The global dysprosium market is anticipated to create lucrative growth over the forecast period from 2022 to 2032 by registering a CAGR of 5.2%. The global market was valued at US$ 5.3 Billion in 2022 to reach a valuation of US$ 8.8 Billion by 2032. The growth of the market is attributed to its dominance as a producer of rare earth elements, Asia Pacific is claimed to be the largest consumer of dysprosium.
Due to increased demand from the electronics and automotive industries, the market for dysprosium is anticipated to grow rapidly over the next years. The global market for dysprosium is also growing as permanent magnets are being used increasingly frequently in consumer electronics like smartphones, televisions, and speakers.
The use of dysprosium is anticipated to increase as a result of new and cutting-edge trends in electric mobility, clean energy, automation, and energy efficiency, which will fuel the expansion of the dysprosium market globally. Alternately, various technical developments in the production of dysprosium are anticipated to offer promising opportunities for the growth of the dysprosium market in the coming years.
For details on vendors and their offerings – Request a sample report @ https://www.futuremarketinsights.com/reports/sample/rep-gb-346
Key Takeaways
- The requirement for dysprosium from vehicle manufacturing firms is one of the crucial drivers for the market’s growth. Owing to the augmenting demand for dysprosium throughout the creation of batteries is anticipated to surge the market growth. Dysprosium consists of various pounds of rare earth elements.
- Dysprosium is utilized throughout the production of neodymium-iron-boron which comprises high permanent magnets. These magnets are further adjusted into joints in order to treat rheumatoid arthritis. As a result, high demand from the healthcare sector is projected to drive dysprosium demand in the market.
- One of the major restraining factors is likely to be dysprosium price fluctuations. The aforementioned factor may impede the global dysprosium market in the future.
Competitive Landscape
Some of the key participants present in the global dysprosium market include Lynas (Australia), Arafura (Australia), Molycorp (California), Avalon (Canada), Greenland Minerals, Tasman Metals Ltd. and Quest Rare Minerals among others. The global dysprosium market is anticipated to be highly competitive attributed to the presence of several global and regional participants.
More Insights into the Dysprosium Market
Asia Pacific region is anticipated to dominate the global dysprosium market over the forecast period. Growth in the Asia Pacific area is expected to maintain its supremacy throughout the evaluation period. The dominance of the Asia Pacific region is attributed to the region’s fast-paced and expanding automotive sector. In addition to that, the rising technological advancements in the dysprosium market have fueled the development of electric cars, which is the regional demand for dysprosium.
The burgeoning electronics industry is likely to witness a significant surge across the valuation period due to which the Asia Pacific region is expected to grow over the forecast period.
The European region is anticipated to create lucrative growth opportunities over the evaluation period. The market for dysprosium in Europe is set to witness significant growth. According to the analysis conducted by Future Market Insights, the European dysprosium market is likely to expand with a considerable demand for numerous laser materials as well as permanent magnets. Attributed to these above-mentioned factors, the growth of dysprosium is estimated to generate immense revenue in the European market within the next decade.
Ever-changing trends have had a major influence on the growth of the global dysprosium market over the evaluation period. The emergence of electric mobility, energy efficiency, automation, and rising usage of dysprosium in almost every end-use industry. These factors are predicted to accelerate the growth of the worldwide dysprosium market.
Rapid advancements in the technology industry and new ways to employ dysprosium have led to significant market growth over the forecast period. Prominent manufacturers in the global dysprosium market are anticipated to offer profitable prospects for the enhancements of the dysprosium market throughout the assessment period.
Request Customization @ https://www.futuremarketinsights.com/customization-available/rep-gb-346
Key Segments Profiled in the Dysprosium Industry Survey
Product Type:
- Metal
- Oxide
- Acetate
- Chloride
- Others
Application:
- Permanent Magnet
- Laser Material
- Commercial Lightning
- Nuclear Reactor
- Others
Region:
- North America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Latin America
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
LinkedIn| Twitter| Blogs | YouTube
For Sales Enquiries: sales@futuremarketinsights.com