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The latest report by IMARC Group, titled“ Rare Earth Elements Market : Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032 ”, offers a comprehensive analysis of the industry, which comprises insights on the global rare earth elements market. The report also includes competitor and regional analysis, and contemporary advancements in the market.
How Big is the Global Rare Earth Elements Market:
The global rare earth elements market size reached US$ 11.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 34.3 Billion by 2032, exhibiting a growth rate (CAGR) of 13.1% during 2024-2032.
Market Overview:
Rare Earth Elements (REEs) refer to a group of seventeen chemical elements found in the Earth's crust. Despite their name, they are relatively abundant in nature but are scattered and typically not concentrated in economically exploitable deposits. The manufacturing process of REEs involves complex extraction techniques due to their dispersed distribution. The importance of REEs lies in their indispensable role in the production of electronics, renewable energy technologies (such as wind turbines and electric vehicles), defense systems, and medical devices. The benefits of REEs extend to enhancing the performance, efficiency, and miniaturization of these technologies, contributing significantly to technological advancement and innovation.
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Rare Earth Elements Market Trends:
The global market is primarily driven by the increasing demand for REEs stems from their vital role in manufacturing processes, particularly in the electronics and renewable energy sectors. Additionally, the flourishing automotive industry's adoption of REEs for various components and machinery highlights are impelling market growth. Moreover, continual innovations in recycling technologies are gaining traction, offering opportunities for recovering REEs from end-of-life products, thus reducing reliance on primary extraction and mitigating environmental concerns is propelling market growth.
Furthermore, the growing focus on sustainable development and corporate social responsibility initiatives drives the adoption of ethically sourced REEs, fostering transparency and accountability in the supply chain is further contributing to market expansion.
In line with this, the expanding scope of application in emerging technologies such as 5G networks, advanced healthcare equipment, and robotics further fuels demand for REEs.
By the IMARC Group, Some of the Top Competitive Landscape Operating in the Global Rare Earth Elements Industry are Given Below:
Lynas Corporation Ltd. Arafura Resources Limited Great Western Minerals Group Ltd. Avalon Advanced Materials Inc. Greenland Minerals Ltd Alkane Resources Ltd Neo Performance Materials Iluka Resource Limited IREL (India) Limited Canada Rare Earths Corporation
Key Market Segmentation:
Breakup by Application:
Magnets NiMH Batteries Auto Catalysts Diesel Engines Fluid Cracking Catalyst Phosphers Glass Polishing Powders Others
Breakup by Region:
China Japan & Northeast Asia United States
Key highlights of the Report:
Market Performance (2018-2023) Market Outlook ( 2024-2032 ) Porter's Five Forces Analysis Market Drivers and Success Factors SWOT Analysis Value Chain Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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