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(IT-NEWSWIRE.COM, August 21, 2021 )
Market Overview
Rare earth elements are a group of seventeen metals and compounds of same metals in the periodic table with specific properties. The group of elements consists of yttrium, scandium and the 15 lanthanide elements such as Cerium, Erbium, Europium, Gadolinium, Holmium, Lanthanum, Neodymium, Praseodymium, Promethium, Samarium, Scandium, Terbium, Thulium, Ytterbium and Yttrium. These elements possess certain characteristics such as high electrical conductivity, fluorescent properties and have high magnetic properties. It can be useful when alloyed, or mixed, in small quantities of other metals such as iron, aluminum etc.
Rare earth elements are usually found in several applications such as portable electronic devices such as smart phones, portable computers readers, loudspeakers and cameras as well as in automobile batteries.
Market Dynamics
The global rare earth elements market is driven by rising sale of the electronics devices such as smart phones, laptops, televisions, computers etc. due to rising consumer spending and increasing internet penetration around the globe. Further increasing sale of the electric as well as hybrid vehicles around the globe due to growing consumer’s awareness and rising government initiatives and schemes has propelled the growth of the rare earth elements market.
Rising demand of the rare earth elements in the manufacturing of the electrinic devices
The market is driven by surge in the sale of the electronic devices such as smartphones, portable speakers, cameras, etc with increasing use of E-commerce sites, rising internet penetration and growing disposable income of the people around the globe. For instance as per the International Monetary Fund Organization in 2019, the global smartphone sale was registered to around 1.37 million and is increasing at rapid pace in the developing countries due to presence of huge population and rising number of internet users. The rare earth elements are widely used in the manufacturing of the smartphone due to its feasible properties such as high electrical conductivity.
Growing demand of the rare earth elements in the electric as well as hybrid vehicle applications for manufacturing of the batteries and other components of the EVs
The rare earth elements such as neodymium and dysprosium are widely used in the manufacturing of the automobile batteries due to its feasible properties. As the demand for the electric vehicles is increasingly astoundingly, the rare earth elements requirement is also increasing in future.
For instance in 2018, per the International Energy Agency, the global electric vehicle sale reached to around 5.2 million increased by more than a 63% as compare to 2017. It created massive demand for the lanthanum, neodymium, dysprosium and cerium used in the manufacture of batteries of the EVs.
Further rare earth elements demand is driven by increasing demand for the clean energy and reducing the CO2 emmission norms by several governents in the hybrid, passenge and commercial vehicles. These elements are used in manufacturing of the catalytic converters, which convert pollutants from the engine exhaust system into non-toxic compounds. The petrol, diesel , electric and hybrid cars can contain rare earths compounds which are used to reduce pollution emmission.
Growing demand for the rare earth elements for the clean energy technologies, electric vehicles as well as rising demand for the recycling of the REE with government support and initiatives may create huge opportunity for the growth of this market
Launch of advanced material for the clean energy technologies with rising government support and schemes may create huge opportunity for the growth of this market. Further several countries have planed to recycle the rare earth elements from the electrnics scraps and provided funding and subsidy for recycling plant which created huge opportunity for the growth of this market. For instance in Europe by the year 2018, only 1% of the rare earth elements are being recycled. However, European Commission have planned recycle rare earth element to 70% by 2030. It may create huge opportunity for the growth of this market.
Segment Analysis
By Type
• Metals
• Compounds
By Source
• Bastnäsite
• Loparite
• Monazite
• Rare-earth laterite
• Xenotime
• Others
By Application
• Magnets
• Catalyst
• Metals Alloys
• Polishing
• Ceramics/Glass
• Additives
• Others
By End-User
• Industrial
• Automotive
• Glass
• Fluorescent Lighting
• Electronics
• Others
Geographical Analysis
North America region holds the largest market share global rare earth elements Market due to surge in sale of electric vehicles and presence of leading automotive manufacturers
North America region is dominating the global rare earth elements market and accounted for the largest market share in 2019, due to presence of leading manufacturing companies, growing industrialization and rising investment for electric vehicles by the leading players in this region followed by North America and Europe.
For instance on 11th March 2020, United State’s leading electric vehicle manufacturer Tesla have announced to produce one million electric cars due to increasing demand. Further the United States has around 1.18 million electric vehicles on the road as of March 31, 2019 and its demand is growing at rapid pace. It created massive demand for the rare earth elements require for manufacturig of EVs in this region followed by Europe. Further in Europe on 13th August 2020, Russia planned to invest around US$ 1.5 billion in rare earth elements to combat the rising critical requirement to the defence, telecommunications and renewable energy sectors.
Similalry, Asia-Pacific is also growing at faster pace for the rare earth elements market, this is primarily due to surge in demand for the consumer electronics as well as riosing foreign direct investment for establishment of the manufacturing facilities in this region due to low labour cost. Further increasing sale of the electric vehicles in developing region due to government support and schemes have propelled the demand for the rare earth elements market in this region. For instance in developing region, China have registered more than half of the global electric vehicle sale reaching to around 500,000 number of units in 2017. It created massive demand for the growth of the rare earth element market.
Competitive Landscape
The rare earth elements market is moderately competitive with the presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include China Northern Rare Earth, Arafura Resources Ltd , Lynas Corporation Ltd, Avalon Rare Metals, Alkane Resources Ltd, Shin-Etsu Chemical Co. Ltd, China Minmetals Rare Earth Co. Ltd, High-Tech Co., Ltd, Molycorp Inc., Iluka Resources Ltd, Canada Rare Earth Corporation, Molycorp Inc, India Rare Earth Ltd. and among others.
The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the Rare Earth Elements Market globally. For instance, on 4th Nov 2020 Rainbow Rare Earths Africa-focused collaborated with Bosveld Phosphates for co-developing the Phalaborwa rare earths project in South Africa.
Further on 29th August 2022, Canada government have announced rare earth processing plant in operation by the end of 2022 at the province of Saskatchewan with investment of around US $24 million to build the facility. The aim of this investment for establishment of the rare earth element is to fulfill and meet the domestic supply of the key rare earth elements requires for military weapons, electric vehicles and Smartphone.
Related Topic’s
Mining Lubricants Market, Mining Chemicals Market, Rare Earth Metals Market, Rare Gas Market, Platinum Group Metals Market
DataM Intelligence
Sai Kiran
+1 877 441 4866
pr@datamintelligence.com
Source: EmailWire.Com 
Source: EmailWire.com
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