Global Lanthanum Market - Forecasts from 2024 to 2029

Global Lanthanum Market - Forecasts from 2024 to 2029

The global lanthanum market is estimated to be around US$1,095.501 million in 2024 and is anticipated to grow to US$1,881.59 million by 2029 at a CAGR of 11.42%.

Lanthanum is a type of ductile metal, which is the second most reactive rare-earth metal. Lanthanum is mostly used across multiple products, like TVs, fluorescent tubes, and energy-saving lamps among others. Lanthanum is also used as a catalysis in petroleum refineries and the polishing of glasses. Lanthanum is found abundantly in nature and is silver in appearance. Lanthanum is also used in the optics fields, as lenses. The metals also act as an important component of the mischmetal alloy, in which about 20% of lanthanum is used.

Lanthanum also offers an important application in the nickel metal hydride (NiMH) batteries of hybrid automobiles. The growth of hybrid automobiles in the global market is estimated to boost the market demand for lanthanum in the global market.

Similarly, the growth of global consumer electronics sales in the market is also expected to boost the growth of the lanthanum market during the forecasted timeline. In consumer electronics, the metal is used in multiple devices, like televisions and fluorescent tubes.

Global Lanthanum Market Drivers:

Expansion of hybrid automobiles.

One of the major driving factors for the lanthanum metal in the global market is estimated to be the growth in the demand for hybrid automobiles. In the hybrid automobiles, lanthanum is used in the nickel metal hybrid (NiMH) batteries. Lanthanum is mixed with the negative electrode (cathode) in the NiMH batteries. The global hybrid car market has witnessed multi-fold growth in recent years and is expected to attain a growth rate greater than the pure electric vehicles, with the development of technologies. One of the major driving factors behind the growth of hybrid vehicles, or plug-in hybrid vehicles (PHEVs) is the longer driving range of the vehicles, as compared to the all-electric vehicles.

The increasing sales of hybrid vehicles or PHEVs in the global market are further estimated to boost the growth of the lanthanum metal market across the globe. The International Energy Agency stated in its report that the PHEV market has witnessed constant growth in recent years. The agency stated that in 2022, the total PHEVs sold in the European market was estimated at about 3.4 million, which grew to 4.5 million in 2023. Similarly, in the USA, about 0.9 million PHEVs were sold in 2022, which also grew to about 1.3 million in 2023.

The hybrid vehicles market is also expected to witness major growth with the introduction of policies, and subsidy schemes. For instance, the US offers a Federal Tax Credit of up to US$7,500 for the purchase of new Plug-in Electric Vehicles in the nation, and a tax credit of up to US$4,000 for the purchase of pre-owned PHEVs. Similarly, Hyundai Motors, a global automotive leader stated that most of the European nation offers multiple incentives, which can range as high as EUR3,750 for the purchase of PHEVs in the region.
Growing demand for demand for the consumer electronics industry.

One of the major driving factors for the growth in the global lanthanum market is the expanding demand for consumer electronics across the globe. Lanthum metal is used across multiple products, as key components, like in the batteries of portable electronics, and televisions. The consumer electronics market, which includes electronic devices like televisions among others, has witnessed a global expansion, majorly with the development of technologies.

The India Brand Equity Foundation stated that in 2021, the nation's appliance and consumer industry was recorded at about US$9.84 billion, which increased to about US$17.93 billion in 2022. Similarly, the electronics hardware production also grew to US$87 billion in 2022. Electronic Products and Technology, an organization funded by the Canadian Government, stated that in 2022, revenue from consumer electronics was recorded at US$1,011.7 billion, which grew to about US$1,051.5 billion in 2023.

Asia Pacific is anticipated to hold a significant share of the Global Lanthanum Market.

The Asian Pacific region is estimated to attain a greater market share in the lanthanum market, during the forecasted timeline. Lanthanum is among the most key components, which has applications across multiple industries, like automotive, consumer electronics, and scientific research laboratories. The region is among the biggest producer and consumers of consumer electronics products, like TVs, which uses lanthanum as a major component, and similarly, the growth of the automotive industry in the region is also expected to boost the growth of lanthanum in the Asian Pacific region.

Similarly, the growth in the market demand for hybrid vehicles in the region is also expected to propel the growth of the lanthanum metal in the region, as the metal offers a key component application in the manufacturing of the nickel metal hydride (NiMH) batteries for this type of vehicles. The International Energy Agency, in its electric car registration and sales share, stated that in 2022, about 1.5 million PHEVs were sold in China, which grew to about 2.7 million in 2023. In total only about 2.9 million PHEVs were sold in 2022, and 4.3 million in 2023, in the globe combined nations. China holds a prominent share in the global PHEV market, as the nation is the biggest producer and consumer of PHEVs in the globe. Similarly, multiple countries in the region, like India, Malaysia, Singapore, and Taiwan have also introduced multiple incentives and policies to boost the sales of PHEVs in the region, further boosting the growth of the lanthanum market in the region.

The Global Lanthanum Market Products Offered by Key Companies:

Thermo Fisher Scientific, is a global chemical manufacturer, which offers multiple chemical products, like Acids, Bases, Catalysts, Biochemical Reagents, and Chromatography among other chemical products. The company offers Lanthanum Powder, with a -200 mesh size, and 99.9% (REO).
Teva Pharmaceuticals USA, Inc., is a global medicine producer, which is based in the USA. The company offers generic and biopharmaceuticals, which aim to improve patients' lives. The company offers medicines for multiple therapeutic categories, like Adrenals, Ammonia Detoxicants, Antidepressants, and Cardiovascular drugs, among others. The company also offers Lanthanum Carbonate Chewable Tablets, with 500, 750, and 1,000 mg strength.

The Global Lanthanum market is segmented and analyzed as:

By Application

Electrical and Electronics
Glass Coating
Others

By Geography

North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
Germany
France
United Kingdom
Spain
Italy
Others
Middle East and Africa
Saudi Arabia
Israel
UAE
Others
Asia Pacific
China
Japan
South Korea
India
Indonesia
Taiwan
Thailand
Others