LONDON, April 13, 2022 (GLOBE NEWSWIRE) -- Loudspeakers, telescope lenses, studio lighting, and computer hard drives all require rare earth elements to make them smaller and more efficient. Since they can create a variety of hues, they are utilized in screens and displays. These elements have a high electrical conductivity and are found together in nature in the form of minerals. Rare earth elements are the most powerful magnets currently available. As a result, they are used in a wide range of applications, including automobiles, transportation, power generation, construction, medicine, and defence. One of the most important applications for rare earth elements is magnets. Catalysts, ceramics, metallurgy, phosphors, glass and polishing, magnets, and others are the application-based segments of the market. The market is parallelly divided into cerium, neodymium, lanthanum, dysprosium, terbium, yttrium, and scandium, as well as others, per element-type.
Magnets are in high demand in areas including automotive, electronics, and healthcare, which have seen a lot of invention and advancement. Medical equipment such as MRI machines, pacemakers, sleep apnea machines, and insulin pumps all require magnets.
According to Fairfield Market Research's latest analysis, the global rare earth elements market was worth US$3.5 billion in 2020 and is expected to expand to US$7.3 billion by the end of 2026, a 2x increase in value. According to the analysis, the market would grow at a CAGR of 10.2 percent between 2022 and 2026.
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Global Rare Earth Elements Market – Key Trends and Insights
- The need for neodymium-based magnets, which are suitable for electric vehicles, is expected to soar. By 2030, global electric car sales are expected to exceed 32 million units, a 10x increase over current levels.
- The total capacity of offshore wind power is expected to reach 228 GW by 2030, with new installations of 40 GW per year between 2020 and 2030. Wind energy could account for more than 35 percent of the global energy mix, according to the International Renewable Energy Agency (IRENA).
- Over the next few years, clean energy technologies such as electric vehicles and wind power generation are likely to fuel demand for rare earth elements. By 2026, magnets are expected to account for more than 80% of the market for rare earth elements.
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Asia-Pacific Region Expected to Dominate the Global Rare Earth Elements Market During the Forecast Period
As the COVID-19 epidemic highlighted China's supply chain concerns, Asia Pacific has become the world's electronics production hub, with investments from various corporations establishing their presence in nations like India, Vietnam, and Japan. This has led to a hike in demand for rare earth elements across this region. Furthermore, the use of rare earth elements in the region is expected to rise considerably as a result of increased investments in the healthcare industry and expanding ceramic demand and manufacturing.
Some of the prominent players in the global rare earth elements market include Aluminum Corp of China, Iluka Resources Limited, Lynas Rare Earths Ltd, and Arafura Resources Limited, among others.
REPORT SCOPE & SEGMENTATION:
| REPORT FEATURES | DETAILS |
| Product Coverage | • Light Rare Earth Elements - Lanthanum - Cerium - Neodymium - Samarium - Praseodymium - Misc. (Europium, etc.) • Heavy Rare Earth Elements - Yttrium - Dysprosium - Gadolinium - Terbium - Erbium - Misc. (Holmium, Thulium, etc.) |
| Application Coverage | • Magnets • Catalysts - FCC Catalysts - Automotive Catalysts • Metallurgy • Polishing Powders • Phosphors • Ceramics • Batteries • Misc. (Defence, Chemical, Glass, etc.) |
| Geographical Coverage | • North America • Europe • Asia Pacific • Latin America • Middle East & Africa |
| Leading Companies | • China Northern Rare Earth (Group) High-Tech Co. Ltd. • China Minmetals Rare Earth Co. Ltd. • Jiangxi Copper Corporation Limited • Shenghe Resources Holdings Co. Ltd. • Xiamen Tungsten Co., Ltd. • Guangdong Rare Earth Industry Group Co., Ltd. • Grinm Advanced Materials Co., Ltd. • China Rare Earth Holdings Limited • MP Materials • Lynas Rare Earths, Ltd. • IREL Limited |
| Report Highlights | Market Estimates and Forecast, Market Dynamics, Industry Trends, Production Output, Trade Statistics, Competition Landscape, Product-, Application-, Region-, Country-wise Trends & Analysis, COVID-19 Impact Analysis (Demand and Supply), Key Market Trends |
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