Aarti Mule
Rare Earth Elements: Introduction
- Rare earth elements are a group of 17 chemical elements that occur together in the periodic table. The group consists of yttrium, scandium, and 15 lanthanide elements (lanthanum, cerium, thulium, ytterbium, praseodymium, gadolinium, terbium, dysprosium, neodymium, promethium, samarium, europium, holmium, erbium, and lutetium). The 17 rare earth elements are found in all rare earth elements deposits; however, their distribution and concentration varies. These elements are referred as ‘rare,’ as it is not common to find them in commercially feasible concentrations.
- Rare earth elements are broadly classified into two categories: light rare earth elements and heavy rare earth elements. These have varying levels of uses and demand. Mineral deposits of rare earth elements are usually rich in either light rare earth elements or heavy rare earth elements; they rarely contain both in significant quantities. Among rare earth elements, demand for lanthanum and cerium is high across the globe. Rare earth elements are classified based on various properties such as catalytic, magnetic, electrical, chemical, and optical. This makes make them suitable for usage in a wide range of end-user industries.
Key Drivers and Restraints of Global Rare Earth Elements Market
- The rare earth elements market has developed significantly in the recent years. This can be primarily ascribed to the high performance and increasing recognition of these elements globally. Rare earth elements play an important role in addressing several issues associated with the pollutants in engines exhaust system. Rise in usage of rare earth elements in the automotive sector is expected to propel the global rare earth elements market during the forecast period.
- Increase in demand for electronics is expected to create significant opportunities for the rare earth elements market, as rare earth elements are widely used in the manufacture of LCDs and color TVs. This is anticipated to drive the demand for rare earth elements during the forecast period.
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Rare Earth Elements: Product Type Segment
- In terms of product type, the global rare earth elements market can be segmented into lanthanum, cerium, neodymium, praseodymium, samarium, europium, and others
- The lanthanum segment is expected to account for significant share of the global rare earth elements market during the forecast period. It is anticipated to be followed by the cerium segment.
- The neodymium segment is likely to expand at a rapid pace during the forecast period, due to the expansion of the electronics industry around the globe
Rare Earth Elements: Application Segment
- In terms of application, the global rare earth elements market can be divided into permanent magnets, metals alloys, polishing, additives, catalysts, phosphors, and others
- The permanent magnets segment is estimated to expand at a rapid pace during the forecast period. It is projected to be followed by the metal alloys segment.
- The additives segment is likely to expand at a healthy CAGR during the forecast period, owing to the increase in usage of additives in various end-use industries
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COVID-19 Impact on Rare Earth Elements Market
- On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the Coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 213 countries and territories around the world.
- Several governments and private sector businesses are operating at a limited capacity or have ceased operations completely due to recent events surrounding the COVID-19 pandemic
- Manufacture of various consumer goods and other products across the globe has come to a halt due to the unavailability of raw materials, shortage of labor, etc. This is expected to hamper the rare earth elements market.
Asia Pacific to Dominate Rare Earth Elements Market
- In terms of region, the global rare earth elements market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific dominated the rare earth elements market in 2020. This trend is anticipated to continue during the forecast period owing to the high production and consumption of rare earth elements, especially in China. The rare earth elements market in North America is anticipated to expand at a rapid pace owing to the increase in demand for additives in the region.
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Key Manufacturers Operating in Global Rare Earth Elements Market
The global rare earth elements market was consolidated in 2020. Major players have prominent presence in developed and developing countries. Key manufacturers operating in the global rare earth elements market include:
- Arafura Resources
- Alkane Resources Ltd.
- Avalon Advanced Materials, Inc
- Quest Rare Minerals Ltd.
- Greenland Minerals and Energy Limited
- China Rare Earth Holdings Limited
- Lynas Corporation
- Great Western Minerals Group Ltd.
- Rare Element Resources Ltd.
- Molycorp Inc.
- Frontier Rare Earths Limited
- Canada Rare Earth Corporation
- Iluka Resource Ltd
Global Rare Earth Elements Market: Research Scope
Global Rare Earth Elements Market, by Product Type
- Lanthanum
- Cerium
- Neodymium
- Praseodymium
- Samarium
- Europium
- Others
Global Rare Earth Elements Market, by Application
- Permanent Magnets
- Metals Alloys
- Polishing
- Additives
- Catalysts
- Phosphors
- Others
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The scope of the global Rare Earth Elements Market was appreciated at US$ 2.80 billion in 2018.
The range is projected to touch US$ 5.62 billion by 2025, growing at a CAGR of 10.4% for the duration of the forecast.
The rare earth elements most commonly used include lanthanum, neodymium, cerium, dysprosium, yttrium, and praseodymium.
These products find their presence in production of catalysts and magnets for automotive industry.
Praseodymium and neodymium are used for producing electric vehicles’ batteries whereas cerium acts as a catalyst in motor vehicles’ catalytic converters.
Herein, praseodymium- and neodymium-based rare earth permanent magnets find prevalence.
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In addition to being employed in passenger vehicles, rare earth oxides are also used in magnetic refrigeration, electric tricycles and bicycles. Segment AnalysisThe global rare earth elements market is segmented based on type, source, application, end-user and region. The metal in rare earth elements type drives the market growth It is anticipated that the metals sector will control the market. The light elements (lanthanum through samarium) and the heavier elements make up rare earth metals (europium to lutetium). com
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The global rare earth metals recycling market is estimated to be USD 248 million in 2021 and is projected to reach USD 422 million by 2026, at a CAGR of 11. The rare earth metals recycling market is segmented on the basis of source into fluorescent lamps, magnets, batteries, FCC, and industrial process. The region is the largest consumer of rare earth materials due to rapidly increasing demand in China, which accounts for the maximum consumption of rare earth metals globally. id=257911285 The rare earth metals recycling market comprises major solution providers, Solvay SA (Belgium), Hitachi Metals, Ltd. 630 Dundee RoadSuite 430Northbrook, IL 60062USA : 1-888-600-6441Follow Us: LinkedIn | Twitter | Facebook
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