Rare Earth Elements Market Overview:
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 elements (REEs), also called rare-earth oxides, represent a group of seventeen elements that exhibit similar physical and chemical properties. Some of the commonly utilized REEs include erbium, holmium, neodymium, cerium, lanthanum, dysprosium, praseodymium, yttrium, etc. Rare earth elements offer various benefits, such as electrical conductivity, improved magnetism, enhanced heat resistance, weight reduction, etc. Consequently, they find wide-ranging applications across several end-use sectors, including power generation, transportation, construction, medical, defense, etc.
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Rare Earth Elements Market Trends:
The widespread product adoption to manufacture magnets and catalysts for motor vehicles, on account of the expanding automobile industry, is one of the primary factors driving the rare earth elements market. Moreover, the rising consumer environmental concerns towards the increasing CO2 emissions from fuel-driven automobiles are propelling the demand for electric vehicles (EVs), which is also catalyzing the market growth. In addition to this, the implementation of numerous stringent regulations by government bodies across countries to mandate the installation of catalytic converters in automobiles and reduce emissions is acting as another significant growth-inducing factor.
Additionally, the growing utilization of rare earth elements in the production of generators, turbines, reactors, transformers, etc., owing to the inflating need for advanced energy generation facilities, is further positively influencing the global market. Besides this, the elevating popularity of smart electronic devices, including smartphones, LED or LCD TVs, smart wearables, laptops, etc., is anticipated to fuel the rare earth elements market over the forecasted period.
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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
Key Market Segmentation Breakup by:
- NiMH Batteries
- Auto Catalysts
- Diesel Engines
- Fluid Cracking Catalyst
- Polishing Powders
Breakup by Region:
- Japan & Northeast Asia
- United States
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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.
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