Rare Earth Element Market is anticipated to reach US$ 15.05 Bn. by 2029 from US$ 6.68 Bn. in 2022 at a CAGR of 12.3 % during a forecast period.
Rare Earth Element Market Report Overview
The Rare Earth Element market report is a comprehensive analysis of the Rare Earth Element Market, drawing on both primary and secondary research methods. It provides a detailed analysis of the global and regional market size and share, as well as an in-depth analysis of the Rare Earth Element market dynamics and regional insights. This makes the report an invaluable resource for investors and other stakeholders interested in the Rare Earth Element market.
Rare Earth Element Market Report Scope and Research Methodology
The report provides a detailed analysis of the Rare Earth Element market dynamics, including opportunities, restraints, challenges, and drivers. The primary and secondary research methods were used to collect and verify the data for the Rare Earth Element market report.
Primary research involved interviews with key players in the Rare Earth Element industry, including companies, suppliers, and distributors. The interviews were conducted to understand the current state of the Rare Earth Element market, as well as the opportunities and challenges facing the industry.
Secondary research involved a review of industry publications, government reports, and other relevant sources. This research was used to gather additional information about the Rare Earth Element market, such as market size, trends, and regulations.
The report also includes a SWOT analysis of the Rare Earth Element industry. The SWOT analysis identifies the strengths, weaknesses, opportunities, and threats facing the industry. This information can be used by businesses to develop strategies to capitalize on the opportunities and mitigate the threats.
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Rare Earth Element Market Dynamics
During the course of the projected period, rare-earth permanent magnets are anticipated to increase at the fastest rate. The rare-earth elements neodymium, praseodymium, dysprosium, terbium, and yttrium are most frequently utilized in permanent magnets. These metals have unique qualities, such as high coercivity and remanence, that keep permanent magnets from gradually losing their magnetism. These magnets are heavily used in the automotive industry, which affects demand for them. Rare-earth permanent magnets are used in both conventional and hybrid vehicles.
Seldom utilized rare-earth metals are in catalytic systems. In a catalyst system, their main job is to take in, hold, and release oxygen while controlling the surrounding gaseous state. In catalytic systems, rare-earth metals like cerium and lanthanum are often used.
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Rare Earth Element Market Regional Analysis
The report includes a detailed analysis of several key countries including Rare Earth Element market size, CAGR, drivers, restraints, opportunities, challenges and a detailed analysis of key players. The regions and the countries covered in the report are:
North America (U.S., Canada, Mexico)
Europe (UK, Germany, France, Spain, Italy, Rest of Europe)
Asia Pacific (China, India, Japan, Australia, South Korea, ASEAN Countries, Rest of APAC)
South America (Brazil)
The Middle East and Africa
Rare Earth Element Market Segmentation
by Metal
• Lanthanum
• Cerium
• Neodymium
• Praseodymium
• Samarium
• Europium
Cerium, which made up of the total volume, was the most widely used element by Metal in 2022. Demand for rare earths is anticipated to increase during the projected period due to the growing popularity of hybrid cars. The volume of praseodymium is anticipated to increase at a CAGR of 6.4 percent between 2023 and 2029. In aviation engines, it serves as an alloying agent with magnesium to create high-strength metals. The demand for flights rises in tandem with the number of travelers from around the globe. In February 2017, GE Aviation, a division of General Electric, made a USD 12.3 billion commitment to expand its aircraft engine production capacity. Throughout the projection period, this is anticipated to increase praseodymium demand.
by Application
• Permanent Magnets
• Metals Alloys
• Polishing
• Additives
• Catalysts
• Phosphors
Through Application In 2022, the application segment with the highest volume and income was the magnet. Examples of devices that use them include speakers, sensors, servo motors, computer hard drives, and linear actuators. During the projected period, there is expected to be an increase in the utilization of rare earth elements due to the growing need for magnets in consumer electronics, vehicles, and turbines. From 2023 to 2029, revenue from ceramic applications is projected to grow at a compound annual growth rate (CAGR) of 7.0 percent. In the ceramics sector, yttrium, lanthanum, cerium, neodymium, and praseodymium are widely employed in applications like electronics, engineering, and tiles. Based on data provided by the Ceramic World Web, there was a 2.2% rise in ceramic tile production between 2016 and 2017.
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Rare Earth Element Market Key Players
• Ucore Rare Metals Inc
• Arafura Resources Limited
• Alkane Resources ltd
• Lynas Corporation
• Avalon Advanced Materials, Inc.
• Canada Rare Earth Corporation
• Iluka Resources Limited
• Baotou Jinmeng Rare Earth Co
• Northern Minerals Limited
• Shin-Etsu Chemical Co. Ltd.
• China Minmetals Rare Earth Co. Ltd.
• China Northern Rare Earth (Group) High-Tech Co., Ltd.
• Iluka Resource Ltd (Australia)
• Canada Rare Earth Corporation (Canada)
• Others
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Key Questions answered in the Rare Earth Element Market Report are:
- What is Rare Earth Element ?
- What was the Rare Earth Element Market size in 2022?
- What will be the CAGR of the Rare Earth Element market during the forecast period?
- Which region held the largest Rare Earth Element market share in 2022?
- What are the opportunities for the Rare Earth Element Market?
- What are the factors driving the Rare Earth Element market growth?
- What factors are hampering the Rare Earth Element market growth?
- Which company held the largest share in the Rare Earth Element market?
- What key trends are likely to emerge in the Rare Earth Element market in the coming years?
- What growth strategies are the players considering to increase their presence in Rare Earth Element Market?
Key offerings:
- Past Market Size and Competitive Landscape (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size & Forecast by different segment | 2023−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
- Market Segmentation – A detailed analysis of segments and sub-segments
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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