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Rare Earth Elements Market Size, Share, Statistics & Trends Analysis Report By Type, By Application, By Region, and Segment Forecasts 2021-2027
Published Date: March 2021
|
Report Code: QYRE-Othe-4C401
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Rare Earth Elements Market
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Rare Earth Elements Market Size, Share, Statistics & Trends Analysis Report By Type, By Application, By Region, and Segment Forecasts 2021-2027

Code: QYRE-Othe-4C401
Report
March 2021
Pages:140
QYResearch
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Rare Earth Elements Market Statistics 2027

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.

Rare Earth Elements Market Trends

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.

Rate earth metals Market

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.

Rare Earth Elements Market Segment Review

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.

 

Major Players in the Rare Earth Elements Market

The major players that are operating in the global Rare Earth Elements market are

  • 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

Rare Earth Elements Market Segments

Rare Earth Elements Market by Type

  • Cerium
  • Dysprosium
  • Erbium
  • Europium
  • Gadolinium
  • Holmium
  • Lanthanum
  • Lutetium
  • Neodymium
  • Praseodymium

Rare Earth Elements Market by Application

  • Magnets
  • Catalysts
  • Metallurgy
  • Polishing
  • Glass
  • Phosphors
  • Ceramics
  • Others

Frequently Asked Questions About This Report

1. Which market holds the highest growth of the rare earth elements market?

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

2. Who are the key players in the rare earth elements market?

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.

3. What is the market size of the global rare earth elements market?

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.

4. What would be the forecast period in the market report?

Ans. The forecast period considered for the global rare earth elements market is 2021 to 2027.

5. What factors are anticipated to drive the rare earth elements market?

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.

6. Which is the most influencing segment growing in the rare earth elements market report?

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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