LMINGTON, Delaware, Sept. 21, 2022 /PRNewswire/ — Transparency Market Research (TMR) reports that the global rare earths market will be valued at $42 billion by the end of 2031. shows that the market is expected to grow at a CAGR of 13% during the forecast period from 2021 to 2031.
Companies in the rare earths market are focusing on pursuing various strategies to maintain a competitive edge. In addition, several players are expanding their research to explore current trends in the rare earth market. These efforts are expected to help the company decide on a business expansion strategy in the near future.
The rare earths market is expected to provide significant business opportunities in the Asia-Pacific region during the forecast period. The growth of the Asia-Pacific market is due to a number of factors, including the presence of many key end-use industries such as consumer electronics and automotive in many developing countries, including China, a major producer of rare earths. In addition to this, TMR’s rare earths market trend study states that the introduction of electric vehicles in many countries in the region is expected to create profitable prospects for the Asia Pacific market in the near future.
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Post time: Oct-18-2022