An increasing demand for clean energy and advancements in the automotive sector as well as technologies such as electric and hybrid vehicles have seen the rare earth metals market accelerate rapidly, so says a report published by Global Market Insights.
According to the report, the global rare earth metals market share was estimated to be worth $9.0 billion in 2016 and is expected to hit $20 billion by 2024, registering a compound annual growth rate of 9.7 percent from 2017 to 2024.
Rising demand for energy generation and magnets in automobiles will contribute greatly to the growth of the global rare earth metals market. The demand for rare earth magnets is showing marked growth by their consumption in electric and hybrid vehicles and wind turbines. Increasing focus on utilizing clean and renewable energy is giving substantial pressure on electricity providers to generate energy through renewable sources. This is, in turn, have a positive impact on the market.
You can see the report here.