According to the latest report by IMARC Group, titled "Rare Earth Elements Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026", the global rare earth elements market grew at a CAGR of around 7% during 2015-2020. Looking forward, IMARC Group expects the global rare earth elements market to continue its strong growth during 2021-2026. Rare earth element (REE) refers to a group of seventeen elements found in the earth's crust that exhibit similar physical and chemical properties. Some common rare earth elements include cerium, erbium, lanthanum, yttrium, neodymium, holmium, praseodymium, dysprosium, etc. These elements offer various benefits, such as enhanced heat resistance, weight reduction, high electrical conductivity, improved magnetism, etc. As a result, REEs find diverse applications across numerous end-use sectors, including transportation, construction, defense, automobile, power generation, medical, 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 increasing use of REE for manufacturing catalysts and magnets for motor vehicles in the automobile industry is driving the rare earth elements market. Additionally, the elevating environmental concerns towards the rising CO2 emissions from fuel-driven automobiles are propelling the demand for electric vehicles. These vehicles utilize several REE-based permanent magnets, including praseodymium and neodymium magnets, in the manufacturing of high-efficiency batteries. Furthermore, the implementation of stringent regulations regarding the mandatory installation of catalytic converters in automobiles to minimize harmful emissions is augmenting the product demand. Various other factors, such as the increasing penetration of advanced energy generation facilities, the growing popularity of smart electronic devices, the emergence of fiber optics, etc., are expected to fuel the market growth 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 (2015-2020)
- Market Outlook (2021-2026)
- 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.