London, April 05, 2023 (GLOBE NEWSWIRE) -- Rare earth elements are an essential part of various technological devices, and the increasing adoption of these devices is expected to profoundly influence the growth trajectory of this global industry. From televisions, laptops, flat-screen monitors, and smartphones, among other devices, these elements play a crucial role in functionality and performance. A recent study by Fairfield Market Research has revealed that the global rare earth elements market was valued at US$3.5 Bn in 2020, with a vivid projection of this industry expanding at a favourable CAGR of 10.2% over the forecast period.
Moreover, the global rare earth elements market is expected to be bolstered by a general acceptance that renewable energy resources must be adopted to subvert the ill effects of climate change. Rare earth elements are necessary constituents in the manufacture and operation of crucial technologies such as wind turbines, solar panels, and electric-driven vehicles to say the least. As respective countries continue to implement stringent regulations concerning the use of renewable energy resources, increasing investments are going to have a profound influence on the further augmentation of this global market within the consensus timeline; most experts and punters concur.
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Key Research Insights
- The global rare earth elements market was valued at US$3.5 billion in 2020
- The most prominent rare earth elements companies include Inner Mongolia Baotou Steel Rare Earth Group, China Northern Rare Earth Group, and Minmetals Rare Earth Co.
- The global rare earth elements market is expected to expand at 10.2% CAGR
- China accounts for about 80% of this global market
Insights into Segmentation Analysis
The global rare earth elements market is segmented based on – Product, Application, and Region. Based on the ‘Product’ market segmentation, the ‘Neodymium, Praseodymium, and Dysprosium’ sub-segments are expected to account for the majority share of this market owing to them being extremely critical components in the electric vehicle and renewable energy sectors. “Technological advancements play a crucial role in the further progression of the rare Earth elements market,” highlighted an analyst at Fairfield Market Research.
Key Report Highlights
- The top five players in the market accounted for more than 70% of the total REE market in 2021.
- In 2021, China merged Chinalco, China Minmetals Corporation, and Ganzhou Rare Earth Group to form ‘China Rare Earth Group Co. Ltd.
- In 2020, global production of rare earth elements stood at 243 KT.
Insights into Regional Analysis
Asia Pacific is the largest producer and consumer of REEs, with China being the regional frontrunner. Other key countries in this region include Japan, South Korea, and India. North America accounted for the second-highest share in the global rare earth elements market space, with reserves found in California, and Colorado, among other states. The demand for REEs in North America is driven by various industries such as defence, electronics, and the automotive sectors.
Key Market Players
China Northern Rare Earth Group High-Tech Co. Ltd., Lynas Corporation, Iluka Resources Limited, MP Materials, Avalon Advanced Materials Inc., Great Western Minerals Group, Alkane Resources, Arafura Resources, and Medallion Resources, constitute some of the major competitors dominating the competitive landscape of global rare earth elements market.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2020 | |
| Forecast Year | 2021 – 2026 | |
| Market Size in 2020 | US$3.5 Bn | |
| Estimated Market Size in 2026 | US$7.3 Bn | |
| CAGR | 10.2% | |
| Key Players | China Northern Rare Earth Group High-Tech Co. Ltd., Lynas Corporation, Iluka Resources Limited, MP Materials, Avalon Advanced Materials Inc., Great Western Minerals Group, Alkane Resources, Arafura Resources, and Medallion Resources. | |
The Global Rare Earth Elements Market is Segmented as Below:
By 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.)
By Application Coverage
- Magnets
- Catalysts
- FCC Catalysts
- Automotive Catalysts
- Metallurgy
- Polishing Powders
- Phosphors
- Ceramics
- Batteries
- Misc. (Defence, Chemical, Glass, etc.)
By 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
Inside This Report You Will Find:
1. Executive Summary
2. Market Overview
3. Production Output and Trade Statistics
4. Price Trends Analysis and Future Projects, 2018 - 2026
5. Global Rare Earth Elements Market Outlook, 2018 - 2026
6. North America Rare Earth Elements Market Outlook, 2018 - 2026
7. Europe Rare Earth Elements Market Outlook, 2018 - 2026
8. Asia Pacific Rare Earth Elements Market Outlook, 2018 - 2026
9. Latin America Rare Earth Elements Market Outlook, 2018 - 2026
10. Middle East & Africa Rare Earth Elements Market Outlook, 2018 - 2026
11. Competitive Landscape
12. Appendix
Learn More About the Report Inclusions, and Research Methodology: https://www.fairfieldmarketresearch.com/report/global-rare-earth-elements-market/more-information
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