The latest report by IMARC Group, titled “Rare Earth Elements Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on the global rare earth elements market prices. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global rare earth elements market size reached US$ 8.3 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 18.4 Billion by 2027, exhibiting a growth rate (CAGR) of 15.2% during 2022-2027. Rare earth elements (REEs), also known as rare-earth oxides, refer to a group of seventeen elements that exhibit similar chemical and physical properties. Some of the commonly used REEs include neodymium, cerium, erbium, holmium, lanthanum, dysprosium, praseodymium, yttrium, etc. Rare earth elements offer several advantages, such as improved magnetism, electrical conductivity, enhanced heat resistance, weight reduction, etc. Consequently, they find extensive applications in various end-use sectors, including transportation, construction, power generation, medical, defense, etc.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Market Trends:
The growing consumer environmental concerns towards the increasing CO2 emissions from fuel-driven automobiles are augmenting the need for electric vehicles (EVs), which is primarily driving the rare earth elements market. Additionally, the rising product utilization to manufacture magnets and catalysts for motor vehicles, on account of the expanding automobile industry, is further catalyzing the market growth. Apart from this, the widespread adoption of rare earth elements in the production of reactors, transformers, generators, turbines, etc., owing to the escalating demand for advanced energy generation facilities, is acting as another significant growth-inducing factor. Moreover, the implementation of numerous stringent regulations by government bodies across countries to mandate the installation of catalytic converters in automobiles is positively influencing the global market. Besides this, the inflating popularity of smart electronic devices, such as laptops, LED or LCD TVs, smartphones, etc., is projected to fuel the rare earth elements market in the coming years.
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Key Market Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Lynas Corporation Ltd.
- Arafura Resources Limited
- Great Western Minerals Group Ltd.
- Avalon Advanced Materials Inc.
- Greenland Minerals Ltd
- Alkane Resources Ltd
- Neo Performance Materials
- Iluka Resource Limited
- IREL (India) Limited
- Canada Rare Earths Corporation
Breakup by Type:
- Magnets
- NiMH Batteries
- Auto Catalysts
- Diesel Engines
- Fluid Cracking Catalyst
- Phosphers
- Glass
- Polishing Powders
- Others
Breakup by Region:
- China
- Japan & Northeast Asia
- United States
Key highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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