Press Release

Rare Earth Elements Market to boast by 2028| Increasing Production of Rare Earths to boast growth states Fortune Business Insights™

The global rare earth elements market size is projected to experience a period of sustained growth owing to the steadily rising adoption of electric vehicles (EVs) around the world, observes Fortune Business Insights™ in its report, titled “Rare Earth Elements Market Size, Share & Industry Analysis, By Type (Lanthanum,Cerium, Prasaedynium, Samaerium, Europium, Other), By Application (Magnets, Metals, Alloys, Polishing agents, Additives, Catalysts, Phosphors, Other) and Regional Forecast, 2021-2028”. Data from the International Energy Agency (IEA) show that in 2019, electric car sales reached 2.1 million, representing a 6% increase from 2018 levels and taking the global stock of electric cars to 7.2 million. Nearly 47% of the electric cars worldwide are in China, the IEA highlights. Rare earth elements, mainly Dysprosium and Neodymium, are utilized to power EV engines. Neodymium, for instance, is widely adopted to make magnets for EVs owing to its high coercive strength and stable flux density, both of which provide the necessary power to the EV to move. Since neo-magnets are instrumental for the proper functioning of EVs, growing demand for these vehicles will inevitably stoke the adoption of rare earths in the next few years.

The COVID-19 pandemic has created unparalleled uncertainty and apprehensions across the global economic spectrum. Governments and private entities alike are pulling all stops to wade their countries out of this crisis, while the private sector is exploring alternatives to survive these hard times. At Fortune Business Insights™, we are taking constant efforts to provide you with comprehensive market intelligence and aid your business to emerge successfully from this crisis. We are offering precise market reports based on our expertise and experience in the field of market research.

Request a sample PDF ( includes COVID-19 Impact Analysis):

https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/rare-earth-elements-market-102943

What Does the Report Offer?

  • In-depth analysis of the major market drivers, trends, and opportunities;
  • Careful study of the roadblocks facing the market;
  • Tangible insights into the various market segments; and
  • Detailed examination of the competitive landscape & regional dynamics of the market.

Market Driver

Increasing Production of Rare Earths outside China to Augment Market Potential

One of the factors that potentially accelerate the rare earth elements market growth in the coming years is the increasing production of these elements in countries other than China. In the US, for example, rare earth production rose from 18,000 MT in 2018 to 26,000 MT in 2019, according to the US Geological Survey (USGS), with the main supply of these elements from the Mountain Pass mine in California. Australia, to take another example, houses the sixth largest-known rare earth reserve in the world in Mouth Weld in Western Australia. The USGS notes that rare earth element production in the country has risen impressively in the past few years, standing at 21,000 MT in 2019. Another key country is India, which, according to the USGS, is producing far below its potential. Being home to 35% of the total global beach sand mineral deposits, the USGS believes that India can become a significant player in the rare earths industry.

Regional Insights

Abundant Reserves in China & Australia to Propel the Asia Pacific Market

Among regions, Asia Pacific is expected to dominate the rare earth elements market share in the near future on account of the abundant availability of these elements in China, Japan, and Australia. Moreover, with countries such as India and Myanmar investing in rare earth mining projects, the scope of the market in this region is set to widen in the upcoming years.

The market in North America is set enjoy lucrative prospects owing to the booming demand for electric cars in the region. In Europe, on the other hand, the main growth driver will be the region’s gradual shift towards renewables and clean energy production technologies.

Inquiry before buying:

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

Competitive Landscape

Formulation of Supportive Policies to Encourage Investments by Key Players

Governments in several countries are formulating policies favoring and incentivizing investments in rare earth exploration activities. Such policies are encouraging key players to develop innovative technologies and equipment to efficiently extract and utilize rare earth elements, which have proven to be highly beneficial in the automotive, hydrocarbon, and energy industries.

Industry Developments:

  • September 2020: USA Rare Earth declared its wholehearted support to the Reclaiming American Rare Earths (RARE) Act, a bipartisan bill introduced in the US House of Representatives. The Act aims at creating a well-rounded tax incentive program to attract investments in mining of rare earths found in the US.
  • March 2020: Export Finance Australia, the country’s export credit agency, announced its interest in financing the Dubbo mining project located in New South Wales. The project is a brainchild of Alkene Resources, a leading rare earths producer in Australia, aimed at extracting rare earth metals such as yttrium, zirconium, and hafnium.

List of Key Players Covered in the Rare Earth Elements Market Report:

  • Alkane Resources
  • India Rare Earth
  • China Minmetals Rare Earth
  • Inner Mongolia Baotou Steel Hi Tech Co ltd
  • Arafura Resources
  • Avalon Rare Metals
  • Great Western Minerals

Related posts:

https://network-759413.mn.co/posts/14790556?utm_source=manual

https://vin.gl/p/3777451?wsrc=link

https://techsite.io/p/2279867

http://socio.cebaca.org/post/31880_https-www-fortunebusinessinsights-com-agro-textiles-market-102963.html

https://iroot.world/post/59015_https-www-fortunebusinessinsights-com-agro-textiles-market-102963.html

https://culturebooklet.com/AuthorsHome/Details?postId=53216

https://vk.com/wall648636721_80

https://allylook.com/post/27044_https-www-fortunebusinessinsights-com-agro-textiles-market-102963.html

https://www.blockdit.com/posts/60c2017a31423468199fbe9b

https://www.howeasyy.com/post/21682_https-www-fortunebusinessinsights-com-agro-textiles-market-102963.html

https://digitsbook.com/post/4419_https-www-fortunebusinessinsights-com-agro-textiles-market-102963.html

https://niteshblogs.yolasite.com/

About Us:

Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.

Contact Us:

Fortune Business Insights™ Pvt. Ltd.

308, Supreme Headquarters,

Survey No. 36, Baner,

Pune-Bangalore Highway,

Pune – 411045, Maharashtra, India.

Phone:

US :+1 424 253 0390

UK : +44 2071 939123

APAC : +91 744 740 1245

Email: [email protected]

Connect us via Social Media Channels:

LinkedIn: https://www.linkedin.com/company/fortune-business-insights

Facebook: https://www.facebook.com/FortuneBusinessInsightsPvtLtd

Twitter: https://twitter.com/FBInsightPvtLtd

Tags

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Close