Rare Earth Elements Market Worth $3979.4 Million by 2027 | Valuates Reports

The global Rare Earth Elements market size is projected to reach US$ 3979.4 million by 2027, from US$ 2821.3 million in 2020, at a CAGR of 5.9% during 2021-2027.

Rare Earth Element is one of a set of seventeen chemical elements in the periodic table, specifically the fifteen lanthanides, as well as scandium and yttrium. Scandium and yttrium are considered rare-earth elements because they tend to occur in the same ore deposits as the lanthanides and exhibit similar chemical properties.

It is expected that the growing demand for electric vehicles to minimize carbon dioxide emissions would propel the growth of rare earth elements market size. Neodymium and praseodymium are majorly used for producing permanent magnets used in electric and hybrid vehicles. Neodymium magnets have an excellent coercive force and flux density. The high coerciveness and excellent flow retention capacities make it highly desirable for use in electric vehicles worldwide.

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As the sales of automotive increase, the demand for catalytic converters also increases. A catalytic converter is a device that uses a catalyst to convert harmful compounds into harmless ones. The catalytic formulation consists of three key components: precious metals (platinum, palladium, rhodium), alumina, and rare-earth-based materials that enhance the catalytic activity of metals. This increasing demand for catalytic converters is expected to increase the growth of rare earth elements market size.

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Major Players in the Rare Earth Elements Market

The major players that are operating in the global Rare Earth Elements market are

o Arafura
o Alkane Resources
o Avalon Rare Metals
o China Rare Earth Holdings
o Indian Rare Earths
o Lynas
o Greats Western Minerals
o Greenland Minerals & Energy
o Rare Element Resources
o Molycorp's
o Inner Mongolia Baotou Steel Rare Earth Hi-Tech
o Frontier Rare Earths

Rare Earth Elements Market by Type

o Cerium
o Dysprosium
o Erbium
o Europium's
o Gadolinium
o Holmium
o Lanthanum
o Lutetium
o Neodymium
o Praseodymium

Rare Earth Elements Market by Application

o Magnets
o Catalysts
o Metallurgy
o Polishing
o Glass
o Phosphors
o Ceramics
o Others

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This release was published on openPR.