Worldwide Rare Earth Elements Industry to 2026 - High Demand from Emerging Economies is Driving Growth - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Rare Earth Elements Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.

The Rare Earth Elements (REE) market is projected to register a CAGR of ?7.5% during the forecast period (2021-2026).

Companies Mentioned

• Aluminum Corporation of China Ltd
• ARAFURA RESOURCES
• Avalon Advanced Materials Inc.
• Minmetals Land Limited
• China Nonferrous Metal Industry's Foreign Engineering and Construction Co. Ltd
• Caeneus Minerals Ltd
• Eutectix
• Galaxy Resources Limited
• Iluka Resources Limited
• International Ferro Metals Limited
• MEDALLION RESOURCES LTD.
• NORTHERN MINERALS
• Peak Resources
• Rare Element Resources Ltd
• Rio Tinto
• Rising Nonferrous Metals Co. Ltd
• Shin-Etsu Chemical Co., Ltd.
• Ucore Rare Metals Inc.
• Xiamen Tungsten Co. Ltd

Key Market Trends

Increasing Demand for Magnets

• Magnets stand?to be one of the largest applications for rare earth elements. Magnets find extensive applications 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 and?speakers, communication systems, and MRI.
• Industries, such as automotive, electronics, and healthcare, have been witnessing innovation and?development, which are driving the demand for magnets in such industries.
• According to Statista Market Forecast, the consumer electronics industry stood at USD 384 billion in 2020. The market is expected to reach around USD 415 billion in 2021 and forecasted to reach USD 487 billion in 2025.
• Additionally, magnets are used in medical equipment, such as MRI machines, pacemakers, sleep apnea machines, and insulin pumps. The healthcare industry has been witnessing huge investments in the regions, such as Asia-Pacific and the Middle East & Africa.
• The United States is the largest medical device market in the world. By 2023 the industry is expected to reach USD 208 Billion. By 2030, the United States medical devices market is projected to cross over USD 300 billion, while China is likely to grow at the fastest pace and will account for more than 25% (over USD 200 billion) of the global medical device market.
• 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 in the coming years.

Asia-Pacific Region to Dominate the Market

• The Asia-Pacific region dominated the global market share. With increasing investments into the healthcare industry, and rising ceramic demand and production, the consumption of rare earth elements is projected to increase noticeably in the region.
• According to OICA, the total number of motor vehicles produced in the year 2019 in countries China and India are 25.75 million units and 4.52 million units, however, in 2020, this value in production is declined by around 2% and 25% respectively. This decline in production is majorly due to the impact of the COVID-19 pandemic.
• In addition, India is witnessing investments in the automotive industry. For instance, Hyundai Motor India invested USD 500 million during FY2020.
• At present, around 85% of the world's supply of these high-value rare earth originates from China, making the global rare earth elements market supply sensitive to changes in China's manufacturing sector.
• 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 an increase in the disposable income of the 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.
• China has the largest consumer electronics market in the world with a valuation of around `USD 152.7 billion 2020 and is projected to cross a valuation of USD 162 billion in 2021, the segment is forecasted to reach 175 billion in 2025.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

4.1 Drivers

4.1.1 High Demand from Emerging Economies

4.1.2 Dependency of 'Green Technology' on Rare Earth Elements

4.1.3 Companies Focusing on R&D

4.2 Restraints

4.2.1 Unfavorable Conditions Arising due to the Impact of COVID-19

4.2.2 Inconsistent Supply of Rareearth Elements

4.3 Industry Value Chain Analysis

4.4 Porter's Five Forces Analysis

5 MARKET SEGMENTATION

5.1 Element

5.2 Application

5.3 Geography

6 COMPETITIVE LANDSCAPE

6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

6.2 Market Share Analysis/Ranking Analysis

6.3 Strategies Adopted by Leading Players

6.4 Company Profiles

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

7.1 Increasing Scandium Usage in Aerospace Applications

For more information about this report visit https://www.researchandmarkets.com/r/kmqr5l