According to the latest report by IMARC Group, titled “Rare Earth Elements Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global rare earth elements market grew at a CAGR of around 7% during 2015-2020. Looking forward, IMARC Group expects the global rare earth elements market to continue its strong growth during 2021-2026. Rare earth elements (REEs), also known as rare-earth oxides, represent a group of seventeen elements that exhibit similar chemical and physical properties. Some of the commonly utilized REEs include neodymium, cerium, erbium, holmium, lanthanum, praseodymium, yttrium, dysprosium, etc. Rare earth elements offer several benefits, such as enhanced heat resistance, electrical conductivity, improved magnetism, weight reduction, etc. As a result, they find wide-ranging applications across various end-use sectors, including transportation, automobile, power generation, construction, medical, defense, etc.
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The widespread product adoption for manufacturing catalysts and magnets for motor vehicles, on account of the expanding automobile industry, is primarily driving the rare earth elements market. Additionally, the growing consumer environmental concerns towards the increasing CO2 emissions from fuel-driven automobiles are propelling the need for electric vehicles (EVs), which is further catalyzing the market growth. In line with this, the implementation of numerous stringent regulations by government bodies across countries for minimizing emissions and mandating the installation of catalytic converters in automobiles is acting as another significant growth-inducing factor. Moreover, the increasing utilization of rare earth elements in manufacturing turbines, reactors, generators, transformers, etc., owing to the rising need for advanced energy generation facilities, is also augmenting the global market. Apart from this, the inflating popularity of smart electronic devices, including LED or LCD TVs, smartphones, laptops, smart wearables, etc., is anticipated to fuel the rare earth elements market over the forecasted period.
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The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
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