New York, United States, Dec. 20, 2023 (GLOBE NEWSWIRE) -- Seventeen metallic elements comprise rare earth elements. The fifteen lanthanides include Lanthanum, Cerium, Praseodymium, Neodymium, Promethium, Samarium, Europium, Gadolinium, Terbium, Dysprosium, Holmium, Erbium, Thulium, Ytterbium, and Lutetium, as well as Scandium and Yttrium. Moreover, these elements offer unique catalytic, nuclear, metallurgical, electrical, luminous, and magnetic capabilities. High demand from growing economies and "Green Technology's" dependence on rare earth elements are the reasons driving the growth of the analyzed industry.
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High Demand from Emerging Economies to Drive the Global Rare Earth Elements Market
According to Straits Research, "The global rare earth elements market size was USD 3.83 billion in 2022. It is estimated to reach an expected value of USD 9.18 billion by 2031, registering a CAGR of 10.2% during the forecast period (2023-2031)." China, India, Indonesia, Brazil, South Africa, and Mexico, among others, are among the most important emerging economies on the planet. In the future, the demand for smartphones, electric vehicles, and computers and their components is expected to increase in these growing economies. Rare earth elements are utilized in mobile phone circuits, sensor materials, speakers, batteries, and other components. According to the GSM Association, the number of unique mobile subscribers in China in 2020 was 1.22 billion and is predicted to reach 1.26 billion by 2025, which is likely to increase the demand for rare earth elements used in the production of mobile phones in the following years. According to the Ministry of Electronics & Information Technology, Government of India, the value of mobile phone production in India amounted to INR 2,140 billion in FY2020. It was projected to reach INR 2,200 billion in FY2021, which is likely to uplift the demand for various rare earth elements from the mobile manufacturing sector in India over the coming years. According to the GSM Association, smartphone penetration in Indonesia stood at 74% in 2019 and is projected to reach 89% by 2025, increasing the need for the studied market in the following years.
Increasing Scandium Usage in Aerospace Applications to Provide Opportunities for the Global Rare Earth Elements Market
Several aluminum alloys containing scandium are utilized in aerospace applications. Companies that manufacture aircraft are primarily interested in scandium-alloyed aluminum alloys because their use can lower aircraft weight by 15 to 20 percent. In addition, scandium-alloyed aluminum can employ weldable structures, which shows the possibility for aircraft manufacturers to reduce costs. The alloys are highly effective and aid in preventing the breaking of welded joints while increasing fatigue life by up to 200 percent. Aluminum-scandium alloys fabricate welded gas tanks, dashboard panels, compartment structures, and significant stamped and welded aircraft components. In addition, they are utilized in the fuselage stringers of large cargo aircraft.
Key Highlights
- By element, the global rare earth elements market is segmented into cerium (oxide, sulfide, and other elements), neodymium (alloy), lanthanum (alloy, oxide, and others), dysprosium, terbium, yttrium, scandium and other elements. The cerium segment accounted for the largest market share and is estimated to grow at a CAGR of 5% during the forecast period. Cerium compounds have a wide range of applications.
- By application, the global rare earth elements market is segmented into catalysts, ceramics, phosphors, metallurgy, magnets, glass and polishing, and other applications. The catalyst segment dominated the market and is estimated to exhibit a CAGR of 4.6% during the forecast period
Regional Insights
The global rare earth elements market is segmented into Asia-Pacific, Europe, South America, and Middle East & Africa.
Asia-Pacific accounted for the largest market share and is estimated to grow at a CAGR of 4.7% during the forecast period. Regarding natural resources, China is a significant producer of a wide variety of rare earth elements at lower prices than other countries. Currently, most of the world's providers of these high-value rare earth elements are sourced from China, making the global rare earth elements market supply susceptible to changes in China's manufacturing sector. According to a report citing the U.S. Geological Survey, China produced sixty percent of the world's rare earth in 2021. Australia, the United States, and Russia, among others, are the largest producers of minerals, providing lucrative opportunities for the metallurgy applications market.
Europe is the second largest region. The market is anticipated to reach USD 7,466 million by 2031 at a CAGR of 4.2%. The German automobile industry is the largest in Europe. Germany dominates the European automobile market with 41 assembly and engine production factories, accounting for one-third of the continent's total automobile production. Germany, one of the top automotive manufacturing hubs, is home to various firms, including equipment makers, material and component suppliers, engine manufacturers, and system integrators. Germany manufactured 3.74 million cars and light commercial vehicles in 2020, a 24.4% decrease from the 4.94 million vehicles produced in 2019. In the first half of 2021, the nation produced 1,850,287 vehicles, a 16% increase over the 1,595,742 vehicles produced in the first half of 2020. Germany is one of the major manufacturers and customers of electric vehicles in Europe. This expansion, supported by the government's ambition for all-electric vehicles by 2040, will drive market demand.
Competitive Landscape
Major companies in the global rare earth elements market are Aluminum Corporation of China Ltd, Avalon Advanced Materials IInc, Minmetals Land Limited, Xiamen Tungsten Co. Ltd, Eutectix, Iluka Resources Limited, MEDALLION RESOURCES LTD, NORTHERN MINERALS, ARAFURA RESOURCES, Peak Resources, Rare Element Resources Ltd, Rio Tinto, Shin-Etsu Chemical Co. Ltd, Ucore Rare Metals Inc., Lynas Rare Earths Ltd.
Market News
- September 2022 - Avalon Advanced Materials Inc. announced that it has secured a purchase agreement for petalite concentrates produced at the Separation Rapids Lithium Project located north of Kenora, Ontario. The agreement is for several years with a significant international non-Chinese glass ceramic manufacturer.
- September 2022 - Avalon Advanced Materials Inc. (TSX: AVL and OTCQX: AVLNF) ("Avalon" or "the Company") is delighted to declare that it has entered a non-binding memorandum of agreement (the "MOU") with LG Energy Solution (LGES; KRX: 373220) to provide LGES with battery-grade lithium hydroxide beginning in 2025.
Global Rare Earth Elements Market: Segmentation
By Element
- Cerium
-
- Oxide
- Sulfide
- Other Elements
- Neodymium
- Alloy
- Lanthanum
-
- Alloy
- Oxide
- Others
- Dysprosium
- Terbium
- Yttrium
- Scandium
- Other Elements
By Application
- Catalysts
- Ceramics
- Phosphors
- Glass and Polishing
- Metallurgy
- Magnets
- Other Applications
By Regions
- North America
- Europe
- APAC
- Middle East and Africa
- LATAM
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