The scope of the global Rare Earth Elements Market was appreciated at US$ 2.80 billion in 2018. The range is projected to touch US$ 5.62 billion by 2025, growing at a CAGR of 10.4% for the duration of the forecast.
The rare earth elements most commonly used include lanthanum, neodymium, cerium, dysprosium, yttrium, and praseodymium. These products find their presence in production of catalysts and magnets for automotive industry. Praseodymium and neodymium are used for producing electric vehicles’ batteries whereas cerium acts as a catalyst in motor vehicles’ catalytic converters.
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According to the IEA (International Energy Agency), the stock of electric cars across the globe had crossed 5 million in 2018 (around 63% rise as compared to 2017). It’s a known fact that the demand for electric vehicles is on the rise due to reduction in emission of CO2. This factor is expected to drive the usage of permanent magnets in battery production. Herein, praseodymium- and neodymium-based rare earth permanent magnets find prevalence.
The global rare earth elements market is segmented based on product, application, and geography. By Product, the market spans cerium, erbium, dysprosium, yttrium, ytterbium, thulium, terbium, scandium, samarium, promethium, praseodymium, neodymium, lutetium, lanthanum, holmium, gadolinium, and Europium. By application, the rare earth elements industry comprises magnets, metallurgy, catalysts, polishing, glass, phosphors, ceramics, and others. By geography, the market says LATAM & Central America, Asia Pacific, Europe, North America, and MEA.
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North America holds a considerable share and is expected to witness a CAGR of 8.2% in the upcoming period. Organic growth attributes to this growth For instance – Tesla, in the year 2018, did announce usage of neodymium in Model 3 Long Range Cars. Europe comes in second; with growing applications as catalysts, in glass, ceramics, metallurgy, and magnets.
Asia Pacific held the largest share (71.5%) in the year 2018. Automotive industry and consumer electronics do hold significance in economies like India and China. This is owing to growing application of rare earth elements in magnets to produce batteries in electric vehicles and polish TV glass. Moreover, increasing demand for high bandwidth capacities, smartphones, and the high speed connectivity is to fuel optical fibers’ demand in India.
The players contributing to the rare earth elements market include Iluka Resources Ltd., Alkane Resources Ltd., China Northern Rare Earth (Group) High-Tech Co., Ltd., China Minmetals Rare Earth Co. Ltd., and ShinEstu Chemical