, catalysts, magnets, and others. In terms of elements, the market is divided into yttrium (Y), samarium (Sm), praseodymium (Pr), neodymium (Nd), lanthanum (La), erbium (Er), dysprosium (Dy), cerium (Ce), and others. Among these, the cerium (Ce) segment is accounted for a major industry share in 2021.

Speaking of competitive landscape, Treibacher Industrie AG, Shanghai Yuelong New Materials Co., Ltd., Peak Rare Earths Limited, Northern Minerals Limited, Lynas Rare Earths Ltd., HEFA Rare Earth Canada Co. Ltd., Greenland Minerals Limited, Gansu Rare Earth Group Co., Ltd., Galileo Resources plc, Galaxy Resources Limited, China Rare Earth Holdings Limited, Canada Rare Earth Corp., Blue Line Corporation, Avalon Advanced Materials Inc., Arafura Resources Limited, Aluminum Corporation of China Limited, and Alkane Resources Ltd. are the leading players in global rare earths market.