Global Rare Earth Elements Market By Element (Cerium, Neodymium, Lanthanum, Dysprosium, Terbium, Erbium, Europium, Gadolinium, Holmium, Lutetium, Praseodymium, Promethium, Samarium, Thulium, Ytterbium, Yttrium, Scandium, Others), Application (Catalysts, Ceramics, Phosphors, Glass & Polishing, Metallurgy, Magnets, Others), Geography (North America, Europe, Asia-Pacific, South America, Middle East and Africa) – Industry Trends and Forecast to 2026
Market Analysis: Global Rare Earth Elements Market
Global rare earth elements market is expected to register a substantial CAGR of 9.20% in the forecast period of 2019-2026. The report contains data from the base year of 2018 and the historic year of 2017. This rise in market value can be attributed to the significant rise of demands from the various emerging locations of the world.
Market Definition: Global Rare Earth Elements Market
Rare earth elements are various chemical elements present in the periodic table. These elements aren’t necessarily rare to find, although their presence is spread across the entire earth in an even manner therefore their availability in a particular location is limited, which results in extraction of these elements from mines quite complicated.
- Requirement of rare earth elements for the implementation and utilization of green technology worldwide; this factor is expected to propel the growth of the market
- Focus of various organizations and companies on enhancing their understanding and technologies for rare earth elements; this factor is expected to foster growth of the market
- Increased application area of these elements due to the rising demand for electric and hybrid vehicles also acts as a market driver
- High demand associated with these elements due to their application as catalysts in various production activities will drive the market growth
- Concerns regarding the increasing presence of illegal activities for extraction of rare earth elements from the different regions; this factor is expected to act as a restraint to the growth of the market
- Lack of consistent supply to various end-users and applicable sectors is expected to hamper the market growth
- Inequality of demand and supply quantities due to the trade wars between supplier of rare earth elements worldwide will restrict the growth of this market
Segmentation: Global Rare Earth Elements Market
- Glass & Polishing
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South America
- Rest of South America
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East and Africa
Key Developments in the Market:
- In May 2019, Blue Line Corp. announced that they had entered into a partnership with Lynas for the establishment of a processing facility for rare earth elements. This facility will be located at Texas, United States and will help establish them as the first and only company capable of processing and separating rare earth elements outside the China region. This will ensure that the various organizations can meet the significant demands and applications of rare earth from the various end-users
- In November 2018, Arafura Resources Ltd. announced the establishment of “Nolans Project” which will help them in the production of “neodymium-praseodymium (NdPr)” element. Nolans project located in Northern Territory of Australia region is expected to help supply the ten percent demand for this element worldwide when it will be in full production, expected to be by 2020 at a highly cost-effective cost. The company has also finalized the location for the processing and separation plant for their rare earth element production which will be in Australia
Global rare earth elements market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of rare earth elements market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Key Market Competitors:
Few of the major competitors currently working in the global rare earth elements market are Minmetals Rare Earth Co., Ltd.; Alkane Resources Ltd; ARAFURA RESOURCES; Lynas Corporation Ltd; China Rare Earth Holdings Limited; Avalon Advanced Materials Inc.; IREL(INDIA) LIMITED; Greenland Minerals Ltd.; NEO; Rare Element Resources Ltd.; Frontier Rare Earths Limited; Canada Rare Earth Corporation; Iluka Resources Limited; Northern Minerals; Krakatoa Resources Limited; Ucore Rare Metals Inc.; Namibia Critical Metals Inc. among others.
Research Methodology: Global Rare Earth Elements Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your enquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved