Rare Earth Elements Market Estimated to Exceed US$ 20.9 Billion Globally by 2023-2028 | CAGR of 15%
The latest report by IMARC Group, titled “Rare Earth Elements Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on the global rare earth elements market. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global rare earth elements market size reached US$ 9.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 20.9 Billion by 2028, exhibiting a growth rate (CAGR) of 15% during 2023-2028.
Rare earth elements (REEs) are 17 chemically similar metallic elements with unique magnetic, optical, and catalytic properties. These elements are crucial to many modern technologies, including smartphones, electric cars, wind turbines, and military equipment. Despite their name, rare earth elements are relatively abundant in the earth's crust. They are highly magnetic and have strong magnetic anisotropy, meaning they have a preferred magnetization direction. This makes them useful in applications such as hard disk drives, electric motors, and generators. They are effective catalysts for many chemical reactions, including petroleum refining and producing plastics and fertilizers. They also have high electrical conductivity, which makes them useful in electrical wiring, batteries, and other electronic components.
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Rare Earth Elements Market Trends:
The global market is majorly driven by the increasing demand for REEs in a range of technological applications. In line with this, the demand for REEs is driven by their unique properties, making them essential components in various modern technologies, including smartphones, electric cars, wind turbines, and military equipment. Furthermore, the growing adoption of renewable energy technologies, such as wind and solar power, is significantly contributing to the market growth. Apart from this, the rising demand for electronic devices is positively influencing product demand as these elements are widely used in producing a wide range of electronic devices, including smartphones, laptops, and televisions, which are in high demand globally.
Moreover, the significant growth in the automotive industry and advancements in healthcare technologies are catalyzing the market. Besides, the escalating product adoption in a range of military and defense applications, including missiles, radar systems, and night vision equipment, is propelling the market. Additionally, the demand for rare earth elements is expected to grow as more companies and governments focus on developing sustainable technologies and reducing their carbon footprint.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with 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 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
Key highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- 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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