There are seventeen rare earth materials that have various end-user applications in diverse sectors such as catalysts, magnets, glass polishing, batteries, metallurgy and phosphors, and pigments. China is the world's largest producer of REEs, accounting for over 70% global production estimated at 1,20,000 tonnes in 2018. Rare earth mining is influenced by Chinese suppliers which cause supply and price uncertainties, thus, end-users outside China have been gradually seeking substitutes.
Moreover, with the undergoing infrastructure advancements and mounting demand for electric vehicles, for NdPr based permanent magnets across the world fuel the demand for rare earth materials
According to MarkNtel Advisors’ “Global Rare Earth Materials Market Analysis, 2020”, is expected to surge at a CAGR of around 3% during 2020-25. The size of the global earth rare material was around USD 5.40 billion in 2018. The catalyst segment is anticipated to show a slow growth during the forecast period but held the largest market share of around 43.1% of the market.
Mushrooming Demand Metallurgy and Battery Application Drives the Growth of Rare Earth Materials
Significant applications in the metallurgy industry consume noteworthy volumes of rare earth materials. Rare earth materials are used in the metal alloys due to demand from hydrogen storage applications, NiMH batteries and aerospace industry. This application area is projected to have a medium to high impact throughout the forecast period as effective discoveries of rare earth deposits with commercial viability could be an important factor that has a positive impact on the market.
However, significant dominance of rare earth reserves, product supply, project investments, and consumption creates an uneven competitive scenario globally. This may hamper the growth of rare earth material.
North America is Witnessing a Substantial Growth in Recent Years
Asia-Pacific is the dominating region with the largest market share in terms of rare earth reserves, production of rare earth materials and their consumption. China’s large scale activity requires considerable amounts of rare elements; this has contributed to the local consumption of large volumes of rare earth material. The key consumers are China, Taiwan, Malaysia, South Korea, Japan, and India. In North America, fuel cracking and emission catalyst are produced significantly which contribute to considerable consumption of rare earth materials. In the US and Canada, rare earth consumption is also fueled by demand from aerospace, automotive and electronic industries defense and, wind turbines. Additionally, Canada has some of the largest reserves and resources of rare earth in the world as revealed by MarkNtel Advisors’ research report “Global Rare Earth Materials Market Analysis, 2020”.
According to MarkNtel Advisors, the major companies capturing a considerable market share are Rare Element, Alvalon Advanced, Eutectix, Shin-Etsu Chemical, Alkane Resources, Aluminium Corporation of China, Arafura Resources, China Minmetals, Galaxy Resources, Caneus Minerals among others. The University of Birmingham in the United States was awarded USD4.1 million to set up a pilot facility to reclaim rare earth materials from scrap as a part of EU funded Horizon 2020. The program was launched in 2019.
“Global Rare Earth Materials Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the market potential, regional opportunities, key factors impacting sales and purchase decisions, hotspots, and opportunities available for rare earth material firms across the globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the competition assessment, formulation of Go to Market Strategies and identifying the blue ocean for their offerings.
1. By Element (Cerium, Neodymium, Lanthanum, Dysprosium, Terbium, Yttrium, Scandium, Carbonate and Others, Other Elements)
2. By Application (Catalysts, Ceramics, Phosphors, Glass and Polishing, Metallurgy, Magnets, Other Applications)
3. By Region (North, south, West, and East)
4. By Company (Rare Element, Alvalon Advanced, Eutectix, Shin-Etsu Chemical, Alkane Resources, Aluminum Corporation of China, Arafura Resources, China Minmetals, Galaxy Resources, Caneus Minerals)
Key questions answered in the study:
1. What are the current and future trends of the Global Rare Earth Materials market?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. What are the future plans and customer expectations of end-users across the country?
4. How the competition has been shaping across the countries followed by their comparative factorial indexing?
5. What are the key growth drivers and challenges for the Global Rare Earth Materials market?
6. What are the customer orientation, purchase behavior, and expectations from the rare earth companies across various regions?