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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.
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:
Breakup by Region:
The global rare earth elements market grew at a CAGR of around 7% during 2015-2020.
The expanding automobile industry, coupled with the increasing product utilization in catalysts and magnets for motor vehicles to control carbon emissions, represent some of the key factors driving the global rare earth elements market.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary closure of numerous manufacturing units and disruptions in supply chain of rare earth elements.
Based on the type, the global rare earth elements market can be bifurcated into magnets, NiMH batteries, auto catalysts, diesel engines, fluid cracking catalyst, phosphors, glass, polishing powders, and others. Among these, magnets currently hold the majority of the total market share.
On a regional level, the market has been classified into China, Japan & Northeast Asia, and United States, where China currently dominates the global market.
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