The application of rare earth metals in phosphors is expected to increase at a high CAGR of 14.6% for the next five years.

Rare earth metals or rare earth elements (REEs) are a relatively abundant group of seventeen elements found in the periodic table. Out of the seventeen, fifteen elements comprise the lanthanide series found between atomic number 57 and 71. The rare earth metals such as terbium, gadolinium, and dysprosium, applied in critical government sectors of defense and nuclear energy, are included in this report in details.

The various applications of rare earth metals include permanent magnets, catalysts, metal alloys phosphors, glass polishing, glass additives, ceramics, and so on. The application of permanent magnets and catalysts, used in growing sectors such as green technology and hybrid vehicles, have captured the highest market share.

Asia-Pacific is the largest market for rare earth metals due to their ready availability, especially in countries such as China, Japan, and to some extent Australia. The huge presence of rare earth metals, utilizing industries such as consumer electronics and hybrid electric vehicles, especially in Japan and China, has led to tremendous demand from this region. Permanent magnet is currently the largest market for rare earth metals in this region while the market for phosphors is flourishing at a very rapid pace.

North America is identified to be an upcoming market for rare earth metals due to decreasing dependence of companies on Chinese exports. The market conditions for the exploration and the production of rare earth oxides in North America including the U.S. have become favorable owing to decreased Chinese exports. This has led to several mineral explorations and development projects being underway.