Market Overview
The global rare earth elements size was worth US$ YY million in 2020 and is estimated to reach US$ YY million by 2029, growing at a CAGR of 9.01% during the forecast period (2022-2029).
Rare earth elements are a group of seventeen metals and compounds of the same metals in the periodic table with specific properties. The group of elements consists of yttrium, scandium and the 15 lanthanide elements such as Cerium, Erbium, Europium, Gadolinium, Holmium, Lanthanum, Neodymium, Praseodymium, Promethium, Samarium, Scandium, Terbium, Thulium, Ytterbium and Yttrium.
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Market Dynamics
Wind energy has become one of the most recognized, cost-effective and clean solutions for generating electricity. A clean alternative to non-renewable fuels, wind energy farms provides an alternative method to generate electricity and reduce the emission of greenhouse gases.
Wind energy generation is expected to be one of the fastest-growing markets in the future because of growing federal incentives for production and regulations on emissions.
COVID-19 – Analysis
The global rare earth elements market has shown a slight decline due to the COVID-19 pandemic, as manufacturing industries were closed. Several countries have restricted production activities during the COVID-19 pandemic. Further the growth of electronics devices, automobiles also declined due to low demand in the Months of 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.
Market Segmentation
- By Type
- By Source
- By Application
- By End-User
- By Region
By Type – Metals
These metals are an important part of many electronic devices ranging from computers to smartphones, cameras, DVDs and memory devices. Also, these are used in a wide range of industries including automotive, glass and ceramic products.
By End-User – Industrial
Rare earth elements including their presence in alloys and compounds are offering structural and functional benefits, thereby increasing their demand. In metallurgy, rare earth metals are added to steel to increase their thermal stability and strength
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Geographical Analysis
The Asia-Pacific is expected to dominate the global rare earth elements market in 2019 and is estimated to hold the largest market share in the year 2019. With rising automotive production, increasing investments into the healthcare industry and rising ceramic demand and production, the consumption of rare earth elements are also projected to increase noticeably in the region, during the forecast period.
Competitive Landscape
Rare earth is either produced as primary products during extraction or as by-products during the extraction of some other principal elements such as uranium and thorium. Most of the firms’ operating activities are located in China with other firms either based out of US, Australia and Canada.
Trending Topic’s
Kazakhstan Rare Earth Elements Market
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