Rare Earth Elements Market Growth Rate and Drivers Analysis:
Rare Earth Elements Market is projected to produce at a CAGR of 10% during the forecast period 2022-2029. Rare earth elements are utilized in loudspeakers, telescope lenses, studio lighting, and computer hard drives to enable them to be smaller and more efficient. They are utilized in screens and displays as they will produce different colors. Group elements usually have high electrical conductivity, and they naturally occur together in minerals
The factors driving the expansion of the market studied are the high demand from emerging economies and the dependency of "Green Technology" on lanthanum elements.
Market Segmentation Insights:
Magnets stand to be one of the most important applications for rare-earth element elements. Magnets find extensive applications in various industries, like electronics, automotive, power generation, and medical.
Magnets are employed in medical equipment, like MRI machines, pacemakers, apnea machines, and insulin pumps. The healthcare industry has been witnessing huge investments in regions like Asia-Pacific and the Middle East and Africa.
Industries like automotive, electronics and healthcare are witnessing innovation and development, driving the demand for magnets in such industries.
The global group elements market has shown a small decline thanks to the Covid-19 pandemic, as manufacturing industries were closed. Several countries have restricted production activities during the covid-19 pandemic. Further to the expansion of electronics devices, automobiles also declined because of low demand from April to June 2020.
As per International Energy Agency during January to April 2020 Covid-19 pandemic period, the sale of cars contracted by 15% over the year compared to 2019, while electric sales for passenger and commercial light-duty vehicles also declines broadly as compared to 2019 levels.
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Regional Insights
The Asia-Pacific region dominated the world market share. With increasing investments within the healthcare industry and also the rising ceramic demand and production, the consumption of lanthanide elements is projected to extend noticeably within the region.
Asia Pacific has been the electronics production base of the globe, with investments coming in from several companies establishing their presence in countries like India, Vietnam, and Japan, because the COVI-19 pandemic exposed the availability chain problems with China.
Furthermore, the demand for and production of ceramics is the highest in Asia-Pacific. The increasing ceramic demand from industries like aerospace and defines, energy, healthcare, and commodities is driving the assembly of ceramics within the region.
Some of the Major Companies Covered in the global market:
Some of the key players which are contributing to the expansion of the market include China's Northern rare-earth element, Arafura Resources Ltd, Lynas Corporation Ltd, Avalon Rare Metals, Alkane Resources Ltd, Shin-Etsu Chemical Co. Ltd, China Minmetals rare-earth element Co. Ltd, High-Tech Co., Ltd, Molycorp Inc., Iluka Resources Ltd, Canada lanthanide Corporation, Molycorp Inc.
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Market Segmentation:
By Type:
Metals
Compounds
By Source:
Bastnäsite
Loparite
Monazite
Rare-earth laterite
Xenotime
Others
By Application:
Magnets
Catalyst
Metals Alloys
Polishing
Ceramics/Glass
Additives
Others
By End-User:
Industrial
Automotive
Glass
Fluorescent Lighting
Electronics
Others
Geographical Classification:
North America
Latin America
Europe
Middle East and Africa
Asia Pacific
Rest of the globe
The Full Report has the below insights.
- The report offers a comprehensive evaluation of the market in terms of Market Value (US$) and Y-o-Y Growth Rates (%). It does so via in-depth qualitative insights, historical data (2020-2021), and verifiable projections about market size during the forecast period (2022-2029).
- Visualize the composition of Rare Earth Elements Market segmentation By Type, By Source, By Application, By End User, and Region, highlighting the key commercial assets and players.
- Identify commercial opportunities in the Market by analyzing trends and co-development deals.
- The report also covers data insights on various industry forces such as porter's five forces, regulations in each country, reimbursement scenario, technological advancements, PEST analysis, and pricing analysis.
- Excel data sheet with thousands of Market-level 4/5 segmentation data points.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in excel for the key product of all major market players
- The report will provide access to approximately 50+ market data tables, 40+ figures, and close to 180 pages.
Additional Benefits Post Purchase:
- Unlimited Analyst support for a period of 1 year.
- Any query regarding the scope offered will be addressed within 24- 48 hours.
- An excel sheet with market numbers will be provided separately
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