Global Rare Earth Elements Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022-2026 – [2023 UPDATE Available – Forecast 2023-2030*] (By Product Coverage, Application Coverage, By Geography, Leading Companies)
Published Date: Apr 2022 |
| No. of Pages: 226
Transformation of the automobile industry towards electrification coupled with surge in demand for clean energy technologies such as wind power are major factors shaping the demand for rare earth elements globally.
The global Rare Earth Elements market was valued at US$ 3.5 Bn in 2020 and is predicted to be valued at US$ 7.3 Bn by the end of 2026, wherein magnet is expected to hold more than 3/4th of the total market value.
Asia Pacific is the largest consumer and producer of rare earth elements. In 2020, Asia Pacific held the highest share and will continue to dominate the demand by 2026. Rising vehicle electrification and huge investments in offshore wind farms will boost the demand in the region.
China accounts for more than 90% of the supply. U.S. and Europe are heavily dependent on China for the supply of rare earth elements. Both the regions aim to strengthen future supply of REE and are investing in key projects in Africa and South America regions.
China-based players have stranglehold on the global REE Market. These companies not only have access to entire REE value chain but are also involved in downstream industries such as magnets, batteries, polishing powders, etc.