Pune, India, June 30, 2021 (GLOBE NEWSWIRE) -- The global 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, U.S., and China. This information is given by Fortune Business Insights™ in a published report, titled, “Rare Earth Elements Market Size, Share & COVID-19 Impact Analysis, By Type (Lanthanum, Cerium, Neodymium, Praseodymium, Samarium, Europium, Others), By Application (Magnets, Metallurgy, Batteries, Polishing Agent, Glass and Ceramics, Catalyst, Phosphors, and Others) and Regional Forecast, 2021-2028.” As per the report, the market size was 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.
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 rare earth elements. Renowned firms operating in the metal industry were incapable of procuring these elements for producing alloys. These factors are expected to obstruct market growth.
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Report Coverage:
The report aims to analyze this 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.
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.
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.
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.
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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.
List of top 10 rare earth elements market providers operating globally are:
- 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
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.
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…!
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