The global Rare Earth Elements market size is projected to reach US$ 3979.4 million by 2027, from US$ 2821.3 million in 2020, at a CAGR of 5.9% during 2021-2027. The global shift towards clean energy with rising demand for electric and hybrid vehicles is propelling the growth of a rare market.
Rare Earth Element is one of a set of seventeen chemical elements in the periodic table, specifically the fifteen lanthanides, as well as scandium and yttrium. Scandium and yttrium are considered rare-earth elements because they tend to occur in the same ore deposits as the lanthanides and exhibit similar chemical properties.
It is expected that the growing demand for electric vehicles to minimize carbon dioxide emissions would propel the growth of rare earth elements market size. Neodymium and praseodymium are majorly used for producing permanent magnets used in electric and hybrid vehicles. Neodymium magnets have an excellent coercive force and flux density. The high coerciveness and excellent flow retention capacities make it highly desirable for use in electric vehicles worldwide.
As the sales of automotive increase, the demand for catalytic converters also increases. A catalytic converter is a device that uses a catalyst to convert harmful compounds into harmless ones. The catalytic formulation consists of three key components: precious metals (platinum, palladium, rhodium), alumina, and rare-earth-based materials that enhance the catalytic activity of metals. This increasing demand for catalytic converters is expected to increase the growth of rare earth elements market size.
In petroleum refining, cerium and lanthanum catalysts are used to turn crude oil into gasoline. The catalysts are used by Fluid Catalytic Cracking (FCC) to stop metal deactivation and to stabilize the zeolite structure during crude oil conversion. This, in turn, is expected to fuel the growth of rare earth elements market size.
Based on product, the Cerium segment is expected to hold the largest rare earth elements market share during the forecast period. Cerium is used as a catalyst in catalytic converters in the automotive industry to minimize emissions. It's also present in nickel-metal hydride (NiMH) batteries.
Based on application, the magnet segment is expected to hold the largest rare earth elements market share during the forecast period. They're used in a number of ways, including computer hard drives, linear actuators, servo motors, microphones, and sensors.
Based on region, North America is expected to witness the highest growth during the forecast period. This rapid growth in the region is attributed to the expanding automotive industry in the region. Furthermore, consumer electronics and nuclear energy industries are also expected to boost rare earth elements demand in the region.
The major players that are operating in the global Rare Earth Elements market are
Ans. Based on region, North America is expected to witness the highest growth during the forecast period. This rapid growth in the region is attributed to the expanding automotive industry in the region
Ans. The major players operating in the rare earth elements market include Arafura, Alkane Resources Avalon Rare Metals, China Rare Earth Holdings, Indian Rare Earths, Lynas, Great Western Minerals, Greenland Minerals & Energy, Rare Element Resources, Molycorp, Inner Mongolia Baotou Steel Rare Earth Hi-Tech, Frontier Rare Earths.
Ans. The global rare earth elements market size is projected to reach US$ 3979.4 million by 2027, from US$ 2821.3 million in 2020, at a CAGR of 5.9% during 2021-2027.
Ans. The forecast period considered for the global rare earth elements market is 2021 to 2027.
Ans. It is expected that the growing demand for electric vehicles to minimize carbon dioxide emissions would propel the growth of rare earth elements market size.
Ans. Based on application, the magnet segment is expected to hold the largest rare earth elements market share during the forecast period.
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