Rare Earth Elements Market was appreciated at US$ 2.80 billion in 2018. The range is projected to touch US$ 5.62 billion by 2025, growing at a CAGR of 10.4% for the duration of the forecast.
The rare earth elements most
commonly used include lanthanum, neodymium, cerium, dysprosium, yttrium, and
praseodymium. These products find their presence in production of catalysts and
magnets for automotive industry. Praseodymium and neodymium are used for producing
electric vehicles’ batteries whereas cerium acts as a catalyst in motor
vehicles’ catalytic converters.
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According to the IEA
(International Energy Agency), the stock of electric cars across the globe had
crossed 5 million in 2018 (around 63% rise as compared to 2017). It’s a known
fact that the demand for electric vehicles is on the rise due to reduction in
emission of CO2. This factor is expected to drive the usage of permanent
magnets in battery production. Herein, praseodymium- and neodymium-based rare
earth permanent magnets find prevalence.
Market Segmentation:
The global rare earth elements
market is segmented based on product, application, and geography. By Product,
the market spans cerium, erbium, dysprosium, yttrium, ytterbium, thulium,
terbium, scandium, samarium, promethium, praseodymium, neodymium, lutetium,
lanthanum, holmium, gadolinium, and Europium. By application, the rare earth
elements industry comprises magnets, metallurgy, catalysts, polishing, glass,
phosphors, ceramics, and others. By geography, the market says LATAM &
Central America, Asia Pacific, Europe, North America, and MEA.
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North America holds a
considerable share and is expected to witness a CAGR of 8.2% in the upcoming
period. Organic growth attributes to this growth For instance – Tesla, in the
year 2018, did announce usage of neodymium in Model 3 Long Range Cars. Europe
comes in second; with growing applications as catalysts, in glass, ceramics,
metallurgy, and magnets.
Asia Pacific held the largest
share (71.5%) in the year 2018. Automotive industry and consumer electronics do
hold significance in economies like India and China. This is owing to growing
application of rare earth elements in magnets to produce batteries in electric
vehicles and polish TV glass. Moreover, increasing demand for high bandwidth
capacities, smartphones, and the high speed connectivity is to fuel optical
fibers’ demand in India.
Players:
The players contributing to the
rare earth elements market include Iluka Resources Ltd., Alkane Resources Ltd.,
China Northern Rare Earth (Group) High-Tech Co., Ltd., China Minmetals Rare
Earth Co. Ltd., and ShinEstu Chemical
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