Over the projected period from 2022 to 2032, the market for dysprosium is expected to grow profitably at a CAGR of 5.2%. By 2032, the global market, which was valued at US$ 5.3 billion in 2022, will be worth US$ 8.8 billion. Asia Pacific is thought to be the region’s major consumer of dysprosium, and its supremacy as a producer of rare earth elements is credited with the market’s expansion.
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.
New and latest trends including electric mobility, clean energy, automation, and energy efficiency are expected to augment the usage of dysprosium, propelling the worldwide dysprosium market growth. Alternatively, different technical advances in dysprosium manufacturing are expected to provide profitable prospects for the development of the dysprosium market in the future years.
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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.
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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
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