Rare Earth Elements Market Will Generate About USD 5.62 billion By 2024

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.

Request Sample Copy of This Market Research @

https://www.millioninsights.com/industry-reports/rare-earth-elements-market/request-sample

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.

Market Segmentation:

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.

Browse Full Research Report @

https://www.millioninsights.com/industry-reports/rare-earth-elements-market

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.

Players:

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

Rare Earth Elements Market Benefits, Technology Advancement and Future Scope To 2023

OCT 01, 2019: The global rare earth elements market is anticipated to reach USD 5.62 billion by 2025, according to a new report by Radiant Insights, Inc. The growing use of permanent magnets in the production of batteries for electric vehicles is expected to propel the demand for rare earth elements including neodymium, praseodymium, dysprosium, gadolinium, and terbium over the forecast period. Neodymium and praseodymium based rare earth permanent magnets are majorly used in the manufacturing of batteries.

To Request A Sample Copy Of This Report @:   https://www.radiantinsights.com/research/rare-earth-elements-market/request-sample

The growing demand for electric vehicles coupled with the government initiatives on reducing the CO2 emissions is expected to boost the demand for permanent magnets. In March 2019, the Chinese government reduced subsidies for electric vehicles in order to promote innovation amongst local manufacturers on account of declining costs. The incentives for electric cars with less than 400 km range decreased from 50,000 yuan to 25,000 yuan, while the incentives for vehicles ranging less than 250 km have been eliminated.

To Browse Full Research Report @:
https://www.radiantinsights.com/research/rare-earth-elements-market

According to USGS, China holds the largest amount of reserves with 44 million tons and Malaysia holds the least amount of reserves with 30 thousand tons. It also stated that the U.S. has USD 6.2 trillion worth of mineral reserves. However, the stringent regulatory policies towards mining in the U.S. has forced the companies to import the raw materials from China. Hence, the production of raw material has been a major challenge for the U.S companies.

The increasing prices of rare earth elements and high investments to open new mines have given rise to recycling of the product. Japan is one of the major producer of recycled rare earth elements. In 2010, Hitachi developed a new technology for recycling rare-earth magnets from air conditioners and hard disk drives. It can separate recycle magnets approximately eight times more efficiently than conventional methods. In 2012, The Honda Corporation opened the first rare earth recycling plant. The company utilized used automotive parts containing metals to produce rare earth elements.

The key players in the rare earth elements market are involved in acquisitions, expansions, and long term binding agreements with their customers. In Nov 2017, Hitachi Metals Ltd acquired Santoku Corporation, a Japanese manufacturer of alloys. This strategy was aimed at accelerating the production of neodymium magnet alloys in order to achieve sustainable growth in the global market.

Further key findings from the report suggest:

• Neodymium is anticipated to register a CAGR of 8.3%, in terms of volume, from 2019 to 2025 owing to growing demand for permanent magnets

• Catalyst application accounted for a revenue share of 18.7% in 2018 owing to increasing demand from automotive and petroleum refining industries.

• Middle East & Africa is expected to grow at a CAGR of 6.9%, in terms of volume, over the forecast period owing to rising investment in expansion of refinery capacities

• In 2016, Hitachi Metals Ltd entered into a joint venture with Zhong Ke San Huan Hi-Tech Co., Ltd. to manufacture Neodymium-Iron-Boron magnets

• The major players are adopting strategies like capacity expansion and agreements with the end-use industries to cater to growing demand for rare earth elements. For instance, in January 2018, Lynas Corporation signed an agreement with Bosch, an automotive component supplier. This agreement was aimed at ensuring continuous supply of rare earth materials to Bosch.

Table of Contents

Chapter 1 Methodology and Scope

1.1 Research methodology

1.2 Research scope and assumptions

1.3 List of data sources

Chapter 2 Rare Earth Elements: Executive Summary

2.1 Market summary

Chapter 3 Rare Earth Elements Market Variables, Trends & Scope

3.1 Global rare earth elements market outlook

3.2 Rare earth elements: Value chain analysis

3.2.1 Mining

3.2.2 Refining

3.2.3 Rare earths – suppliers/distributors

3.2.4 Rare earth based product manufacturers

3.2.5 Rare earths based products – suppliers/distributors

3.2.6 End-use industries

3.3 Technology overview

3.3.1 Exploration of rare earth elements

3.3.2 Mining of rare earth elements

3.3.3 Refining of rare earth elements

3.3.4 Challenges in production of rare earth elements

3.3.4.1 Difficult mining process

3.3.4.2 Environmental impact

3.4 Regulatory framework

3.4.1 European Commission

3.4.1.1 Directive 2006/21/EC

3.4.1.2 Directive (2008/98/EC)

3.4.1.3 Directive 2013/59/Euratom

3.4.2 United States Environmental Protection Agency)

3.5 Market Dynamics

3.5.1 Market drivers

3.5.2 Growing demand for electric and hybrid vehicles

3.5.3 Growing demand for catalysts

3.5.4 Market restraint analysis

3.5.5 Supply-demand imbalance

3.6 Mine production of rare earth elements [data in metric tons of rare-earth oxide (reo)]

3.7 Trade analysis

3.7.1 HS CODE :280530 (Rare-earth metals, scandium, and yttrium, whether or not intermixed or interalloyed)

3.7.2 HS CODE :284610 (Cerium compound)

3.7.3 HS CODE :284690 (Compounds, inorganic or organic, of rare-earth metals, of yttrium or of scandium or of mixtures of these metals)

3.7.4 HS CODE :360690 (Ferro-cerium and other pyrophoric alloys in all forms; articles of combustible materials)

3.8 Business environment analysis tools

3.8.1 PESTEL analysis

3.8.2 Porter’s five forces analysis

3.9 Major deals & strategic alliances analysis

3.9.1 Restart of mining operations at the mountain pass

3.9.2 A strategic alliance agreement between lynas and sojitz

3.10 Case study

Continued…


To See More Reports of This Category by Radiant Insights:
https://www.radiantinsights.com/catalog/materials

About Radiant Insights:
Radiant Insights is a platform for companies looking to meet their market research and business intelligence requirements. It assist and facilitate organizations and individuals procure market research reports, helping them in the decision making process. The Organization has a comprehensive collection of reports, covering over 40 key industries and a host of micro markets. In addition to over extensive database of reports, experienced research coordinators also offer a host of ancillary services such as, research partnerships/ tie-ups and customized research solutions.

Media Contact:
Company Name: Radiant Insights, Inc
Contact Person: Michelle Thoras
Email: sales@radiantinsights.com
Phone: (415) 349-0054
Address: 201 Spear St #1100, Suite #3036
City: San Francisco
State: California
Country: United States
For more information, Visit: http://www.radiantinsights.com

Create your website with WordPress.com
Get started