The global rare earth elements market size is set to gain traction from the rising adoption of electric vehicles (EVs) owing to the urgent need to reduce emissions in the environment. For instance, the International Energy Agency (IEA) declared that the demand for EVs is rising at a fast pace in Japan, U.S., and China. This information is given by Fortune Business Insights™ in a published report, titled, “Rare Earth Elements Market, 2024-2032.” As per the report, The global rare earth elements market size was USD 3.39 billion in 2023 and is projected to grow from USD 3.74 billion in 2024 to USD 8.14 billion by 2032, exhibiting a CAGR of 10.2% during the forecast period (2024-2032). 

Source: https://www.fortunebusinessinsights.com/rare-earth-elements-market-102943

Segments-

Catalyst Segment Generated 14.7% Share in 2020: Fortune Business Insights™

Based on the type, the market is categorized into lanthanum, cerium, neodymium, praseodymium, samarium, europium, and others. By the application, it is segregated into magnets, metallurgy, batteries, polishing, glass and ceramics, catalyst, phosphors, and others. Out of these, the catalyst segment held 14.7% in terms of the rare earth elements market share in 2020. This growth is attributable to the high demand for catalytic convertors from the automotive industry.

Report Coverage-

The report aims to analyze the rare earth elements industry by considering contributions, prospects, and growth trends. It presents detailed profiles of every key player operating in the market to analyze their core competencies in each segment. Apart from that, it ensures to help our clients better understand the competitive developments, such as mergers & acquisitions, new product launches, joint ventures, and collaborations.

Drivers & Restraints-

Rising Demand from Various Industries to Bolster Growth

A large number of rare earth elements are gaining momentum across the globe because of their high demand from numerous industries. They have several beneficial chemical and physical properties that are best suited for specific applications. However, the surging prices of raw materials because of the high demand for bearings, aircraft alloys, automotive motors, and batteries may hamper the rare earth elements market growth in the near future.

Regional Insights-

Surging Industrialization and Construction Activities to Favor Growth in Asia Pacific

Geographically, Asia Pacific earned USD 2,220.8 million in 2020 in terms of revenue and is likely to retain its leading position in the near future. This growth is attributable to the surging building & construction activities in China.