According to 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. Rare earth elements (REE) refer to a group of seventeen elements, which are present in the earth’s crust and exhibit similar chemical and physical properties. They have numerous advantageous characteristics, such as electrical conductivity, reduced weight, improved magnetism and enhanced heat resistance. Some of the widely used rare earth elements include cerium, erbium, lanthanum, yttrium, neodymium, holmium, praseodymium and dysprosium.
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Market Trends:
The increasing utilization of rare earth elements in the automobile sector to manufacture magnets and catalysts for motor vehicles represents one of the primary factors strengthening the growth of the market. Additionally, the extensive application of REE-based permanent magnets like neodymium and praseodymium magnets to produce high-efficiency batteries is acting as another growth-inducing factor. Apart from this, REEs are also used in end use industries such as transportation, construction, defense, power generation and medical, which is positively influencing the market. Furthermore, the increasing popularity of smart electronic devices, including smart wearables, laptops, smartphones and LED/LCD TVs, is anticipated to escalate their demand around the world.
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Key Market Segmentation:
Competitive Landscape:
1. Lynas Corporation Ltd.
2. Arafura Resources Limited
3. Great Western Minerals Group Ltd.
4. Avalon Advanced Materials Inc.
5. Greenland Minerals Ltd
6. Alkane Resources Ltd
7. Neo Performance Materials
8. Iluka Resource Limited
9. IREL (India) Limited
10. Canada Rare Earths Corporation
Market Breakup by Type:
1. Magnets
2. NiMH Batteries
3. Auto Catalysts
4. Diesel Engines
5. Fluid Cracking Catalyst
6. Phosphers
7. Glass
8. Polishing Powders
9. Others
Market by Application:
1. Magnets
2. NiMH Batteries
3. Auto Catalysts
4. Diesel Engines
5. Fluid Cracking Catalyst
6. Phosphers
7. Glass
8. Polishing Powders
9. Other Applications
Market Breakup by Region:
1. China
2. Japan & Northeast Asia
3. United States
Key highlights of the report:
1. Market Performance
2. Market Outlook
3. Porter’s Five Forces Analysis
4. Market Drivers and Success Factors
5. SWOT Analysis
6. Value Chain
7. Competitive Structure
8. Profiles of Key Players
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