Global Rare Earth Elements Market - 2023-2030
Market Overview
The global rare earth elements market reached US$ XX million in 2022 and is projected to witness lucrative growth by reaching up to US$ XX million by 2030. The market is growing at a CAGR of 9.4% during the forecast period (2023-2030).
Loudspeakers, telescope lenses, studio lighting and computer hard drives are all made smaller and more effective using rare earth elements. Because they can create a variety of hues, they are utilized in screens and displays. High electrical conductivity is typically a property of rare earth elements naturally found in minerals. The strongest magnets now on the market are of rare earth elements.
Market Dynamics
The growing applications of rare earth elements
Terbium, cerium, yttrium and gadolinium rare earth compounds are employed as phosphors in various electronic devices, including LCDs and smartphones. These rare earth compounds have electro-phosphorescence, in which an electric discharge causes the compound to change color.
In addition to the applications above, these elements are also employed in magnetic refrigeration and energy-efficient lighting. The majority of the time currently, magnetic refrigeration is employed in the industry. The demand for personal electronics like mobile phones, computers and tablets is increasing due to rising disposable incomes, technological advancements and declining microprocessor prices.
Stringent environmental regulations
Profit margins are being adversely impacted and the feasibility of new projects is being threatened by strict environmental laws and rising operational costs. It thus discourages private investment in this industry. However, due to the strategic role of the raw minerals and their following end uses, federal investments in this industry continue to be significant.
COVID-19 Impact Analysis
The COVID-19 Analysis includes Pre-COVID Scenario, COVID Scenario and Post-COVID Scenario along with Pricing Dynamics (Including pricing change during and post-pandemic comparing it with pre-COVID scenarios), Demand-Supply Spectrum (Shift in demand and supply owing to trading restrictions, lockdown and subsequent issues), Government Initiatives (Initiatives to revive market, sector or Industry by Government Bodies) and Manufacturers Strategic Initiatives (What manufacturers did to mitigate the COVID issues will be covered here).
Segment Analysis
The global rare earth elements market is segmented based on type, source, application, end-user and region.
The growing demand for bastnäsite
One of a group of three carbonate-fluoride minerals, bastnäsite (or bastnaesite) contains the minerals bastnäsite-(Ce), with the formula (Ce, La)CO3F, bastnäsite-(La), with the formula (La, Ce)CO3F and bastnäsite-(Y), with the formula (Y, Ce)CO3F. Some of the bastnäsites are known as hydroxylbastnasites because they have OH in place of F.
The mineral bastnäsite is primarily responsible for producing cerium, the most common rare earth metal. The main producers of bastnäsite minerals are China and U.S. Bastnasite mineral production in U.S. was over 15,000 tonnes in 2018, significantly more than the 5,900 tonnes produced in 2019.
Geographical Analysis
The rise in mining and refineries in South America
South America is predicted to have the second-highest demand for rare earth elements throughout the projection period. Canada Rare Earth commissioned a study in February 2020 to determine the best location for its planned South American rare earth refinery. According to a news release from the Vancouver-based company, it has looked into various places in nine different countries over the past few years. It has focused on six South American regions. One of the major companies in South America, Hochschild Mining, has been extracting precious metals from epithermal vein deposits there for 50 years.
Competitive Landscape
The major global players in the market are China Rare Earth Holdings Limited, Arafura Resources Limited, Lynas Corporation, Ltd., Avalon Advanced Materials Inc., Alkane Resources Ltd, Shin-Etsu Chemical Co. Ltd, Canada Rare Earth Corporation, Iluka Resources Ltd., Eutectix LLC, Rare Element Resources Ltd and others.
Why Purchase the Report?
• To visualize the global rare earth elements- market segmentation based on type, source, application, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of rare earth elements market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.
The global rare earth elements market report would provide approximately 69 tables, 76 figures and 210 Pages.
Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies
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