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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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