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 Overview:
The Rare Earth Element Market research study investigates and analyses the market’s position during the forecast period. It is comprehensive research that focuses on primary and secondary drivers, market dominance, important segments, and geographic analysis. The study also examines noteworthy personalities, big partnerships, mergers, and acquisitions, as well as current innovation and corporate strategy.
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Rare Earth Element Market Scope:
We looked at the Rare Earth Element Market from every perspective possible, using both primary and secondary research methods. This increased our understanding of current market dynamics such supply-demand imbalances, pricing trends, product preferences, and customer behaviour. The data is then compiled and assessed using a range of market estimates and data validation processes. Furthermore, we have an in-house data forecasting engine that forecasts market growth until 2027.
Rare Earth Element Market Segmentation:
With% of the total volume, cerium was the most popular element by metal in 2022. During the projected period, the demand for rare earths is anticipated to increase due to the growing popularity of hybrid automobiles. Praseodymium volume is anticipated to increase at a CAGR of 6.4 percent from 2023 to 2029. In order to create high-strength metals, it is alloyed with magnesium in aviation engines. The demand for flights grows along with the number of travelers from around the globe. General Electric subsidiary GE Aviation pledged USD 12.3 billion in February 2017 to boost its ability to produce airplane engines. During the projection period, this is anticipated to increase demand for praseodymium.
Through application, In terms of volume and revenue, the magnet application segment was the most common. Examples of devices that utilise them include speakers, sensors, servo motors, linear actuators, and computer hard drives. Utilization of rare earth elements is anticipated to increase over the course of the forecast period due to rising demand for magnets in automobiles, turbines, and consumer electronics. From 2023 to 2029, revenue for ceramic applications is anticipated to grow at a CAGR of 7.0 percent. In the ceramics industry, yttrium, lanthanum, cerium, neodymium, and praseodymium are frequently utilized in things like tiles, electronics, and engineering. The Ceramic World Web provided data showing a 2.2 percent rise in ceramic tile production between 2016 and 2017.
1 Rare Earth Element Market, By Metal (2022-2029)
• Lanthanum
• Cerium
• Neodymium
• Praseodymium
• Samarium
• Europium
2 Rare Earth Element Market, By Application (2022-2029)
• Permanent Magnets
• Metals Alloys
• Polishing
• Additives
• Catalysts
• Phosphors
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Rare Earth Element Market Key Players:
Primary and secondary research is used to identify market leaders, and primary and secondary research is utilized to calculate market revenue. In-depth interviews with important thought leaders and industry specialists such as experienced front-line staff, CEOs, and marketing professionals were conducted as part of the core research. Primary research comprised in-depth interviews with prominent thought leaders and industry specialists, such as experienced front-line staff, CEOs, and marketing professionals, while secondary research included a review of the main manufacturers’ annual and financial reports. Secondary data is used to calculate percentage splits, market shares, growth rates, and worldwide market breakdowns, which are then compared to historical data. The players highlighted in this report are as follows:
• 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
Regional Analysis:
The study takes an in-depth look at the local industry, using both qualitative and quantitative data. It gives a segment-by-segment overview and forecast of the worldwide Rare Earth Element market. It also offers market size and forecast estimates for five major regions, including North America, Europe, Asia-Pacific, the Middle East and Africa, and South America, from 2021 to 2027. Each area’s Rare Earth Element market is further subdivided into regions and segments. The report investigates and forecasts many countries, as well as existing trends and prospects in the field.
COVID-19 Impact Analysis on Rare Earth Element Market:
We thoroughly researched and analyzed the Global Rare Earth Element Market Development Strategy post-COVID-19, by corporate strategy analysis, landscape, type, application, and leading countries, which encompasses and analyses the potential of the global Rare Earth Element industry, providing statistical data on market dynamics, growth factors, major challenges, PORTER analysis, and market entry strategy analysis, opportunities, and forecasts. The major purpose of the research is to offer industrial businesses a strategic analysis of COVID-19’s influence. Simultaneously, this investigation looked into the markets of major countries and highlighted their market potential.
Key Questions Answered in the Rare Earth Element Market Report are:
- What are the most promising high-growth opportunities in the global Rare Earth Element sector, as defined by product category, End User, and Region?
- Which Rare Earth Element market segments will expand the fastest, and why?
- Which areas will expand the fastest, and why?
- What are the primary elements influencing Rare Earth Element market dynamics? What are the primary drivers and obstacles in the Rare Earth Element market?
- What are the Rare Earth Element market’s business risks and dangers?
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