According to the latest report by IMARC Group, titled "Rare earth elements Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global rare earth elements market size reached US$ 9.5 Billion in 2022. Rare earth elements (REEs) are a group of seventeen chemical elements that are found in the crust of the earth and exhibit similar properties. They comprise lanthanum, cerium, praseodymium, neodymium, promethium, europium, gadolinium, terbium, dysprosium, holmium, erbium, thulium, ytterbium, and lutetium. They are soft, malleable, ductile, good conductors of heat and electricity, and have high melting and boiling points. They are highly reactive and readily form compounds with other elements to produce hydrogen gas. They offer high electrical conductivity, enhance heat resistance, improve magnetism, and weight reduction. They are used in the manufacturing of lighting, such as incandescent, fluorescent, and light-emitting diode (LED) lights. They are also utilized in the production of pigments and coatings.
Global Rare Earth Elements Market Trends:
The increasing sales of electronic products, such as smartphones, laptops, coffee makers, grillers, toasters, microwaves, gaming consoles, computers, and smart wearables, represent one of the major factors driving the demand for REEs around the world. Moreover, there is a considerable rise in the use of REEs in renewable energy sources, such as solar panels and wind turbines. This, coupled with the growing electricity needs and generation, is influencing the market positively. In addition, there is an increase in the demand for hybrid and electric vehicles (H/EVs) due to rapid urbanization, improving living standards, and inflating income levels. This, along with measures undertaken by governments of numerous countries to minimize greenhouse gas (GHG) emissions from vehicles are catalyzing the demand for REEs in the automobile industry. Apart from this, the rising utilization of REEs in various medical devices and equipment, such as magnetic resonance imaging (MRI) guided and x-ray tubes to diagnose and treat severe chronic diseases is propelling the growth of the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 20.9 Billion by 2028, exhibiting a CAGR of 15% during 2023-2028.
- On the basis of the application, the market has been segmented into magnets, NiMH batteries, auto catalysts, diesel engines, fluid cracking catalyst, phosphers, glass, polishing powders, and other applications. At present, magnets represented the largest segment.
- Based on the region, the market has been divided into China, Japan and Northeast, and United States. Amongst these, China enjoys the leading position in the market.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Lynas Corporation Ltd., Arafura Resources Limited, Great Western Minerals Group Ltd., Avalon Advanced Materials Inc., Greenland Minerals Ltd, Alkane Resources Ltd, Neo Performance Materials, Iluka Resource Limited, IREL (India) Limited, and Canada Rare Earths Corporation.
|Base Year of the Analysis
||000’ Metric Tons, US$ Billion
||China, Japan & Northeast Asia, United States
||Lynas Corporation Ltd., Arafura Resources Limited, Great Western Minerals Group Ltd., Avalon Advanced Materials Inc., Greenland Minerals Ltd, Alkane Resources Ltd, Neo Performance Materials, Iluka Resource Limited, IREL (India) Limited and Canada Rare Earths Corporation
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