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Rare Earth Element Market to Reach $16.90 Billion by 2030, Growing at a 12.3% CAGR

09-12-2024 09:34 AM CET | Chemicals & Materials

Press release from: MAXIMIZE MARKET RESEARCH PVT. LTD

Rare Earth Element Market

Rare Earth Element Market

๐‘๐š๐ซ๐ž ๐„๐š๐ซ๐ญ๐ก ๐„๐ฅ๐ž๐ฆ๐ž๐ง๐ญ ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐†๐ซ๐จ๐ฐ๐ญ๐ก ๐จ๐ซ ๐ƒ๐ž๐ฆ๐š๐ง๐ ๐ˆ๐ง๐œ๐ซ๐ž๐š๐ฌ๐ž ๐จ๐ซ ๐ƒ๐ž๐œ๐ซ๐ž๐š๐ฌ๐ž ๐Ÿ๐จ๐ซ ๐ฐ๐ก๐š๐ญ ๐œ๐จ๐ง๐ญ๐š๐ข๐ง๐ฌ :

The rare earth element market is experiencing significant growth, driven by rising demand across various high-tech industries. Valued at USD 7.50 billion in 2023, the market is expected to reach approximately USD 16.90 billion by 2030, reflecting a robust compound annual growth rate (CAGR) of 12.3%. This growth is primarily fueled by the increasing use of rare earth elements in the production of advanced electronics, renewable energy technologies, electric vehicles, and defense applications. The critical role these elements play in manufacturing high-performance magnets, batteries, and catalysts is further driving demand. Additionally, geopolitical factors and supply chain diversifications are influencing market dynamics, prompting increased investment in mining and processing capabilities. As technological advancements continue to drive the need for rare earth elements, the market is set for substantial expansion.

๐‘๐š๐ซ๐ž ๐„๐š๐ซ๐ญ๐ก ๐„๐ฅ๐ž๐ฆ๐ž๐ง๐ญ ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐‚๐€๐†๐‘ ๐„๐ฌ๐ญ๐ข๐ฆ๐š๐ญ๐ข๐จ๐ง:

The market for rare earth elements is expected to grow at a compound annual growth rate (CAGR) of 12.3% from US$ 7.50 billion in 2023 to US$ 16.90 billion by 2030.

๐„๐ฑ๐ฉ๐ฅ๐จ๐ซ๐ž ๐š๐๐๐ข๐ญ๐ข๐จ๐ง๐š๐ฅ ๐๐ž๐ญ๐š๐ข๐ฅ๐ฌ ๐›๐ฒ ๐œ๐ฅ๐ข๐œ๐ค๐ข๐ง๐  ๐ญ๐ก๐ž ๐ฅ๐ข๐ง๐ค ๐ฉ๐ซ๐จ๐ฏ๐ข๐๐ž๐:https://www.maximizemarketresearch.com/request-sample/99093/

๐‘๐š๐ซ๐ž ๐„๐š๐ซ๐ญ๐ก ๐„๐ฅ๐ž๐ฆ๐ž๐ง๐ญ ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐’๐ž๐ ๐ฆ๐ž๐ง๐ญ๐š๐ญ๐ข๐จ๐ง:

๐›๐ฒ ๐Œ๐ž๐ญ๐š๐ฅ

Lanthanum
Cerium
Neodymium
Praseodymium
Samarium

Cerium accounted for of the total volume in 2023, making it the most popular element. Demand for rare earths is anticipated to increase during the projected period due to the growing popularity of hybrid cars. The volume of praseodymium is anticipated to increase at a CAGR of 6.4 percent between 2024 and 2030. In aviation engines, it serves as an alloying agent with magnesium to create high-strength metals. The demand for flights rises in tandem with the number of travelers from around the globe. In February 2017, GE Aviation, a division of General Electric, made a USD 12.3 billion commitment to expand its aircraft engine production capacity. Throughout the projection period, this is anticipated to increase praseodymium demand.

๐›๐ฒ ๐€๐ฉ๐ฉ๐ฅ๐ข๐œ๐š๐ญ๐ข๐จ๐ง

Permanent Magnets
Metals Alloys
Polishing
Additives
Catalysts
Phosphors

Through Application In terms of volume and revenue, the magnet application segment was the most well-liked in 2023. Examples of devices that use them include speakers, sensors, servo motors, computer hard drives, and linear actuators. During the projected period, there is expected to be an increase in the utilization of rare earth elements due to the growing need for magnets in consumer electronics, vehicles, and turbines. The ceramic application is anticipated to grow at a compound annual growth rate (CAGR) of 7.0 percent between 2024 and 2030. In the ceramics sector, yttrium, lanthanum, cerium, neodymium, and praseodymium are widely employed in applications like electronics, engineering, and tiles. Based on data provided by the Ceramic World Web, there was a 2.2% rise in ceramic tile production between 2016 and 2017.

๐‘๐š๐ซ๐ž ๐„๐š๐ซ๐ญ๐ก ๐„๐ฅ๐ž๐ฆ๐ž๐ง๐ญ ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐Ž๐ฏ๐ž๐ซ๐ฏ๐ข๐ž๐ฐ:

The rare earth element market is poised for significant growth, with a forecasted increase from USD 7.50 billion in 2023 to approximately USD 16.90 billion by 2030, driven by a compound annual growth rate (CAGR) of 12.3%. This expansion is largely attributed to the rising demand for rare earth elements in critical sectors such as electronics, renewable energy, and defense. These elements are essential for the production of high-performance magnets, batteries, and catalysts, which are crucial for advanced technologies like electric vehicles, wind turbines, and electronic devices. Additionally, geopolitical factors and efforts to diversify supply chains are fueling investments in rare earth mining and processing. As the technology landscape evolves and the need for advanced materials grows, the rare earth element market is set to experience robust development, reflecting its critical role in modern industrial applications.

๐„๐ฑ๐ฉ๐ฅ๐จ๐ซ๐ž ๐š๐๐๐ข๐ญ๐ข๐จ๐ง๐š๐ฅ ๐๐ž๐ญ๐š๐ข๐ฅ๐ฌ ๐›๐ฒ ๐œ๐ฅ๐ข๐œ๐ค๐ข๐ง๐  ๐ญ๐ก๐ž ๐ฅ๐ข๐ง๐ค ๐ฉ๐ซ๐จ๐ฏ๐ข๐๐ž๐:https://www.maximizemarketresearch.com/request-sample/99093/

๐‘๐š๐ซ๐ž ๐„๐š๐ซ๐ญ๐ก ๐„๐ฅ๐ž๐ฆ๐ž๐ง๐ญ ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐†๐ซ๐จ๐ฐ๐ญ๐ก ๐จ๐ซ ๐ƒ๐ž๐ฆ๐š๐ง๐ ๐ข๐ง ๐ฐ๐ก๐ข๐œ๐ก ๐ซ๐ž๐ ๐ข๐จ๐ง๐ฌ??

The research includes in-depth examinations of the Middle East, South America, Europe, Africa, and Asia-Pacific region. Understanding the intricate dynamics of the Rare Earth Element Market is one aspect of regional analysis. A framework of product imports and exports by nations and regions, as well as market sizes and growth rates for Rare Earth Element , are included in the report. An overview of the most current developments in the field from a number of different countries and areas is given in this paper.

๐‘๐š๐ซ๐ž ๐„๐š๐ซ๐ญ๐ก ๐„๐ฅ๐ž๐ฆ๐ž๐ง๐ญ ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐’๐œ๐จ๐ฉ๐ž ๐š๐ง๐ ๐Œ๐ž๐ญ๐ก๐จ๐๐จ๐ฅ๐จ๐ ๐ฒ:

The approach that gives investors relevant information by combining SWOT and descriptive analysis is covered in the report. The study's main objective is to provide a comprehensive picture of the Rare Earth Element Market . The process of gathering data uses a variety of methods, such as surveys and questionnaires. Following this, mathematical, statistical, and numerical approaches are used to evaluate the data. It takes a combination of qualitative and quantitative research approaches to identify Rare Earth Element Market trends, so gathering and processing data is crucial.By carefully examining the situation of buyer-direct, RD initiatives, innovative forms of development, cutting-edge industry techniques, and market consolidations and acquisitions, the research evaluates the potential futures of the market. The research includes methods, organizational charts, portfolios, and a critical evaluation of well-known corporate executives. Rare Earth Element Doors underwent a thorough PESTLE study and SWOT analysis in order to provide microeconomic variables and detect market trends.

๐…๐จ๐ซ ๐š ๐๐ž๐ž๐ฉ๐ž๐ซ ๐ฎ๐ง๐๐ž๐ซ๐ฌ๐ญ๐š๐ง๐๐ข๐ง๐ , ๐œ๐ฅ๐ข๐œ๐ค ๐จ๐ง ๐ญ๐ก๐ž ๐ฅ๐ข๐ง๐ค:https://www.maximizemarketresearch.com/request-sample/99093/

๐‘๐š๐ซ๐ž ๐„๐š๐ซ๐ญ๐ก ๐„๐ฅ๐ž๐ฆ๐ž๐ง๐ญ ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐Š๐ž๐ฒ ๐๐ฅ๐š๐ฒ๐ž๐ซ๐ฌ:

1. Ucore Rare Metals Inc
2. Arafura Resources Limited
3. Alkane Resources ltd
4. Lynas Corporation
5. Avalon Advanced Materials, Inc.
6. Canada Rare Earth Corporation
7. Iluka Resources Limited
8. Baotou Jinmeng Rare Earth Co
9. Northern Minerals Limited
10. Shin-Etsu Chemical Co. Ltd.
11. China Minmetals Rare Earth Co. Ltd.
12. China Northern Rare Earth (Group) High-Tech Co., Ltd.
13. Iluka Resource Ltd (Australia)

๐“๐จ ๐š๐œ๐œ๐ž๐ฌ๐ฌ ๐ฆ๐จ๐ซ๐ž ๐œ๐จ๐ฆ๐ฉ๐ซ๐ž๐ก๐ž๐ง๐ฌ๐ข๐ฏ๐ž ๐ข๐ง๐Ÿ๐จ๐ซ๐ฆ๐š๐ญ๐ข๐จ๐ง, ๐œ๐ฅ๐ข๐œ๐ค ๐ก๐ž๐ซ๐ž:https://www.maximizemarketresearch.com/market-report/rare-earth-elements-market/99093/

๐Š๐ž๐ฒ ๐ช๐ฎ๐ž๐ฌ๐ญ๐ข๐จ๐ง๐ฌ ๐š๐ง๐ฌ๐ฐ๐ž๐ซ๐ž๐ ๐ข๐ง ๐ญ๐ก๐ž ๐‘๐š๐ซ๐ž ๐„๐š๐ซ๐ญ๐ก ๐„๐ฅ๐ž๐ฆ๐ž๐ง๐ญ ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐š๐ซ๐ž:

โ€ข What is Rare Earth Element ?
โ€ข What is the growth rate of the Rare Earth Element ?
โ€ข Which are the factors expected to drive the Rare Earth Element market growth?
โ€ข What are the different segments of the Rare Earth Element ?
โ€ข What growth strategies are the players considering to increase their presence in Rare Earth Element ?
โ€ข What are the upcoming industry applications and trends for the Rare Earth Element ?
โ€ข What are the recent industry trends that can be implemented to generate additional revenue streams for the Rare Earth Element ?
โ€ข What major challenges could the Rare Earth Element face in the future?
โ€ข What segments are covered in the Rare Earth Element ?
โ€ข Who are the leading companies and what are their portfolios in Rare Earth Element ?
โ€ข What segments are covered in the Rare Earth Element ?
โ€ข Who are the key players in the Rare Earth Element market?

๐‘๐ž๐ฅ๐š๐ญ๐ž๐ ๐‘๐ž๐ฉ๐จ๐ซ๐ญ๐ฌ:

โ™ฆ Global Resilient Flooring Market https://www.maximizemarketresearch.com/market-report/global-resilient-flooring-market/66277/

โ™ฆ Low Sulfur Fuel Oil Market https://www.maximizemarketresearch.com/market-report/low-sulfur-fuel-oil-market/72303/

โ™ฆ Global Hybrid Train Market https://www.maximizemarketresearch.com/market-report/global-hybrid-train-market/92996/

โ™ฆ Automatic Lubrication System Market https://www.maximizemarketresearch.com/market-report/global-automatic-lubrication-system-market/20785/

โ™ฆ Global Integrated Vehicle Health Management Market https://www.maximizemarketresearch.com/market-report/global-integrated-vehicle-health-management-market/31750/

โ™ฆ Global Laboratory Equipment Services Market https://www.maximizemarketresearch.com/market-report/global-laboratory-equipment-services-market/21604/

โ™ฆ Global Aquatic Herbicides Market https://www.maximizemarketresearch.com/market-report/global-aquatic-herbicides-market/70849/

โ™ฆ Global Haptic interface Market https://www.maximizemarketresearch.com/market-report/global-haptic-interface-market/54602/

โ™ฆ Collagen and Gelatin market https://www.maximizemarketresearch.com/market-report/collagen-and-gelatin-market/162829/

โ™ฆ Global Fibrinogen Concentrates Market https://www.maximizemarketresearch.com/market-report/global-fibrinogen-concentrates-market/57755/

๐‚๐จ๐ง๐ญ๐š๐œ๐ญ ๐Œ๐š๐ฑ๐ข๐ฆ๐ข๐ณ๐ž ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐‘๐ž๐ฌ๐ž๐š๐ซ๐œ๐ก:

3rd Floor, Navale IT Park, Phase 2
Pune Banglore Highway, Narhe,
Pune, Maharashtra 411041, India
sales@maximizemarketresearch.com
+91 96071 95908, +91 9607365656

๐€๐›๐จ๐ฎ๐ญ ๐Œ๐š๐ฑ๐ข๐ฆ๐ข๐ณ๐ž ๐Œ๐š๐ซ๐ค๐ž๐ญ ๐‘๐ž๐ฌ๐ž๐š๐ซ๐œ๐ก:

Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.

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