Press release
Rare Earth Elements Market Set to Hit US$ 20.9 Billion, 15% of CAGR During 2023-28 - Research Report | IMARC
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 are a group of seventeen chemical elements in the periodic table, including fifteen lanthanides, as well as scandium and yttrium. These elements exhibit unique properties, making them essential components in the manufacturing of a wide range of high-tech products. They are crucial for the production of magnets, catalysts, phosphors, polishing powders, batteries, and many other advanced materials. These elements possess exceptional magnetic, luminescent, and catalytic properties, allowing for the development of innovative and efficient technologies. As a result, they are utilized in numerous industries, including electronics, automotive, renewable energy, aerospace, and defense. Currently, a number of types of product variants are available, including neodymium, praseodymium, dysprosium.
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Rare Earth Elements Market Trends:
The rapid advancement in technology and the increasing demand for high-tech devices and equipment are creating a significant demand for rare earth elements, representing some of the primary factors boosting market growth. Additionally, the expanding renewable energy sector has considerably surged the product demand for the production of efficient magnets used in generators and motors, which is providing a positive outlook for the market. Moreover, the gradual shift towards clean and sustainable energy sources and the escalating product application in the aerospace and defense sectors in various applications, such as jet engines, missile guidance systems, and radar technologies, are influencing the market growth.
Furthermore, advancements in medical technologies and the growing healthcare sector have driven the product demand in applications such as MRI machines and diagnostic equipment, further bolstering the market growth. In line with this, the increasing adoption of electric vehicles (EV) and the development of smart devices, including smartphones, tablets, and wearable technology, are supporting the market growth.
Explore the Full Report with Charts, Table of Contents, and List of Figures: https://www.imarcgroup.com/rare-earth-industry
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
• 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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IMARC Group
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Email: Sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic, and technological developments for business leaders in pharmaceutical, industrial, and high-technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology, and novel processing methods are at the top of the company's expertise.
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