Rare Earth Elements Market Expected to Reach Beyond US$7.3 Bn by 2026

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Rare Earth Elements Market is Expected to Expand
at a CAGR of 10.2 Between 2022-2026 The global
rare earth elements market is set to experience
significant growth, with a value of US3.5
billion in 2020 projected to reach US7.3 billion
by the end of 2026, according to a recent market
analysis. The market is expected to exhibit a
compound annual growth rate (CAGR) of 10.2
between 2022 and 2026. Rare earth elements, also
known as rare earth oxides (REO) or lanthanides,
play a crucial role in various industries,
including electric vehicles, clean energy
technologies, and high-tech applications. For
More Industry Insights Read https//www.fairfield
marketresearch.com/report/global-
rare-earth-elements-market The clean energy
revolution is one of the major drivers propelling
the rare earth elements industry. Clean energy
technologies such as electric vehicles and wind
power generation are expected to fuel the
expansion of the market in the foreseeable
future. The demand for neodymium-based magnets,
particularly in electric vehicles, is predicted
to rise significantly, with global electric
vehicle sales estimated to reach 32 million units
by 2030. Furthermore, the growth of wind farms
worldwide will continue to drive the demand for
light and heavy rare earth elements, including
neodymium, praseodymium, and dysprosium,
essential components in wind turbine motors.
Despite the challenges posed by the COVID-19
pandemic, the offshore wind industry had its
second-best year ever in 2020. The cumulative
offshore wind power capacity is projected to
reach 228 GW by 2030, further increasing the
demand for rare earth elements. The rare earth
elements market also benefits from growing
applications in efficient lighting, particularly
in phosphors for energy-efficient lights.
Additionally, investments in recycling
technologies and innovation present new
opportunities for the market. The reclamation of
rare earth elements from end-of-life electronics
is a promising avenue, attracting investments
from both new entrants and existing companies in
the industry. However, the market faces
challenges, including scarcity of rare earth
elements and the impact of China's trade
policies. The current shortages in the market
have prompted research into recovering rare
earth from secondary resources such as rare-earth
polishing powder waste. Moreover, the precarious
trade policies of China, which lead both in
production and demand for rare earth elements,
exert a significant influence on the industry.
Governments and downstream industries are
exploring alternatives to establish a robust
supply chain outside China. Geographically, Asia
Pacific remains the largest consumer of rare
earth elements, accounting for over 80 of the
global market. China, Japan, and South Korea have
strong downstream integrated capacities,
converting rare earth elements into value-added
products. However, efforts are underway to break
China's monopoly in the market. The Quad nations,
including
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the United States, India, Australia, and Japan,
are working to build a supply chain to reduce
dependence on China. Leading companies in the
rare earth elements market include China Northern
Rare Earth (Group) High-Tech Co. Ltd., China
Minmetals Rare Earth Co. Ltd., Jiangxi Copper
Corporation Limited, Shenghe Resources Holdings
Co. Ltd., Xiamen Tungsten Co., Ltd., Guangdong
Rare Earth Industry Group Co., Ltd., Grinm
Advanced Materials Co., Ltd., China Rare Earth
Holdings Limited, MP Materials, Lynas Rare
Earths, Ltd., and IREL Limited. View Market
Insights https//www.fairfieldmarketresearch.com/