105 0 Kommentare Rare Earth Metals Market worth $10.9 billion by 2029 - Exclusive Report by MarketsandMarkets - Seite 2

Phosphors application segment accounted for the second highest CAGR by value during the forecast period.

Phosphors is crucial for applications such as cathode ray tube displays and fluorescent lamps, require specific light colors. Europium, terbium, and yttrium are key elements in this sector, converting radiation into light of desired hues. REO phosphors (Rare Earth Oxide phosphors) are used in instrument panels for backlighting, while phosphor coatings can tailor fluorescent lamp emissions to any required lighting. The lighting industry can handle high REO prices, which may impact its economics. Demand for REO phosphor products is expected to rise as countries like the U.S., Canada, China, and the European Union phase out incandescent lamps in favor of fluorescent and LED lamps due to government policies.

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North America is projected to be the second largest region in terms of value during the forecast period.

The rare-earth metals market in North America is driven by technological advancements in electronics and telecommunications, the growing renewable energy sector, and the significant defense and aerospace industries. Increased demand for rare-earth metals stems from the expanding electric vehicle market and the medical device industry. Additionally, efforts to tap domestic reserves and reduce reliance on imports have driven interest and investment in the market. Supportive government initiatives and policies aimed at promoting advanced manufacturing and securing supply chains also contribute to the market's growth.

Market Players

Major companies such as Lynas Rare Earths Ltd. (Australia), Australian Strategic Materials Ltd. (Australia), Arafura Rare Earths (Australia), China Rare Earth Holdings Limited (China), Avalon Advanced Materials Inc. (Canada), Bataou HEFA Rare Earth Co. Ltd (China), Canada Rare Earth Corporation (Canada), Northern Minerals Limited (Australia), MP Materials (US), Shenghe Resources Hording Co., Ltd (China) and other leading companies in rare earth metal market.