Rare Earth Metals Market is expected to surpass USD 20 billion by 2024; according to a new research report by Global Market Insights, Inc. Rare earth metals are a group of 17 elements, which are found in geological deposits, and share similar properties. Some of the most abundant metals in the world are neodymium, cerium, and lanthanum. All the rare earth metals are classified into two groups, namely light rare earth’s (LRE’s), and heavy rare earth’s (HRE’s). 

Growing demand for magnets in automobiles, and energy generation will majorly contribute to the growth of global rare earth metals market over the forecast period. The demand for rare earth magnets is majorly increasing by their consumption in electric and hybrid vehicles, and wind turbines. Increasing focus on utilizing clean and renewable energy is giving a substantial pressure on the electricity providers, to generate energy through renewable sources, which in turn will show a positive impact on the growth of this market.