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Rare Earth Elements Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026

Market Overview:

The global rare earth elements market grew at a CAGR of around 7% during 2015-2020. Rare earth element (REE) is a group of seventeen elements that are found in the earth's crust and exhibit similar chemical and physical properties. Cerium, neodymium, erbium, holmium, lanthanum, praseodymium, yttrium, and dysprosium are some of the widely used rare earth elements. These elements offer numerous benefits, such as high electrical conductivity, enhanced heat resistance, improved magnetism, weight reduction, etc. As a result, REEs find diverse applications across various end-use sectors, including automobile, transportation, power generation, construction, medical, defense, etc.

The expanding automobile industry is currently propelling the utilization of rare earth elements for manufacturing catalysts and magnets for motor vehicles. Furthermore, the rising environmental concerns towards the increasing CO2 emissions from fuel-driven automobiles are augmenting the demand for electric vehicles across the globe. These electric vehicles utilize numerous REE-based permanent magnets, such as neodymium and praseodymium magnets, in the production of high-efficiency batteries. Additionally, the implementation of stringent regulations pertaining to the mandatory installation of catalytic converters in automobiles to reduce emissions is also driving the market for rare earth elements. Apart from this, the increasing penetration of advanced energy generation facilities is further catalyzing the use of REEs in manufacturing turbines, reactors, generators, transformers, etc. Moreover, the growing popularity of smart electronic devices, including LED/LCD TVs, smartphones, laptops, smart wearables, etc., is also bolstering the demand for REE-based components. Additionally, the emergence of fiber optics is further propelling the utilization of various rare earth elements, such as neodymium, erbium, and holmium, for manufacturing high-efficiency fibers. Looking forward, IMARC Group expects the global rare earth elements market to continue its strong growth during 2021-2026.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global rare earth elements market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region and type.

Breakup by Type:

  • Magnets
  • NiMH Batteries
  • Auto Catalysts
  • Diesel Engines
  • Fluid Cracking Catalyst
  • Phosphers
  • Glass
  • Polishing Powders
  • Others
     

Breakup by Region:

  • China
  • Japan & Northeast Asia
  • United States
     

Key Questions Answered in This Report:

  • How has the global rare earth elements market performed so far and how will it perform in the coming years?
  • What has been the impact of COVID-19 on the global rare earth elements market?
  • China’s role in the global supply and demand of rare earth elements
  • Reasons for China’s dominance
  • China’s current and future supply strategies
  • What are the key regional markets?
  • What is the breakup of the market based on the application?
  • What are the key driving factors and challenges in the industry?
  • What is the structure of the global rare earth elements market and who are the key players?
  • What is the degree of competition in the industry?

1    Preface
2    Scope and Methodology

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3    Executive Summary
4    What are Rare Earth Elements? 
5    Rare Earth Elements: Are they Really Rare?

    5.1    Reserve Estimates
    5.2    How Long Will They Last? 
6   Rare Earth Elements: Mining Economics
    6.1    Mine Valuation: Grades & Composition are Key 
    6.2    Development of a New Project: Can Take Several Years 
    6.3    Rare Earth Mining Costs: Largely Location and Grade Development
    6.4    Infrastructure & Capital Costs
    6.5    Operating Costs
    6.6    Key Projects
        6.6.1  Arafura Resources Limited-Noland Project
        6.6.2  Nechalacho Rare Earth Elements Project
        6.6.3  Kvanefjeld Project-Greenland Minerals & Energy Limited 
        6.6.4  Dubbo Zirconia-Alkane Resources Limited 
    6.7    Mining and Processing
        6.7.1  Mining
        6.7.2  Downstream Processing
    6.8    Prices
        6.8.1  Factors Affecting Rare Earth Element Prices
        6.8.2  Historical Prices
        6.8.3  Pricing Forecast
7   China’s Role in the Global Rare Earth Elements Market 
    7.1   China has a Monopoly Over Rare Earth Elements 
    7.2   Mining Costs in China Are Significantly Lower Than Other Rare Earth   Producers
    7.3   Miners Have Benefitted from the Lack of Proper Working Standards and Environmental Regulations
    7.4   China Has a Significantly Higher In-house Expertise Compared to Other Rare Earth Producers
  7.5   China is Strategically Increasing Production Quotas to Sustain Global Dominance in Rare Earth Elements Market
    7.6   China Aims to Become an Exporter of Higher Value Goods
8    Global Rare Earth Elements Market
    8.1    Total Sales and Production of Rare Earth Elements
    8.2    Production of Rare Earth Elements by Region
        8.2.1 Current Operational Mines
            8.2.1.1 Bayan Obo, China
            8.2.1.2 Longnan, China
            8.2.1.3 Xunwu, China
            8.2.1.4 India
            8.2.1.5 Eastern Coast, Brazil
            8.2.1.6 Lahat, Malaysia
            8.2.1.7 Mt. Weld, Australia
            8.2.1.8 Mountain Pass, United States
            8.2.1.9 Nolans, Australia
            8.2.1.10 Steenkampskraal, South Africa
            8.2.1.11 Kvanefjeld, Greenland
            8.2.1.12 Dong Pao, Vietnam
            8.2.1.13 Dubbo Zirconia, Australia
        8.2.2 Potential Operational Mines
            8.2.2.1 Nechalacho, Canada
    8.3    Consumption of Rare Earth Elements by Region
            8.3.1 China
            8.3.2 Japan & Northeast Asia
            8.3.3 United States
9    Supply & Demand of Individual Rare Earth Elements
    9.1    Elements that will Face Supply Shortages in the Near Future
        9.1.1 Praseodymium
            9.1.1.1 Elements Overview & Supply Risks
            9.1.1.2 Supply & Demand
        9.1.2 Neodymium
            9.1.2.1 Elements Overview & Supply Risks
            9.1.2.2 Supply & Demand
    9.2    Elements that be Oversupplied in the Near Future
        9.2.1 Terbium
            9.2.1.1 Elements Overview & Supply Risks
            9.2.1.2 Supply & Demand
        9.2.2 Yttrium
            9.2.2.1 Elements Overview & Supply Risks
            9.2.2.2 Supply & Demand
        9.2.3 Lanthanum
            9.2.3.1 Elements Overview & Supply Risks
            9.2.3.2 Supply & Demand
        9.2.4 Cerium
            9.2.4.1 Elements Overview & Supply Risks
            9.2.4.2 Supply & Demand
        9.2.5 Dysprosium
            9.2.5.1 Elements Overview & Supply Risks
            9.2.5.2 Supply & Demand
        9.2.6 Samarium
            9.2.6.1 Elements Overview & Supply Risks
            9.2.6.2 Supply & Demand
        9.2.7 Europium
            9.2.7.1 Elements Overview & Supply Risks
            9.2.7.2 Supply & Demand
10    Market by Application 
    10.1    Magnets
    10.2    NiMH Batteries
    10.3    Auto Catalysts
    10.4    Diesel Engines
    10.5    Fluid Cracking Catalyst
    10.6    Phosphers
    10.7    Glass
    10.8    Polishing Powders
    10.9    Other Applications
11    Overview on Mining and Processing of Ion-Adsorption Clays
    11.1    Current Technologies
    11.2    Typical Costs Involved With Processing RE Oxides
12    Overcoming the Potential Shortfalls in Supply
    12.1    Stockpiling 
    12.2    Recycling
    12.3    Substitution
    12.4    Material Shortfall Strategies by Various Rare Earth Consumers
13    Competitive Landscape
    13.1    Market Structure
    13.2    Key Players
    13.3    Profiles of Key Players 
        13.3.1 Lynas Corporation Ltd.
        13.3.2 Arafura Resources Limited
        13.3.3 Great Western Minerals Group Ltd.
        13.3.4 Avalon Advanced Materials Inc.
        13.3.5 Greenland Minerals Ltd
        13.3.6 Alkane Resources Ltd
        13.3.7 Neo Performance Materials
        13.3.8 Iluka Resource Limited
        13.3.9 IREL (India) Limited
        13.3.10 Canada Rare Earths Corporation

List of Figures

Figure 1: Periodic Table Showing Rare Earth Elements 
Figure 2: Topology of Rare Earth Elements 
Figure 3: Global: Rare Earth Metal Reserves by Country (in Million Metric Tons), 2020
Figure 4: Global: Rare Earth Metal Reserves by Country (in %), 2020
Figure 5: Comparative Total Rare Earth Oxide Values of Various Rare Earth Mines
Figure 6: Kvanefjeld Project Capital Cost Estimated Breakdown
Figure 7: Global: Sources of Rare Earth Metals
Figure 8: Flow Chart: Concentration of Rare Earth Ores
Figure 9: Flow Chart: Extraction of Rare Earths from their Concentrated Ores 
Figure 10: China & US: Average Labor Costs Per Hour (in US$), 2020
Figure 11: Global: Rare Earth Metals Production (in 000’ Metric Tons), 2015-2020
Figure 12: Global: Rare Earth Metals Market (in Billion US$), 2015-2020
Figure 13: Global: Rare Earth Metals Production Forecast (in 000’ Metric Tons), 2021-2026
Figure 14: Global: Rare Earth Metals Market Forecast (in Billion US$), 2021-2026
Figure 15: Global: Rare Earth Metals Production by Country (in %), 2020
Figure 16: Bayan Obo Rare Earth Mine: Composition of Various Elements (in %) 
Figure 17: Longnan Rare Earth Mine: Composition of Various Elements (in %)
Figure 18: Xunwu Rare Earth Mine: Composition of Various Elements (in %)
Figure 19: India Rare Earth Mine: Composition of Various Elements (in %)
Figure 20: Eastern Coast Rare Earth Mine: Composition of Various Elements (in %) 
Figure 21: Lahat Rare Earth Mine: Composition of Various Elements (in %) 
Figure 22: Mt Weld Rare Earth Mine: Composition of Various Elements (in %) 
Figure 23: Mountain Pass Rare Earth Mine: Composition of Various Elements (in %) 
Figure 24: Nolans Rare Earth Mine: Composition of Various Elements (in %) 
Figure 25: Steenkampskraal Rare Earth Mine: Composition of Various Elements (in %) 
Figure 26: Kvanefjeld Rare Earth Mine: Composition of Various Elements (in %)
Figure 27: Dong Pao Rare Earth Mine: Composition of Various Elements (in %)
Figure 28: Dubbo Zirconia Rare Earth Mine: Composition of Various Elements (in %)
Figure 29: Nechalacho Rare Earth Mine: Composition of Various Elements (in %) 
Figure 30: Global: Rare Earth Elements Consumption by Region, (in %), 2020
Figure 31: Global: Rare Earth Elements Consumption by Region Forecast, (in %), 2026
Figure 32: Praseodymium: Supply & Demand Balance, (in Metric Tons), 2020 
Figure 33: Praseodymium: Historical prices (in US$/kg), 2015-2020
Figure 34: Praseodymium: Price Forecasts (in US$/kg), 2021-2026 
Figure 35: Neodymium: Supply & Demand Balance, (in Metric Tons), 2020
Figure 36: Neodymium: Historical prices (in US$/kg), 2015-2020 
Figure 37: Neodymium: Price Forecasts (in US$/kg), 2021-2026
Figure 38: Terbium: Supply & Demand Balance, (in Metric Tons), 2020
Figure 39: Terbium: Historical prices (in US$/kg), 2015-2020
Figure 40: Terbium: Price Forecasts (in US$/kg), 2021-2026
Figure 41: Yttrium: Supply & Demand Balance (in Metric Tons), 2020
Figure 42: Yttrium: Historical Prices (in US$/kg), 2015-2020
Figure 43: Yttrium: Price Forecasts (in US$/kg), 2021-2026
Figure 44: Lanthanum: Supply & Demand Balance, (in Metric Tons), 2020
Figure 45: Lanthanum: Historical prices (in US$/kg), 2015-2020
Figure 46: Lanthanum: Price Forecasts (in US$/kg), 2021-2026 
Figure 47: Cerium: Supply & Demand Balance, (in Metric Tons), 2020
Figure 48: L Cerium: Historical prices (in US$/kg), 2015-2020 
Figure 49: Cerium: Price Forecasts (in US$/kg), 2021-2026
Figure 50: Dysprosium: Supply & Demand Balance, (in Metric Tons), 2020
Figure 51: Dysprosium: Historical prices (in US$/kg), 2015-2020
Figure 52: Dysprosium: Price Forecasts (in US$/kg), 2021-2026 
Figure 53: Samarium: Supply & Demand Balance, (in Metric Tons), 2020
Figure 54: Samarium: Historical Prices (in US$/kg), 2015-2020
Figure 55: Samarium: Price Forecasts (in US$/kg), 2021-2026
Figure 56: Europium: Supply & Demand Balance, (in Metric Tons), 2020
Figure 57: Europium: Historical prices (in US$/kg), 2015-2020 
Figure 58: Europium: Price Forecasts (in US$/kg), 2021-2026
Figure 59: Diesel Particulate Filter

List of Tables

Table 1: Rare Earth Elements: Light & Heavy Definitions 
Table 2: Rare Earth Elements: Characteristics & Applications
Table 3: Light & Heavy Rare Earth Elements: Key Barriers to Entry 
Table 4: Total Time & Stages Required in Constructing & Bringing a Rare Earth Mine to Production
Table 5: Rare Earth Elements: Mining & Processing Costs 
Table 6: Arafura Resources Limited-Nolans Project: Mining & Production 
Table 7: Arafura Resources Limited-Nolans Project: Financials Involved
Table 8: Nechalacho Earth Elements Project Capital Cost Summary
Table 9: Nechalacho Earth Elements Site Capital Cost Summary
Table 10: Nechalacho Earth Elements Project Operating Cost
Table 11: Kvanefjeld Project Capital Cost Summary
Table 12: Kvanefjeld Project Operating Cost Summary 
Table 13: Dubbo Zirconia Project Capital Cost Estimates
Table 14: Dubbo Zirconia Project Operating Cost Estimates 
Table 15: Sources of Rare Earth Elements & Their Composition 
Table 16: Average Annual Prices of Individual Rare Earth Elements, (in US$/Kg), 2015-2020 
Table 17: Average Annual Price Forecast of Individual Rare Earth Elements, (in US$/Kg), 2021-2026
Table 18: China: Rare Earth Elements Production Quota (in Metric Tons), 2015– 2020 
Table 19: Global: Distribution of Elements in Various Rare Earth Mines (in %)
Table 20: Bayan Obo Rare Earth Mine: Composition of Various Elements (in %)
Table 21: Longnan Rare Earth Mine: Composition of Various Elements (in %)
Table 22: Xunwu Rare Earth Mine: Composition of Various Elements (in %)
Table 23: India Rare Earth Mine: Composition of Various Elements (in %)
Table 24: Eastern Coast Rare Earth Mine: Composition of Various Elements (in %)
Table 25: Lahat Rare Earth Mine: Composition of Various Elements (in %)
Table 26: Mt Weld Rare Earth Mine: Composition of Various Elements (in %) 
Table 27: Mountain Pass Rare Earth Mine: Composition of Various Elements (in %)
Table 28: Nolans Rare Earth Mine: Composition of Various Elements (in %) 
Table 29: Steenkampskraal Rare Earth Mine: Composition of Various Elements (in %)
Table 30: Kvanefjeld Rare Earth Mine: Composition of Various Elements (in %)
Table 31: Dong Pao Rare Earth Mine: Composition of Various Elements (in %)
Table 32: Dubbo Zirconia Rare Earth Mine: Composition of Various Elements (in %)
Table 33: Nechalacho Rare Earth Mine: Composition of Various Elements (in %) 
Table 34: Global: Rare Earth Elements Consumption by Region & Application (in Metric Tons), 2020
Table 35: Global: Rare Earth Elements Consumption by Region & Application Forecast (in Metric Tons), 2026
Table 36: China: Rare Earth Elements Consumption by Application (in Metric Tons), 2020 & 2026 
Table 37: Japan & Northeast Asia: Rare Earth Elements Consumption by Application (in Metric Tons), 2020 & 2026 
Table 38: US: Rare Earth Elements Consumption by Application (in Metric Tons), 2020 & 2026
Table 39: Global: Supply of Various Rare Earth Elements (in Metric Tons), 2020
Table 40: Global: Supply & Demand of Various Rare Earth Elements, (in Metric Tons), 2020
Table 41: Praseodymium: Overview, Importance to Clean Energy & Supply Risk 
Table 42: Neodymium: Overview, Importance to Clean Energy & Supply Risk 
Table 43: Terbium: Overview, Importance to Clean Energy & Supply Risk 
Table 44: Yttrium: Overview, Importance to Clean Energy & Supply Risk
Table 45: Lanthanum: Overview, Importance to Clean Energy & Supply Risk 
Table 46: Cerium: Overview, Importance to Clean Energy & Supply Risk
Table 47: Dysprosium: Overview, Importance to Clean Energy & Supply Risk 
Table 48: Samarium: Overview, Importance to Clean Energy & Supply Risk
Table 49: Europium: Overview, Importance to Clean Energy & Supply Risk
Table 50: Global: Demand of Rare Earth Elements by Application (in Metric Tons), 2015-2020 
Table 51: Global: Demand of Rare Earth Elements by Application (in Metric Tons), 2021-2026 
Table 52: Global: Demand of Rare Earth Elements for Magnets, (in Metric Tons), 2015-2020
Table 53: Global: Demand of Rare Earth Elements for Magnets, (in Metric Tons), 2021-2026
Table 54: Global: Demand of Rare Earth Elements for NiMH Batteries, (in Metric Tons), 2015-2020
Table 55: Global: Demand of Rare Earth Elements for NiMH Batteries, (in Metric Tons), 2021-2026
Table 56: Global: Demand of Rare Earth Elements for Autocats, (in Metric Tons), 2015-2020
Table 57: Global: Demand of Rare Earth Elements for Autocats, (in Metric Tons), 2021-2026
Table 58: Global: Demand of Rare Earth Elements for Diesel Engines, (in Metric Tons), 2015-2020
Table 59: Global: Demand of Rare Earth Elements for Diesel Engines, (in Metric Tons), 2021-2026 
Table 60: Global: Demand of Rare Earth Elements for FCC, (in Metric Tons), 2015-2020 
Table 61: Global: Demand of Rare Earth Elements for FCC, (in Metric Tons), 2021-2026 
Table 62: Global: Demand of Rare Earth Elements for Phosphers, (in Metric Tons), 2015-2020 
Table 63: Global: Demand of Rare Earth Elements for Phosphers, (in Metric Tons), 2021-2026 
Table 64: Global: Demand of Rare Earth Elements for Glass, (in Metric Tons), 2015-2020 
Table 65: Global: Demand of Rare Earth Elements for Glass, (in Metric Tons), 2021-2026 
Table 66: Global: Demand of Rare Earth Elements for Polishing Powders, (in Metric Tons), 2015-2020
Table 67: Global: Demand of Rare Earth Elements for Polishing Powders, (in Metric Tons), 2021-2026
Table 68: Global: Demand of Rare Earth Elements for Other Applications, (in Metric Tons), 2015-2020
Table 69: Global: Demand of Rare Earth Elements for Other Applications, (in Metric Tons), 2021-2026
Table 70: Rare Earth Elements Processing Costs (US$/lb, TREO)
Table 71: Mill Operating Costs (US$/lb, TREO)
Table 72: Extraction/ Separation Plant Operating Costs (US$/lb, TREO)
Table 73: Substitution Possibilities in Rare Earth Elements
Table 74: Material Shortfall Strategies by Rare Earth Reserve Rich Countries 
Table 75: Material Shortfall Strategies by Countries Not Having Rich Rare Earth Reserves

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