Rare Earth Elements Market Overview
The global rare earth elements market is growing at a CAGR of 9.4% during the forecast period (2023-2030).
Rare earth elements are a group of seventeen metals and compounds of the same metals in the periodic table with specific properties. The elements consist of yttrium, scandium and the 15 lanthanide elements such as Cerium, Erbium, Europium, Gadolinium, Holmium, Lanthanum, Neodymium, Praseodymium, Promethium, Samarium, Scandium, Terbium, Thulium, Ytterbium and Yttrium.

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Market Dynamics: Drivers & Restraints
The rise of new production capacities coupled with increased demand for electric vehicles
The introduction of effective hybrid vehicle variations is being forced upon the automotive industry by federal incentives and growing concerns over fuel emissions. Future demand for hybrid electric vehicles is anticipated to be extremely high due to improving energy efficiency and a greater awareness of the environment among consumers. In addition to being employed in passenger vehicles, rare earth oxides are also used in magnetic refrigeration, electric tricycles and bicycles.

Segment Analysis
The global rare earth elements market is segmented based on type, source, application, end-user and region.
The metal in rare earth elements type drives the market growth

It is anticipated that the metals sector will control the market. The light elements (lanthanum through samarium) and the heavier elements make up rare earth metals (europium to lutetium).

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COVID-19 Impact Analysis
COVID-19 has had an unprecedented impact on the nanocellulose technology market growth. The companies other than pharmaceutical industries were impacted by the COVID-19. Many of the manufacturing and food industries have been shut down due to the lockdown, the production has been halted due to the scarcity of raw materials.

Key Players:-
The major global players include China Rare Earth Holdings Limited, Arafura Resources Limited, Lynas Corporation, Ltd., Avalon Advanced Materials Inc., Alkane Resources Ltd, Shin-Etsu Chemical Co. Ltd, Canada Rare Earth Corporation, Iluka Resources Ltd., Eutectix LLC, Rare Element Resources Ltd and others.

Key Developments
• On January 2021, Lynas Corporation signed an agreement with U.S. Government to build a rare light earth separation plant in Texas. It is expected to produce around 5000 tonnes a year of rare earths products, including around 1250 tonnes of neodymium-praseodymium (NdPr).
• On November 2020, Avalon Advanced Materials Inc. entered into a letter of intent with Rock Tech Lithium Inc. to collaborate on developing a lithium battery materials process facility in Thunder Bay, Ontario.
• In November 2018, Arafura Resources Ltd announced its plans to build a separation plant for its Nolans Neodymium-Praseodymium (NdPr) Project. The plant will be located in Australia’s northern territory and convert mixed rare earth intermediate products into refined NdPr Oxide.

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