Rare Earth Element Market Overview:
Maximize Market Research is a Business Consultancy Firm that has published a detailed analysis of the “ Rare Earth Element Market”. The report includes key business insights, demand analysis, pricing analysis, and competitive landscape. The report provides the current state of the Rare Earth Element market by thorough analysis, and projections are made up to 2030.
Rare Earth Element Market is anticipated to reach US$ 16.90 Bn. by 2030 from US$ 7.50 Bn. in 2023 at a CAGR of 12.3 % during a forecast period.
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Rare Earth Element Market Dynamics:
During the course of the projected period, rare-earth permanent magnets are anticipated to increase at the fastest rate. The rare-earth elements neodymium, praseodymium, dysprosium, terbium, and yttrium are most frequently utilised in permanent magnets. These metals have unique qualities, such as high coercivity and remanence, that keep permanent magnets from gradually losing their magnetism. These magnets are heavily used in the automotive industry, which affects demand for them. Rare-earth permanent magnets are used in both conventional and hybrid vehicles.
Seldom utilised rare-earth metals are in catalytic systems. In a catalyst system, their main job is to take in, hold, and release oxygen while controlling the surrounding gaseous state. In catalytic systems, rare-earth metals like cerium and lanthanum are often used. They are typically utilised as catalysts in oil refinery fluid cracking catalysts (FCCs) and catalytic converters for automobiles and other vehicles. In addition to higher global unit sales, stricter global car emission regulations are driving up demand for auto catalysts. Over the projected period, there will likely be an increase in the need for rare-earth metals in autocatalysts.
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Rare Earth Element Market Segmentation:
by Metal
Lanthanum
Cerium
Neodymium
Praseodymium
Samarium
Europium
2023 saw Cerium, which made up xx% of the entire volume, emerge as the most popular element across Metal. Demand for rare earths is anticipated to increase during the projected period due to the growing popularity of hybrid cars. The volume of praseodymium is anticipated to increase at a CAGR of 6.4 percent between 2024 and 2030. In aviation engines, it serves as an alloying agent with magnesium to create high-strength metals. The demand for flights rises in tandem with the number of travellers from around the globe. In February 2017, GE Aviation, a division of General Electric, made a USD 12.3 billion commitment to expand its aircraft engine production capacity. Throughout the projection period, this is anticipated to increase praseodymium demand.
by Application
Permanent Magnets
Metals Alloys
Polishing
Additives
Catalysts
Phosphors
Through Application In terms of volume and revenue, the magnet application segment was the most well-liked in 2023. Examples of devices that use them include speakers, sensors, servo motors, computer hard drives, and linear actuators. During the projection period, there is expected to be an increase in the utilisation of rare earth elements due to the growing need for magnets in consumer electronics, vehicles, and turbines. The ceramic application is anticipated to grow at a compound annual growth rate (CAGR) of 7.0 percent between 2024 and 2030. In the ceramics sector, yttrium, lanthanum, cerium, neodymium, and praseodymium are widely employed in applications like electronics, engineering, and tiles. Based on data provided by the Ceramic World Web, there was a 2.2% rise in ceramic tile production between 2016 and 2017. Growing the output of ceramics as a
Rare Earth Element Market Regional Insights:
Regional insights play a vital role in understanding the nuanced dynamics of the Rare Earth Element market. The Rare Earth Element market is divided into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. The report offers a comprehensive examination of factors, market size, growth rate, and import and export activities within each region. The Regional Analysis section presents the current status of the Rare Earth Element market in the countries covered in the report.
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Rare Earth Element Market Key Players:
1. Ucore Rare Metals Inc
2. Arafura Resources Limited
3. Alkane Resources ltd
4. Lynas Corporation
5. Avalon Advanced Materials, Inc.
6. Canada Rare Earth Corporation
7. Iluka Resources Limited
8. Baotou Jinmeng Rare Earth Co
9. Northern Minerals Limited
10. Shin-Etsu Chemical Co. Ltd.
Key questions answered in the Rare Earth Element Market are:
- What is Rare Earth Element ?
- What was the Rare Earth Element market size in 2023?
- Who are the leading companies and what are their portfolios in Rare Earth Element Market?
- What growth strategies are the players considering to increase their presence in Rare Earth Element ?
- What are the upcoming industry applications and trends for the Rare Earth Element Market?
- Which are the factors expected to drive the Rare Earth Element market growth?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the Rare Earth Element Market?
- What are the different segments of the Rare Earth Element Market?
- What will be the CAGR at which the Rare Earth Element market will grow?
- What is the growth rate of the Rare Earth Element Market?
- What segments are covered in the Rare Earth Element Market?
- What are the key challenges and opportunities in the Rare Earth Element market?
- Which application holds the highest potential in the Rare Earth Element market?
- Who are the key players in the Rare Earth Element market?
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Key Offerings:
- Past Market Size and Competitive Landscape
- Past Pricing and price curve by region
- Market Size, Share, Size & Forecast by different segment
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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