Pune, India, June 19, 2023 (GLOBE NEWSWIRE) -- As per the report published by Fortune Business Insights™, the global rare earth elements market size was valued at USD 2,607.4 million in 2020 and is projected to reach USD 5,520.2 million by 2028, exhibiting a CAGR of 10.0% during the forecast period. The rare earth elements market is set to gain traction from the rising adoption of electric vehicles (EVs) owing to the urgent need to reduce emissions in the environment. For instance, the International Energy Agency (IEA) declared that the demand for EVs is rising at a fast pace in Japan, the U.S., and China. This information is given by Fortune Business Insights™ in a published report, titled, “Rare Earth Elements Market, 2023-2028.”
In the coming years, Europe is predicted to become the second-fastest-growing market after APAC, because European countries hold a significant share in rare earth metal imports.
The demand for rare earth elements has been steadily increasing in recent years due to the growth of high-tech industries and the transition to clean energy. This has led to a rise in prices for many rare earth elements, particularly neodymium, praseodymium, and dysprosium, which are used in the production of permanent magnets for electric vehicles and wind turbines.
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List of Key Players Profiled in the Rare Earth Elements Market Report:
- Baotou Rare Earth (China)
- China Minmetal Rare Earth (China)
- Avalon Advanced Materials (Canada)
- IREL (India)
- Metall Rare Earth Limited (China)
- Arafura Resources (Australia)
- Canada Rare Earth Corporation (Canada)
- Lynas Corporation (Australia)
- Northern Minerals (Australia)
- Greenland Minerals Limited (Australia)
- Other Players
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2021-2028 |
| Forecast CAGR | 10.0% |
| 2028 Value Projection | USD 5,520.2 Million |
| Market Size in 2020 | USD 2607.4 Million |
| Historical Data | 2017-2019 |
| No. of Pages | 160 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Rare Earth Elements Market Growth Drivers | Rising Demand for Lithium-ion Batteries to Have Positive Influence on the Rare Earth Elements Market Growth |
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/rare-earth-elements-market-102943
Segments-
Catalyst Segment Generated 14.7% Share in 2020: Fortune Business Insights™
Based on the type, the market is categorized into lanthanum, cerium, neodymium, praseodymium, samarium, europium, and others. By the application, it is segregated into magnets, metallurgy, batteries, polishing, glass and ceramics, catalyst, phosphors, and others. Out of these, the catalyst segment held 14.7% in terms of the rare earth elements market share in 2020. This growth is attributable to the high demand for catalytic convertors from the automotive industry.
COVID-19 Pandemic: Disruptions in Supply Chain and Production Delays to Hinder Growth
The outbreak of the COVID-19 pandemic has severely affected the consumer electronics and automotive industries. It has also affected the production and supply chains of these earth elements. Renowned firms operating in the metal industry were incapable of procuring these elements for producing alloys. These factors are expected to obstruct the market growth.
Report Coverage-
The report aims to analyze the rare earth elements industry by considering contributions, prospects, and growth trends. It presents detailed profiles of every key player operating in the market to analyze their core competencies in each segment. Apart from that, it ensures to help our clients better understand the competitive developments, such as mergers & acquisitions, new product launches, joint ventures, and collaborations.
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Drivers & Restraints-
Rising Demand from Various Industries to Bolster Growth
A large number of rare earth elements are gaining momentum across the globe because of their high demand from numerous industries. They have several beneficial chemical and physical properties that are best suited for specific applications. However, the surging prices of raw materials because of the high demand for bearings, aircraft alloys, automotive motors, and batteries may hamper the rare earth elements market growth in the near future.
- Increasing Demand in High-Tech Industries: The growing demand for electronic devices, renewable energy technologies, and advanced defense systems drives the need for rare earth elements. As these industries continue to expand, the demand for REEs is expected to rise.
- Transition to Clean Energy: The global shift toward clean energy sources, such as wind and solar power, relies on rare earth magnets for efficient energy generation. The development of electric vehicles also contributes to the demand for REEs, as they are used in electric motors and batteries.
- Technological Advancements: Ongoing technological advancements create new applications for rare earth elements and increase their importance in various industries. As technologies evolve, the demand for REEs with specific properties and functionalities may increase.
Restraints:
- Limited Global Supply: Rare earth elements are not evenly distributed worldwide, and a limited number of countries possess significant reserves. This concentration of supply creates concerns about geopolitical risks and supply disruptions.
- Environmental Challenges: The extraction and processing of rare earth elements can have environmental impacts, such as habitat destruction, water pollution, and radioactive waste generation. Stricter environmental regulations and community concerns can limit mining activities and increase production costs.
- Price Volatility: The rare earth elements market is susceptible to price fluctuations due to factors such as changes in supply and demand, trade policies, and speculation. Volatile prices can impact the profitability of businesses relying on rare earth elements.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Key Market Trends in the Global Market
- Key Developments: Mergers, Acquisition, Partnership, etc. .
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights Impact of COVID 19 on Global Rare Earth Elements Market
- Supply Chain Analysis & Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
TOC Continued...!
Regional Insights-
Surging Industrialization and Construction Activities to Favor Growth in Asia Pacific
Geographically, Asia Pacific earned USD 2,220.8 million in 2020 in terms of revenue and is likely to retain its leading position in the near future. This growth is attributable to the surging building & construction activities in China. The country is considered to be a major growth contributor on account of the rapid industrialization and the presence of numerous consumer electronics manufacturers. On the other hand, North America is anticipated to grow considerably backed by the increasing production of EVs in the U.S., which, in turn, would accelerate the demand for these earth elements.
Competitive Landscape-
Key Players Focus on Acquisitions and Signing Agreements to Intensify Competition
The global market houses numerous companies that are currently focusing on acquiring local organizations and signing new agreements with government bodies to compete with their rivals. Below is one of the latest industry developments:
- January 2021:Lynas Rare Earths Limited and the U.S. Government signed an agreement to construct a Light Rare Earths separation plant in Texas through Lynas USA LLC, a wholly owned subsidiary. The new plant is estimated to produce rare earth elements at around 5,000 tonnes per annum.
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