DUBLIN--(BUSINESS WIRE)--The "Rare Earth Elements Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global rare earth elements market size reached US$ 9.5 Billion in 2022. Looking forward, the market is set to reach US$ 20.9 Billion by 2028, exhibiting a CAGR of 14.04% during 2022-2028.
Rare earth element (REE) is a group of seventeen elements that are found in the earth's crust and exhibit similar chemical and physical properties. Cerium, neodymium, erbium, holmium, lanthanum, praseodymium, yttrium, and dysprosium are some of the widely used rare earth elements.
These elements offer numerous benefits, such as high electrical conductivity, enhanced heat resistance, improved magnetism, weight reduction, etc. As a result, REEs find diverse applications across various end-use sectors, including automobile, transportation, power generation, construction, medical, defense, etc.
The expanding automobile industry is currently propelling the utilization of rare earth elements for manufacturing catalysts and magnets for motor vehicles.
Furthermore, the rising environmental concerns towards the increasing CO2 emissions from fuel-driven automobiles are augmenting the demand for electric vehicles across the globe. These electric vehicles utilize numerous REE-based permanent magnets, such as neodymium and praseodymium magnets, in the production of high-efficiency batteries.
Additionally, the implementation of stringent regulations pertaining to the mandatory installation of catalytic converters in automobiles to reduce emissions is also driving the market for rare earth elements. Apart from this, the increasing penetration of advanced energy generation facilities is further catalyzing the use of REEs in manufacturing turbines, reactors, generators, transformers, etc.
Moreover, the growing popularity of smart electronic devices, including LED/LCD TVs, smartphones, laptops, smart wearables, etc., is also bolstering the demand for REE-based components. Additionally, the emergence of fiber optics is further propelling the utilization of various rare earth elements, such as neodymium, erbium, and holmium, for manufacturing high-efficiency fibers.
Key Questions Answered in This Report:
- What was the size of the global rare earth elements market in 2022?
- What is the expected growth rate of the global rare earth elements market during 2023-2028?
- What has been the impact of COVID-19 on the global rare earth elements market?
- What are the key factors driving the global rare earth elements market?
- What is the breakup of the global rare earth elements market based on the application?
- What are the key regions in the global rare earth elements market?
- Who are the key players/companies in the global rare earth elements market?
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being
- 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
Rare Earth Elements: Mining Economics
Key Projects
- Arafura Resources Limited-Noland Project
- Nechalacho Rare Earth Elements Project
- Kvanefjeld Project-Greenland Minerals & Energy Limited
- Dubbo Zirconia-Alkane Resources Limited
Mining and Processing
Prices
- Factors Affecting Rare Earth Element Prices
- Historical Prices
- Pricing Forecast
Mine Valuation: Grades & Composition are Key
Development of a New Project: Can Take Several Years
Rare Earth Mining Costs: Largely Location and Grade Development
Infrastructure & Capital Costs
Operating Costs
Global Rare Earth Elements Market
Total Sales and Production of Rare Earth Elements
Production of Rare Earth Elements by Region
Current Operational Mines
- Bayan Obo, China
- Longnan, China
- Xunwu, China
- India
- Eastern Coast, Brazil
- Lahat, Malaysia
- Mt. Weld, Australia
- Mountain Pass, United States
- Nolans, Australia
- Steenkampskraal, South Africa
- Kvanefjeld, Greenland
- Dong Pao, Vietnam
- Dubbo Zirconia, Australia
Potential Operational Mines
- Nechalacho, Canada
Consumption of Rare Earth Elements by Region
- China
- Japan & Northeast Asia
- United States
China's Role in the Global Rare Earth Elements Market
- China has a Monopoly Over Rare Earth Elements
- Mining Costs in China Are Significantly Lower Than Other Rare Earth Producers
- Miners Have Benefitted from the Lack of Proper Working Standards and Environmental Regulations
- China Has a Significantly Higher In-house Expertise Compared to Other Rare Earth Producers
- China is Strategically Increasing Production Quotas to Sustain Global Dominance in Rare Earth Elements Market
- China Aims to Become an Exporter of Higher Value Goods
Supply & Demand of Individual Rare Earth Elements
Elements that will Face Supply Shortages in the Near Future
- Praseodymium
- Neodymium
Elements that be Oversupplied in the Near Future
- Terbium
- Yttrium
- Lanthanum
- Cerium
- Dysprosium
- Samarium
- Europium
Overcoming the Potential Shortfalls in Supply
- Stockpiling
- Recycling
- Substitution
- Material Shortfall Strategies by Various Rare Earth Consumers
Key Market Segmentation:
Breakup by Application:
- Magnets
- NiMH Batteries
- Auto Catalysts
- Diesel Engines
- Fluid Cracking Catalyst
- Phosphers
- Glass
- Polishing Powders
- Others
Breakup by Region:
- China
- Japan & Northeast Asia
- United States
Rare Earth Elements: Are they Really Rare?
- Reserve Estimates
- How Long Will They Last?
For more information about this report visit https://www.researchandmarkets.com/r/veegx5
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