London, Dec. 14, 2022 (GLOBE NEWSWIRE) -- Rising usage in making of permanent magnets, and for aerospace application will drive the global rare earth elements market ahead. The perceived capability of rare earth elements to effectively and efficiently addressing the various concerns around the presence of pollutants in engine exhaust systems is also likely to fuel demand in rare earth elements market. A recently published report on global rare earth elements market by Fairfield Market Research suggests that the market will flourish in line with mounting demand from emerging economies, as well as rising reliance on the sustainable resource pool. Up from around US$3.5 Bn in 2021, rare earth elements market is projected to reach US$7.3 Bn by the end of 2026.
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Key Research Insights
- Global market revenue will double between 2022 and 2026, exhibiting more than 10% growth
- Magnets will continue to capture a whopping 80% share in market revenue by 2026 end
- Hegemony of Asia Pacific will prevail through 2026 with nearly 80% market value share
Insights into Segmental Analysis
In terms of the product-wise analysis, light rare earth elements that represented an approximately US$2.8 Bn market in 2020 will continue to surge ahead of their heavy counterparts. Among the key areas of application, i.e., functional ceramics, batteries, magnets, glass, catalysts, polishing powders, and phosphors, the report indicates primacy of magnets that currently hold around 30% volume share in rare earth elements market. Extensive uptake of magnet across industries like automotive, medical, power generation, and electronics warrants a constant stream of revenue generation opportunities for the participants in rare earth elements market. Demand is further likely to accelerate with the new headways of growth emerging in the medical devices and equipment sector. Substantial magnet consumption for equipment like MRI machines, sleep apnea machines, pacemakers, and insulin pumps further keep the demand afloat in rare earth elements market.
Key Report Highlights
- Market will remain influenced by the estimations of nearly 10x growth in existing EV sales by 2030 end
- Market awaits a wave of opportunities as the boom around clean energy technologies grows denser. Exhaustive application of magnets in electric vehicles, and at wind farms especially contributes toward clean energy technology development to a large extent, thereby fostering rare earth elements market growth
Insights into Regional Analysis
While China alone making up for a whopping 90% of the total supply of rare earth elements, Asia Pacific will continue to be in the bandwagon. The report in its regional analysis section reveals that the region is nearing maturity in terms of its capacity of converting rare earth elements to valued products. Leading the pack in global rare earth elements market, Asia Pacific accounts for a revenue share of around 80%. Although a majority of sourcing is currently concentrated in China, big markets like the US, Japan, Australia, and India have been striving to reduce their reliance on China. In addition, the report points to robust growth in investments in the region’s offshore wind sector, which would propel revenue generation opportunities for Asia Pacific’s rare earth elements market. A few other significant factors fortifying the region’s top positioning in global rare earth elements market, include rising healthcare investments, and an exceptionally growing rate of vehicle electrification.
Key Companies in Global Rare Earth Elements Market Space
The global rare earth elements market report has considered some of the significant players for detailed competitive analysis, and strategic profiling. Mitsubishi Corporation RTM Japan Ltd., Lynas Rare Earth Ltd., MP Materials, China Rare Earth Group Co. Ltd, Medallion Resources Ltd., and American Rare Earths Limited are some of the players profiled in report.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2021 | |
| Forecast Year | 2022 – 2026 | |
| Market Size in 2021 | US$3.5 Bn | |
| Estimated Market Size in 2026 | US$7.3 Bn | |
| CAGR | 10.2% | |
| Key Players | Aluminum Corp of China, Iluka Resources Limited, Arafura Resources Limited, Lynas Rare Earths Ltd. | |
Market Segmentation
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
- Latin America
- Middle East & Africa
- Asia Pacific
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 Inclusions
- Market Estimates and Forecast
- Market Dynamics
- Industry Trends
- Competition Landscape
- Product-wise Analysis
- Application-wise Analysis
- Region-wise Analysis
- Country-wise Analysis
- Key Trends Analysis
- COVID-19 Impact Analysis
About Us
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
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