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The universal application of rare earth metals promotes the accelerated development of the global market
Jun 23,2021.

The latest report from Fairfield Market Research pointed out that the global rare earth (REE) market is witnessing a boom, and its end users are at the forefront of revolutionary changes. Generally understood as neodymium, cerium, praseodymium, lanthanum, yttrium, and dysprosium, rare earth elements or metals are essential for the automotive and consumer electronics industries. These elements are used in the production of hybrid and electric vehicles, computers, superconductors and batteries. As the world gets closer and closer to digital reality, their applications are becoming wider and wider.

With the increase in sales of electric vehicles, the output of rare earth elements is also increasing

Global demand for rare earth elements is expected to be driven by the shift to electric vehicles. Fairfield Market Research pointed out that by 2040, approximately 50% of traditional cars will be replaced by electric or hybrid cars. The urgent need to reduce automobile pollution and suppress carbon dioxide pollution is expected to benefit the sales of electric vehicles, which use neodymium and praseodymium in battery production. Government subsidies for the production and purchase of electric vehicles and better charging infrastructure are expected to prompt users to make conscious travel choices, thereby supporting the growth of the rare earth market throughout the forecast period.

Increasing use of ceramic tiles to promote the application of rare earth elements in polishing

After a slowdown in 2020, the recovery of construction activity is expected to promote the application of rare earth elements such as lanthanum, yttrium, cerium, neodymium and praseodymium. These are used in the ceramic industry to produce tiles. Cerium oxide increases the glaze effect of the tiles. The government's regulations to encourage new home buyers and ongoing renovation and renovation activities are also expected to boost this sector and increase the demand for rare earth elements.

Fiber optic networks and consumer electronics expand the global rare earth element market

The report also predicts that the exponential growth in sales of consumer electronics products (such as smartphones, tablets, laptops and other devices that require higher bandwidth and high processing speed) may drive the demand for better fiber optic cables. Initiatives to promote the digitalization of rural areas in developing economies, as well as projects to create large-scale fiber optic cable networks, are expected to boost the global rare earth element market. Holmium, neodymium, and erbium are widely used to produce high-efficiency active fibers. As we all know, these metals have heat resistance, high conductivity and magnetism, which makes them ideal for electronic products.

China will pave the way for its booming electronics industry

Geographically, the Asia-Pacific region will lead the global rare earth market, and China will pave the way for the global rare earth market. Fairfield Market Research said that China's rare earth production in 2018 was 190 tons. This is equivalent to 75% of global production in the same year. China not only controls production, but it is also a major consumer country due to the booming electronics industry. In addition, India is still a key automobile manufacturing center, so it will also promote the rare earth element market.

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