The global rare earth elements market is anticipated to reach
USD 5.62 billion by 2025, according to a new report by Grand View Research,
Inc. The growing use of permanent magnets in the production of batteries for
electric vehicles is expected to propel the demand for rare earth elements
including neodymium, praseodymium, dysprosium, gadolinium, and terbium over the
forecast period. Neodymium and praseodymium based rare earth permanent magnets
are majorly used in the manufacturing of batteries.
The growing demand for electric
vehicles coupled with the government initiatives on reducing the CO2 emissions
is expected to boost the demand for permanent magnets. In March 2019, the
Chinese government reduced subsidies for electric vehicles in order to promote
innovation amongst local manufacturers on account of declining costs. The
incentives for electric cars with less than 400 km range decreased from 50,000
yuan to 25,000 yuan, while the incentives for vehicles ranging less than 250 km
have been eliminated.
According to USGS, China holds the
largest amount of reserves with 44 million tons and Malaysia holds the least
amount of reserves with 30 thousand tons. It also stated that the U.S. has USD
6.2 trillion worth of mineral reserves. However, the stringent regulatory
policies towards mining in the U.S. has forced the companies to import the raw
materials from China. Hence, the production of raw material has been a major
challenge for the U.S companies.
The increasing prices of rare earth
elements and high investments to open new mines have given rise to recycling of
the product. Japan is one of the major producer of recycled rare earth
elements. In 2010, Hitachi developed a new technology for recycling rare-earth
magnets from air conditioners and hard disk drives. It can separate recycle
magnets approximately eight times more efficiently than conventional methods.
In 2012, The Honda Corporation opened the first rare earth recycling plant. The
company utilized used automotive parts containing metals to produce rare earth
elements.
The key players in the rare earth
elements market are involved in acquisitions, expansions, and long term binding
agreements with their customers. In Nov 2017, Hitachi Metals Ltd acquired
Santoku Corporation, a Japanese manufacturer of alloys. This strategy was aimed
at accelerating the production of neodymium magnet alloys in order to achieve
sustainable growth in the global market.
Browse full research report on Rare Earth Elements Market: https://www.grandviewresearch.com/industry-analysis/rare-earth-elements-market
Further key findings from the report suggest:
- Neodymium
is anticipated to register a CAGR of 8.3%, in terms of volume, from 2019
to 2025 owing to growing demand for permanent magnets
- Catalyst
application accounted for a revenue share of 18.7% in 2018 owing to
increasing demand from automotive and petroleum refining industries.
- Middle
East & Africa is expected to grow at a CAGR of 6.9%, in terms of
volume, over the forecast period owing to rising investment in expansion
of refinery capacities
- In
2016, Hitachi Metals Ltd entered into a joint venture with Zhong Ke San
Huan Hi-Tech Co., Ltd. to manufacture Neodymium-Iron-Boron magnets
- The
major players are adopting strategies like capacity expansion and
agreements with the end-use industries to cater to growing demand for rare
earth elements. For instance, in January 2018, Lynas Corporation signed an
agreement with Bosch, an automotive component supplier. This agreement was
aimed at ensuring continuous supply of rare earth materials to Bosch.
Browse
request sample of this report by Grand View Research: https://www.grandviewresearch.com/industry-analysis/plano-sunglasses-industry/request/rs1
Grand View Research has segmented the global rare earth elements
market report on the basis of product, application, and region:
Product Outlook (Revenue, USD Million; Volume, Tons; 2014 - 2025)
- Cerium
- Dysprosium
- Erbium
- Europium
- Gadolinium
- Holmium
- Lanthanum
- Lutetium
- Neodymium
- Praseodymium
- Promethium
- Samarium
- Scandium
- Terbium
- Thulium
- Ytterbium
- Yttrium
Application Outlook (Revenue, USD Million; Volume, Tons; 2014 -
2025)
- Magnets
- Catalysts
- Metallurgy
- Polishing
- Glass
- Phosphors
- Ceramics
- Other
Regional Outlook (Revenue, USD Million; Volume, Tons; 2014 - 2025)
- North
America
- Europe
- Asia
Pacific
- Central
& South America
- Middle
East & Africa
About
Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
For
more info visit @ https://www.grandviewresearch.com
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