Rare Earth Elements Market by Type (Lanthanum, Cerium, Neodymium, Praseodymium, Samarium, Europium, Others), by Application (Magnets, Metallurgy, Batteries, Polishing Agent, Glass, Ceramics, Catalyst, Phosphors, Others), by By Geography (North America) Forecast 2024-2032
The global rare earth elements (REEs) market is valued at 5.1 kilotons (kt) and is projected to grow at a CAGR of 5.1% from 2022 to 2030.Rare Earth Elements (REEs) are a group of seventeen chemical elements found in the periodic table that are distinguished from one another due to their unique electromagnetic, catalytic, and luminescent properties. Although they're called rare, they are not so rare but are distributed widely in the Earth's crust, usually in low concentrations, thus making the extraction of them quite difficult. REEs are the key ingredients of high-tech devices, starting from microelectronics to wind and solar automation. They are strongly important in the production of permanent magnets, in color sources for lighting, as catalysts in automotive catalytic converters, and in aerospace batteries. Their unique magnetic characteristics make them the main components of electric cars and wind turbines, which in turn increase efficiency and reduce weight. In addition, these emission influences give rise to unique colors that are utilized in the RGB screens of smart phones and televisions. Although they gear people towards a more sustainable fashion, the existing doubts on ecological imprint as well as geo-political dependencies are ardently addressed by scholars in the realm of recycling methods and materials research. The application of REEs goes a step further in reducing dependence on technological advancement, and in the meantime, it helps in alleviating supply chain vulnerabilities on a global scale.
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This comprehensive report provides valuable insights into the global REE market, including growth drivers, challenges, and emerging trends. It offers a detailed analysis of the key players, segmentation, and regional markets.
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Aspects | Details |
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Study Period | 2018-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2018-2023 |
Growth Rate | CAGR of 5.1% from 2018-2032 |
Segmentation |
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Aspects | Details |
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Study Period | 2018-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2018-2023 |
Growth Rate | CAGR of 5.1% from 2018-2032 |
Segmentation |
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Note* : In applicable scenarios
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