The global europium market is anticipated to create an absolute dollar opportunity over the forecast period by registering a robust CAGR of 5.5% throughout the forecast period from 2022 to 2032. The global market was valued at US$ 225 Million by 2022 to surpass a valuation of US$ 385 Million by the end of 2032. Various technical developments in the field of earth metal nanocrystals are predicted to upsurge the global demand for the europium across the assessment period.
Europium is known as a rare earth metal that oxidizes readily in the presence of air and water. In addition to that, it is generally present in oxide form and comprises various applications in automobiles, catalysts, consumer electronics, flat panel displays, metallurgy, and fluorescent lamps and as a dopant of glass in lasers and optoelectronic devices.
The rising demand for flat panel displays and LEDs along with swelling civil infrastructure are some of the major growth drivers for the fueling up of the global europium market. In addition to that, the surge in the espousal of europium for newer end-use applications, and developing economies such as China, India, and others are anticipated to create a plethora of growth opportunities for the global europium market.
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Key Takeaways
- Europium nano-crystals are actively being used in LEDs as an effective phosphor that efficiently emits a massive range of the spectrum. Furthermore, the significant shift from traditional lighting to solid-state lighting systems in displays is expected to fuel the market for flat panel displays and LEDs. The surging demand for Europium is anticipated to propel simultaneously throughout the assessment period.
- Europium non-crystals are actively being utilized throughout the LEDs market as a phosphor that emits a wide range of the spectrum. The shift from traditional lighting to solid-state lighting systems in displays is expected to fuel the market for flat-panel displays and LEDs. Thereby, the demand for Europium is expected to grow simultaneously throughout the forecast period.
- The rapidly-growing consumer electronics industry across the globe, due to factors such as enhanced internet connectivity, technological advancements, and growing consumer expenditure on premium electronics, is likely to have significant impacts on the overall industry growth.
- Some of the factors expected to hamper the growth of the global europium market comprise supply issues and lack of refining. Furthermore, alloying and fabricating technologies are also some other restraining factors.
- Attributing to several factors such as limited supply, lack of refining, alloying, fabricating technologies, and ongoing recession in the rare earth industry, the stock price has been extremely unpredictable. Europium production is principally dependent on the production of other earth elements since they exist along with those metals. This trend has a direct trend on the price of the product.
- The rapidly growing demand for smartphones, wearables, gears, and smart televisions in developing economies worldwide is likely to propel the consumer electronics industry, which, in turn, is anticipated to benefit the demand for the product over the forecast years.
Competitive Landscape
Some of the key participants present in the global europium market are focusing on research and development to get an edge over the global market.
Key Companies Profiled
- Avalon Rare Metals Inc.
- Molycorp
- Lynas
- Minmetals Corporation
- Baotou Steel Rare-Earth
- Xiamen Tungsten
- Great Western Minerals Group Ltd.
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More Insights into the Europium Market
Growing demand for flat panel displays and LEDs in the Asia Pacific market is expected to drive the market. Asia Pacific region was the largest consumer of europium and its derivative products.
China contributes the highest to the consumption of this metal owing to its increasing population, improved living standards, and disposable income. Growing demand from Japan, Korea, and China for consumer electronics is fueling the market in this region. China is the largest manufacturer of europium and its derivatives.
However, export restrictions and increasing local demand have been causing supply issues. The Asia Pacific is followed by North America owing to demand from LEDs and consumer electronics industries. Decreased exports from China caused the development of new exploration and production sites in this region to fulfill the demand.
Europium is used in manufacturing superconducting materials. With the discovery of high-temperature superconductors (HTS) in the late eighties, the vision of using these materials in effective and advanced technological applications became very prominent in the European region.
Europe was the largest region in the superconductors market in 2020. Owing to the increasing demand for energy in the region, the demand for europium is rising rapidly. Researchers are working incessantly to increase the efficiency and potency of energy appliances like wind turbines, thereby adding more value to the sales revenue of the europium market.
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