Global Light Rare Earth (LRE) Market Research Report 2024-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2030

Global Light Rare Earth (LRE) Market Research Report 2024-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2030

The rare earth carbonates in the broadest definition are an important class of insoluble rare earth solids that account for a large amount of the globe's rare earth mineral resources and are precipitated as precursor materials in the preparation of other rare earth solids in industrial settings. The Light Rare Earth (LRE) comprise Lanthanum, Cerium, Praseodymium, Neodymium, Samarium, Europium and Gadolinium.

Market Overview:

The latest research study on the global Light Rare Earth (LRE) market finds that the global Light Rare Earth (LRE) market reached a value of USD 769.82 million in 2023. It’s expected that the market will achieve USD 1890.07 million by 2029, exhibiting a CAGR of 16.15% during the forecast period.

The demand for rare earth deep processing and application products continues to increase

High-tech fields such as new energy, aerospace, atomic energy industry, structural ceramics, biomedicine, magnetic materials, electricity, metallurgical machinery and petrochemical industry continue to develop. Rare earth deep processing and application fields continue to expand. The market capacity and demand for rare earth products continue to expand. This has promoted the market demand growth in the Light Rare Earth (LRE) Carbonate market.

Permanent magnet materials market has good development prospects

The reserves of light rare earths are relatively large, with proven reserves of hundreds of millions of tons worldwide, and they are widely used. They are mainly used in permanent magnet materials, polishing powders, glass ceramics, catalysts and other fields. Permanent magnet materials are in good demand due to their wide application in new energy vehicles, energy-saving wind power, energy-saving air conditioners, automotive EPS (electric power steering systems), electronics industry and other promising fields. They account for the highest proportion of global rare earth consumption. New energy vehicles: The new energy vehicle market is currently developing rapidly. Petrochemical energy is highly polluting and harmful to the environment. This requires vigorous development of new energy vehicles. At present, the new energy markets in Asia-Pacific, Europe and the United States are developing rapidly. The gradual popularity of new energy vehicles will continue to increase the demand for rare earth permanent magnet materials. Wind power generation: The wind power generation industry has developed rapidly in most countries around the world in recent years. At present, the wind power industry has become one of the more mature renewable energy markets. The wind power industry provides extensive market demand for rare earth permanent magnet materials. Variable frequency energy-saving home appliances: Variable frequency energy-saving home appliances are in the stage of policy support and comprehensive promotion and application. In particular, variable frequency air conditioners are favored by consumers for their low-frequency starting, small starting current, rapid cooling and heating, and energy saving. Currently, the magnets used in compressors of inverter home appliances are divided into two types: high-performance neodymium iron boron permanent magnet materials and ferrite permanent magnet materials. As the performance of inverter compressors improves, their requirements for the magnetic properties of magnets are getting higher and higher. Therefore, the application of ferrite in frequency conversion home appliances will gradually be replaced by NdFeB. This increases demand for light rare earth materials. In the context of energy conservation and consumption reduction, the application space of rare earth permanent magnet materials has opened up. The Light Rare Earth (LRE) Carbonate industry will fully benefit.

Region Overview:

In 2022, the share of the Light Rare Earth (LRE) market in China stood at 82.27%.

Company Overview:

China Northern Rare Earth (Group) High-Tech Co.,Ltd. is one of the major players operating in the Light Rare Earth (LRE) market, holding a share of 70.59% in 2023.

Segmentation Overview:

By type, Cerium segment accounted for the largest share of market in 2022.

Application Overview:

By application, the Chemical Industry segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Light Rare Earth (LRE) market covered in Chapter 3:

SHANDONG DESHENG
Shenghe Resources Holdings Co., Ltd.
China Northern Rare Earth (Group) High-Tech Co.,Ltd.
Iwatani
SUZHOU LANXI NEW MATERIALS

In Chapter 4 and Chapter 14.2, on the basis of types, the Light Rare Earth (LRE) market from 2019 to 2030 is primarily split into:

Cerium
Lanthanum
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Light Rare Earth (LRE) market from 2019 to 2030 covers:

Chemical Industry
Medical Industry

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2019-2030) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)