Rare Earth Element Market Trends, Growth Factors, Size, Segmentation and Forecast to 2027
Rare Earth Element Market: is anticipated to reach US$ 9.8 Bn. by 2027 from US$ 5.3 Bn. in 2020 at a CAGR of 12.3 % during a forecast period.
Rare Earth Element Market Overview: In catalytic systems, rare-earth metals are widely used. Their primary function in a catalyst system is to absorb, store, and release oxygen while also regulating the environment in which they work. Rare-earth metals such as lanthanum and cerium are extensively used in catalyst systems. They are generally used as catalysts in automotive and other vehicle catalytic converters, as well as in oil refinery fluid cracking catalysts (FCCs). Apart from increased worldwide unit sales, auto-catalyst demand is being boosted by more rigorous laws controlling vehicle emissions across the world. The demand for rare-earth metals in autocatalysts is expected to grow during the forecast period.
This business vertical’s Rare Earth Element Market size research, which is now available with Market Study Report, is a compilation of helpful information about market size, market share, profitability margin, growth dynamics, and regional proliferation. The study also includes a thorough examination of the Rare Earth Element market’s major challenges, growth potential, and application areas.
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Rare Earth Element Market Scope:
The MMR market size report for Rare Earth Element provides a comprehensive image of the business in terms of growth factors and prospects that may boost revenue generation from 2021 to 2027. It additionally contains an in depth analysis of the issues limiting market growth also as potential solutions. The study provides helpful insights into competition dynamics, regional landscapes, and factors driving major market segmentations. What is more, the analysis literature investigates the results of the COVID-19 pandemic on this domain so as to help companies in developing sure-fire growth ways for the forecast term.
Rare Earth Element Market Segmentation: The rising popularity of hybrid vehicles is expected to boost rare earth demand during the forecast period. From 2020 to 2027, praseodymium volume is expected to grow at a CAGR of 6.4 percent. It is used as an alloying agent with magnesium in aviation engines to make high-strength metals. As the number of passengers from all over the world increases, so does the need for flights. GE Aviation, a part of General Electric, promised USD 12.3 billion in February 2017 to increase its aircraft engine production capacity. This is expected to raise praseodymium demand during the forecast period.
The report includes crucial data on revenue earned, sales worth, and market share for every product section. Every product type’s consumption market share is given. Each application type’s market share is listed within the study report. The report presents projections for the consumption price and volume command by every sort of application during an organized manner.
Rare Earth Element Market Key Players:
• Ucore Rare Metals Inc
• Arafura Resources Limited
• Alkane Resources ltd
• Lynas Corporation
• Avalon Advanced Materials, Inc.
• Canada Rare Earth Corporation
• Iluka Resources Limited
• Baotou Jinmeng Rare Earth Co
• Northern Minerals Limited
• Shin-Etsu Chemical Co. Ltd.
• China Minmetals Rare Earth Co. Ltd.
• China Northern Rare Earth (Group) High-Tech Co., Ltd.
• Iluka Resource Ltd (Australia)
• Canada Rare Earth Corporation (Canada)
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Rare Earth Element Market Regional Analysis:
North America, Europe, Asia-Pacific, South America, and the Middle East and Africa structure the Rare Earth Element market. The MMR analysis appearance at key countries’ economic metrics and the way they have an effect on overall trade growth. Every region’s consumption rate of growth and market share for the anticipated amount also are mentioned.
Competitive Landscape of the Rare Earth Element Market:
The MMR report includes profiles of the highest players within the Rare Earth Element market. The analysis document includes a business summary and basic company info. Sales, revenue share, rating patterns, and gross margins of publically listed companies’ area unit all listed. Key players’ distribution networks and operational locations area unit totally explored. The MMR report conjointly includes info on investments, market concentration rate, mergers and acquisitions, and new players.
COVID-19 Impact Analysis on Rare Earth Element Market:
Different racial and ethnic groups have been affected differently by the COVID-19 pandemic. The social determinants of health—income and wealth, access to and use of health care, education, occupation, discrimination, and housing—are all linked. Economic headwinds will come from a multitude of angles for emerging market and developing countries. Even this pessimistic estimate is riddled with unknowns and substantial dangers. The severity of the slump may be revealed by the speed with which the crisis has swept the global economy. Using cutting-edge technology, our highly skilled and knowledgeable crew is constantly innovating and delivering new solutions to our clients.
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