Rare Earth Elements Market Trends and Analysis 2023-2030

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The Global Rare Earth Elements Market reached US$ XX million in 2022 and is projected to witness lucrative growth by reaching up to US$ XX million by 2030. The market is growing at a CAGR of 9.4% during the forecast period (2023-2030).

Neodymium and samarium create resilient interests that can bear high temperatures for mission-critical electronic and defense applications. This is driven by the government’s and top players’ heavy investment in the healthcare sector globally. Moreover, the various applications of these metals in defense equipment, including communication equipment, night-vision goggles, precision-guided weapons, and stealth technology, are driving the demand for them. The growth is also credited to the burgeoning usage of neodymium magnets in MRI machines to obtain internal views of the human body without radiation.

Further, the increasing production of consumer durables in developing countries drives the sales of rare earth elements. For instance, in India, HP Development Company L.P. has started producing laptops under the Make in India government initiative. The company intends to develop its outcome portfolio in India, which will further boost the electronics industry since H.P. has a significant share in the country.

In addition to this, cerium is deployed in light bulbs, T.V.s, and ovens, while dysprosium is mixed into the alloys utilized in wind turbines, electric vehicles (E.V.s), and nuclear reactors. And lanthanum is extensively used in digital camera lenses, including cell phone cameras. Lanthanum-based catalysts are also utilized to refine petroleum. Further, yttrium, europium, and terbium phosphors are red-green-blue phosphors deployed in several light bulbs, panels, and T.V.s.

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Rare Earth Elements Market Dynamics:

Drivers:

  • Increasing Adoption: Different kinds of elements are becoming more popular in several businesses because their physical and chemical qualities make them perfect for specific tasks. Cerium is often used to clean surfaces like display panels, liquid crystal screens, glass magnetic memory disks, and glass display panels. Cerium is used to clean things, and its price is rising quickly because the electronics business is growing. The market’s rise will also be helped by the growing demand for elements like lanthanum, samarium, europium, and others used in batteries, screens, lasers, and optical electronics.
  • Geopolitical Tensions: The supply of REEs is concentrated in a few countries, such as China, which produces over 80% of the world’s REEs. This concentration of supply has led to geopolitical tensions and concerns about supply chain security.
  • Environmental Regulations: The extraction and processing of REEs can have negative ecological impacts. As a result, increasing rules aim to ensure REEs’ responsible and sustainable production.
  • Technological Advancements: As technology advances, new applications for REEs are emerging. For example, REEs are used to produce electric vehicles and wind turbines, which are expected to grow significantly in the coming years.
  • Price Volatility: The REE market has historically been characterized by price volatility due to fluctuations in supply and demand and changes in government policies and regulations. This volatility can make it difficult for companies to plan and invest in the REE industry.

Restraints:

  • Fluctuating Prices of Rare Earth Elements to Hinder Growth

Due to their small amount of bulk compared to other materials, the prices of rare earth oxides change a lot in North America and Western Europe. Rare earth minerals are used to make batteries, car motors, airplane metals, and gears, among other things. As the number of people who want these goods increases, the prices of raw materials will increase, and the supply chain will break down. Also, China has monopolized the market, which has raised export prices and slowed the market’s growth. In addition, China has limited the supply to fulfill the open need for rare earth oxides, further disrupting the supply chain of end-use industries in distant countries.

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Market Segmentation Analysis:

The global rare earth elements market is segmented based on type, source, application, end-user and region.

By Type

  • Metals
  • Cerium
  • Erbium
  • Europium
  • Gadolinium
  • Holmium
  • Lanthanum
  • Neodymium
  • Praseodymium
  • Promethium
  • Samarium
  • Scandium
  • Terbium
  • Thulium
  • Ytterbium
  • Yttrium
  • Compounds
  • Cerium Compounds
  • Carbonates
  • Chlorides
  • Oxides
  • Others

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
    • Smart Phones
    • Readers
    • Loudspeaker
    • Portable Computers
    • Cameras
    • Others
  • Others

By Region

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East, and Africa

Competitive Landscape:

The major global players include:

  • China Rare Earth Holdings Limited
  • Arafura Resources Limited
  • Lynas Corporation Ltd.
  • Avalon Advanced Materials Inc.
  • Alkane Resources Ltd
  • Shin-Etsu Chemical Co. Ltd
  • Canada Rare Earth Corporation
  • Iluka Resources Ltd.
  • Eutectix LLC
  • Rare Element Resources Ltd and others.

Lynas Corporation Ltd.

Lynas Rare Earths Ltd (ASX: LYC) is the only significant producer of separated Rare Earths outside China. Lynas’ Mt Weld Rare Earths deposit in Western Australia is acknowledged as one of the world’s highest-grade Rare-Earth mines, and Lynas Malaysia is the world’s largest single Rare Earths processing plant. We are building a new Rare Earths Processing Facility in Kalgoorlie, Western Australia.

Recent Developments:

  • August 2022: Lynas Rare Earths Ltd. of Australia announced a plan to increase production at its Mt. Weld mine in Western Australia, which has reserves of neodymium (Nd) and praseodymium. The company intends to start working on the enlargement at the beginning of 2023, and the whole thing should be up and running by 2024. (Pr).
  • April 2022: Iluka Resources Ltd. said it would spend $1.2 billion to build the Eneabba Phase 3 rare earth refinery in Western Australia. This refinery will be used to make rare earth oxides. The goal of the purchase is to make Iluka a key hub for handling Australia’s rare earth materials after they have been mined.

Regional Analysis:

North America is anticipated to dominate the market for rare earth elements during the anticipated period. The region’s expanding auto sector is to blame for the increased demand for irregular piles of earth. For instance, a renowned American electric vehicle company, Tesla, disclosed that their Model 3 Long Range automobiles employed Neodymium in 2018. It is expected that the measure will enhance the demand for Neodymium. The consumer electronics and nuclear energy sectors will also likely drive demand for rare piles of the earth during the projected timeframe.

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