Rare Earth Element Market is anticipated to reach US$ 16.90 Bn. by 2030 from US$ 7.50 Bn. in 2023 at a CAGR of 12.3 % during a forecast period.
Rare Earth Element Market Report Overview:
A group of seventeen elements with comparable chemical and physical characteristics that have been found in the earth’s crust are known as rare earth elements. Cerium, neodymium, erbium, holmium, lanthanum, praseodymium, yttrium, and dysprosium are examples of common rare earth elements. These parts have many benefits, including increased magnetic, high electrical conductivity, and decreased weight. Consequently, a vast number of sectors, including those in the automotive, transportation, power generating, construction, medical, and military fields, employ rare earth elements.
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Rare Earth Element Market Report Scope and Research Methodology:
During the course of the projected period, rare-earth permanent magnets are anticipated to increase at the fastest rate. The rare-earth elements neodymium, praseodymium, dysprosium, terbium, and yttrium are most frequently utilised in permanent magnets. These metals have unique qualities, such as high coercivity and remanence, that keep permanent magnets from gradually losing their magnetism. These magnets are heavily used in the automotive industry, which affects demand for them. Rare-earth permanent magnets are used in both conventional and hybrid vehicles.
Seldom utilised rare-earth metals are in catalytic systems. In a catalyst system, their main job is to take in, hold, and release oxygen while controlling the surrounding gaseous state. In catalytic systems, rare-earth metals like cerium and lanthanum are often used.
Rare Earth Element Market Regional Insights:
The research covers a detailed analysis of the market size and dynamics in North America, Canada, Mexico, Europe, Germany, France, Spain, Italy, Rest of Europe, Asia-Pacific, China, India, Japan, Australia, Korea, ASEAN countries, rest of APAC, South America, Brazil, Middle East and Africa.
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Rare Earth Element Market Segmentation:
by Metal
Lanthanum
Cerium
Neodymium
Praseodymium
Samarium
Europium
2023 saw Cerium, which made up xx% of the entire volume, emerge as the most popular element across Metal. Demand for rare earths is anticipated to increase during the projected period due to the growing popularity of hybrid cars. The volume of praseodymium is anticipated to increase at a CAGR of 6.4 percent between 2024 and 2030. In aviation engines, it serves as an alloying agent with magnesium to create high-strength metals. The demand for flights rises in tandem with the number of travellers from around the globe. In February 2017, GE Aviation, a division of General Electric, made a USD 12.3 billion commitment to expand its aircraft engine production capacity. Throughout the projection period, this is anticipated to increase praseodymium demand.
by Application
Permanent Magnets
Metals Alloys
Polishing
Additives
Catalysts
Phosphors
In terms of volume and revenue, the magnet application category was the most well-liked in 2023. Examples of devices that use them include speakers, sensors, servo motors, computer hard drives, and linear actuators. During the projection period, there is expected to be an increase in the utilisation of rare earth elements due to the growing need for magnets in consumer electronics, vehicles, and turbines. The ceramic application is anticipated to grow at a compound annual growth rate (CAGR) of 7.0 percent between 2024 and 2030.
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Rare Earth Element Market Key Players:
1. Ucore Rare Metals Inc
2. Arafura Resources Limited
3. Alkane Resources ltd
4. Lynas Corporation
5. Avalon Advanced Materials, Inc.
6. Canada Rare Earth Corporation
7. Iluka Resources Limited
8. Baotou Jinmeng Rare Earth Co
9. Northern Minerals Limited
10. Shin-Etsu Chemical Co. Ltd.
11. China Minmetals Rare Earth Co. Ltd.
12. China Northern Rare Earth (Group) High-Tech Co., Ltd.
13. Iluka Resource Ltd (Australia)
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Key questions answered in the Rare Earth Element Market are:
- What is Rare Earth Element?
- What are the Rare Earth Element market segments?
- What is the expected Rare Earth Element market size by 2030?
- What is the expected CAGR of the Rare Earth Element market during the forecast period?
- What are the emerging trends in the Rare Earth Element Market?
- What are the factors contributing to the final price of Rare Earth Element?
- What are the major challenges that the Rare Earth Element Market could face in the future?
- Who held the largest market share in the Rare Earth Element Market?
- Who are the key players in the Rare Earth Element industry?
Key Offerings:
- Past Market Size and Competitive Landscape
- Past Pricing and price curve by region
- Market Size, Share, Size & Forecast by different segment | 2023−2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
- Market Segmentation – A detailed analysis by segments and their sub-segments
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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