DUBLIN--(BUSINESS WIRE)--The "Rare Earth Elements Market - Growth, Trends, and Forecast (2019-2024)" report has been added to ResearchAndMarkets.com's offering.
The Rare Earth Elements (REE) market is expected to grow at a CAGR of around 8% during the forecast period of 2019-2024.
The major factors driving the growth of market studied are the high demand from emerging economies, dependency of 'Green Technology' on Rare Earth Elements, and companies focusing on R&D. On the flipside, the inconsistent supply, and illegal mining of Rare Earth Elements are some of the concerns affecting the growth of the studied market.
- The rare earth metals segment dominated the market in 2018 and is likely to grow during the forecast period with rising applications and growing demand from various industries.
- The increasing scandium usage in aerospace applications is likely to provide opportunities for the studied market during the forecast period.
- Asia-Pacific dominated the market across the globe, owing to the increasing production of rare earth metals, and rising demand from industries, such as consumer electronics and automotive.
Major Market Trends
Magnets Segment to Dominate Market Demand
- Magnets stands to be the largest application for rare earth elements. Magnets find extensive application in various industries, such as electronics, automotive, power generation, medical, etc.
- Magnets are used in computer hard drives, microwave power tubes, anti-lock brakes, automotive parts, disk drive motors, frictionless bearings, power generation, magnetic refrigeration, microphones & speakers, communication systems, and MRI.
- Industries, such as automotive, electronics, and healthcare, have been witnessing innovation & development, which is driving the production and growth in such industries.
- Though automotive production declined during 2018, the future outlook of the market is positive, where the market growth is likely to be driven by the continuous innovation efforts being taken towards development of new lightweight, hybrid, and electronic vehicles.
- In electronic industries, innovation of advanced technologies, and up-gradation of the existing ones have been driving the growth of the market.
- Besides, magnets are used in medical equipment, such as MRI machines, heart pumps, pacemakers, sleep apnea machines, and insulin pumps. Healthcare industry has been witnessing huge investments in the regions, such as Asia-Pacific and Middle East & Africa, which is further expected to drive the demand for such medical equipment.
- Hence, all such trends are expected to noticeably drive the demand for magnets, which is further projected to increase the demand for rare earth elements market in the coming years.
Asia-Pacific to Dominate the Global Market
- Asia-Pacific region dominated the global market share in 2018. With rising automotive production, increasing investments into healthcare industry, and rising ceramic demand & production, the consumption of rare earth elements is also projected to increase noticeably in the region during the forecast period.
- Automotive production is increasing in the countries, such as India, Thailand, Vietnam, and Indonesia. Besides, China, the world's largest automotive producer, is majorly focusing on increasing the production and sale of electric vehicles in the country. For this purpose, the country has planned to increase the production of electric vehicles (EVs) to 2 million a year by 2020, and 7 million a year by 2025.
- In addition, India is witnessing investments in the automotive industry. For instance, in 2018, Hyundai planned investment of USD 1 billion in India by 2020. SAIC Motor has also announced to invest USD 500 million in India by 2020.
- China has the world's largest electronics production base. The country serves not only domestic demand for electronics, but also exports electronic output to other countries. With increase in the disposable income of middle-class population in the country, and increasing demand for electronic products in the countries importing electronic products from China, the production of electronics is projected to grow.
- Countries, such as India, South Korea, and Japan, are also some of the major countries, producing electronic products. India has been witnessing investments in the electronic industry, which is driven by the government initiatives and incentives offered to increase electronic production in the country.
- Besides, the demand and production of ceramics is highest in Asia-Pacific. The increasing ceramic demand from industries, such as aerospace & defense, energy, healthcare, and consumer goods, is driving the production in the ceramics industry.
- Hence, such market trends are likely to drive the demand for products, such as magnets, ceramics, glass, etc. in the region, which is further expected to drive the growth of the rare earth elements market in the coming years.
The rare earth elements market is a fragmented market, with numerous players holding insignificant share to affect the market dynamics individually. Some of the noticeable players in the market include Avalon Advanced Materials Inc, Rare Element Resources Ltd, Eutectix, Shin-Etsu Chemical Company, Alkane Resources Ltd, and amongst others.
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 High demand from emerging economies
4.1.2 Dependency of 'Green Technology' on REE
4.1.3 Companies Focusing on R&D
4.2.1 Inconsistent Supply
4.2.2 Illegal Mining of REE
4.3 Industry Value-Chain Analysis
4.4 Porters 5 Force Analysis
4.5 Top Individual Consumers of Rare Oxides by Elements
4.6 Top Importers by Country
4.7 Current Major Projects
4.8 Upcoming Projects
5 MARKET SEGMENTATION
18.104.22.168 Carbonate and Others
5.2.4 Glass & Polishing
5.3.2 North America
5.3.4 South America
5.3.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Alkane Resources Ltd.
6.4.2 Aluminum Corporation of China Ltd.
6.4.3 Arafura Resources Limited
6.4.4 Avalon Advanced Materials Inc.
6.4.5 China Minmetals Corporation
6.4.6 China Nonferrous Metal Industry's Foreign Engineering & Construction Co. Ltd.
6.4.7 Caeneus Minerals Ltd.
6.4.9 Galaxy Resources Ltd.
6.4.10 Ganzhou Rare Earth Group Co. Ltd.
6.4.11 Iluka Resources Ltd.
6.4.12 Inner Mongolia Baotou Steel Rare-Earth (group) Hi-tech Co. Ltd.
6.4.13 International Ferro Metals Limited
6.4.14 Medallion Resources
6.4.15 Northern Minerals Limited
6.4.16 Orbite Technologies Inc.
6.4.17 Peak Resources Limited
6.4.18 Rare Element Resources
6.4.19 Rising Nonferrous Metals Share Co. Ltd.
6.4.20 Shin-Etsu Chemical Company
6.4.21 Stans Energy Corp.
6.4.22 Tantalus Rare Earths AG
6.4.23 Ucore Rare Metals Inc.
6.4.24 Xiamen Tungsten Co. Ltd.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing Scandium Usage in Aerospace Applications
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