AVLNF - Global Rare Earth Elements Market Size is Estimated to Reach USD 9.18 billion by 2030 Growing at a CAGR of 10.2%: Straits Research | Benzinga
New York, United States, Dec. 20, 2023 (GLOBE NEWSWIRE) -- Seventeen metallic elements comprise rare earth elements. The fifteen lanthanides include Lanthanum, Cerium, Praseodymium, Neodymium, Promethium, Samarium, Europium, Gadolinium, Terbium, Dysprosium, Holmium, Erbium, Thulium, Ytterbium, and Lutetium, as well as Scandium and Yttrium. Moreover, these elements offer unique catalytic, nuclear, metallurgical, electrical, luminous, and magnetic capabilities. High demand from growing economies and "Green Technology's" dependence on rare earth elements are the reasons driving the growth of the analyzed industry.
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High Demand from Emerging Economies to Drive the Global Rare Earth Elements Market
According to Straits Research, "The global rare earth elements market size was USD 3.83 billion in 2022. It is estimated to reach an expected value of USD 9.18 billion by 2031, registering a CAGR of 10.2% during the forecast period (2023-2031)." China, India, Indonesia, Brazil, South Africa, and Mexico, among others, are among the most important emerging economies on the planet. In the future, the demand for smartphones, electric vehicles, and computers and their components is expected to increase in these growing economies. Rare earth elements are utilized in mobile phone circuits, sensor materials, speakers, batteries, and other components. According to the GSM Association, the number of unique mobile subscribers in China in 2020 was 1.22 billion and is predicted to reach 1.26 billion by 2025, which is likely to increase the demand for rare earth elements used in the production of mobile phones in the following years. According to the Ministry of Electronics & Information Technology, Government of India, the value of mobile phone production in India amounted to INR 2,140 billion in FY2020. It was projected to reach INR 2,200 billion in FY2021, which is likely to uplift the demand for various rare earth elements from the mobile manufacturing sector in India over the coming years. According to the GSM Association, smartphone penetration in Indonesia stood at 74% in 2019 and is projected to reach 89% by 2025, increasing the need for the studied market in the following years.
Increasing Scandium Usage in Aerospace Applications to Provide Opportunities for the Global Rare Earth Elements Market
Several aluminum alloys containing scandium are utilized in aerospace applications. Companies that manufacture aircraft are primarily interested in scandium-alloyed aluminum alloys because their use can lower ...