Rare Earth Elements Market to Worth USD 5,520.2 Million by 2028
Fortune Business InsightsCompanies covered in the rare earth elements market are rare earth elements market are Baotou Rare Earth, China Minmetal Rare Earth, Avalon Advanced Materials, IREL, Metall…
Companies covered in the rare earth elements market are rare earth elements market are Baotou Rare Earth, China Minmetal Rare Earth, Avalon Advanced Materials, IREL, Metall Rare Earth Limited, Arafura Resource, and more players profiled.
Pune, India, Dec. 22, 2022 (GLOBE NEWSWIRE) -- The global rare earth elements market size 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 LINK in a published report, titled, 'Rare Earth Elements Market, 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.
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A list of renowned rare earth elements providers operating in the global market:
Baotou Rare Earth (China)
China Minmetal Rare Earth (China)
Avalon Advanced Materials (Canada)
Metall Rare Earth Limited (China)
Arafura Resources (Australia)
Canada Rare Earth Corporation (Canada)
Lynas Corporation (Australia)
Northern Minerals (Australia)
Greenland Minerals Limited (Australia)
Report Scope & Segmentation:
2028 Value Projection
USD 5,520.2 Million
Rare earth elements Market Size in 2020
USD 2,607.4 Million
No. of Pages
By Application, By Product and Regional
Rare earth elements Market Growth Drivers
Rising Demand for Lithium-ion Batteries to Have Positive Influence on the Rare Earth Elements Market Growth
Fluctuating Prices of Rare Earth Elements to Hinder Growth
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Catalyst Segment Generated 14.7% Share in 2020: Fortune Business LINK
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.
The report aims to analyze the rare earth elements 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.
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.
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.
Browse Detailed Summary of Research Report with TOC:
Detailed Table of Content:
Definitions and Assumptions
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
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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.
Frequently Asked Questions (FAQs):
Is the Impact of COVID-19 on rare earth elements industry growing?
Answer: the market size was USD 2,607.4 million in 2020 and is projected to reach USD 5,520.2 million by 2028
Who are the key players in the the Impact of COVID-19 on rare earth elements industry?
Answer: Baotou Rare Earth, China Minmetal Rare Earth, Avalon Advanced Materials, IREL, Metall Rare Earth Limited, Arafura Resource.
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