According to a report,“Europium Market Analysis By Application (Permanent Magnets, Catalysts, Glass Polishing, Phosphors, Ceramics, Metal Alloys, Glass Additives), By End-use, And Segment Forecasts, 2018 – 2025”, published by Grand View Research, Inc.,The global europium market is expected to reach USD 308.9 million by 2025. The rapid growth of the consumer electronics industry across the globe can be regarded responsible for market growth in recent years. In addition, the increasing application scope of the product in the automobile, electrical, energy, and material sciences industries is expected to have a positive impact on the overall market growth over the forecast period.
Increased demand for europium oxide and nitrates for the manufacture of red and blue phosphors largely used in electronics, including television, smart phones, and laptops, is expected to propel the demand for europium during the forecast period. Further, the increasing penetration in healthcare markets, largely for the purpose of optical imaging and therapy, is expected to positively impact product demand in the near future.
Europium oxides and its derivatives are increasingly being used in nuclear reactor control rods owing to their neutron absorbing property. The growing dependency on nuclear energy for electricity generation is expected to benefit market growth over the next few years.
The europium industry is expected to witness the highest growth in phosphors application, slated to grow at a CAGR of 5.0% during the forecast period, in terms of volume and revenue. Industry players such as China MinMetals Corporation, Baotou Group, Avalon Advanced Materials Inc. and Lynas Corporation engage in exploration, mining, development and manufacture of europium along with other rare metals.
Key Takeaways from the report:
The europium market was valued at USD 209.0 million in 2016 and is projected to grow at a CAGR of 4.6% over the forecast period. The increasing application scope of the product in key end-use industries, including consumer electronics, automotive, semiconductors, and energy & mining, is expected to drive product demand during the forecast period.
Europium phosphors recorded a market revenue of USD 60 million in 2016 and is likely to witness significant growth during the next eight years, primarily on account of the rapidly growing consumer electronics industry worldwide.
Product demand in the lighting segment was valued at just over USD 41 million in 2016 and is expected to grow at a CAGR of 4.5% over the forecast period owing to the use of europium in mercury lamps. The rapidly-growing lighting market, especially in emerging economies across key regions, is expected to benefit penetration of europium.
The Asia Pacific europium segment dominated the overall industry, with the regional segment being valued at USD 176.7 million in 2016. The segment is anticipated to grow significantly on account of the rapid growth of the key end-use verticals. The increasing production in key economies such as India, Vietnam, and Thailand is also expected to impact product demand.
The key strategies adopted by the industry players include horizontal integration with refining and separation companies, manufacturers, and distributors.
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Phosphors account for the largest share of the industry revenues as of 2016, accounting for nearly 29% among all applications, and is expected to witness significant growth over the forecast period. The increasing use of the product for the manufacture of red and blue phosphors, widely used in all smart phones, flat displays, and televisions, is expected to drive product demand over the forecast period.
Permanent magnets, and catalysts applications segments are also expected to witness rapid growth owing to increasing applications in semiconductors, metallurgy, and automotive industry. The robust growth in the aforementioned end-use verticals is likely to propel growth in the above application segments. The permanent magnet segment is slated to grow at a CAGR of 4.8%, in terms of revenues, during the forecast period.
The industry players continuously engage in research & development in order to identify and expand the application scope of the product. The product is used along with terbium, yttrium, and other rare metals, for widespread applications in the energy, automotive, life sciences, and material science industries. The ongoing extensive research is expected to open new avenues for the product in several applications during the forecast period.
The market is highly competitive, on account of the presence of highly integrated players such as Lynas Corporation, China Minmetals, Avalon Advanced Materials Inc., Baotou Group, and Canada Rare Earth Corporation which are involved in the exploration, mining, and development of the metal along with other rare metals.
The market participants possess high volume resources and assets, and operate with high production capacities. The mining companies integrate with companies that offer refining, separation, and distribution services. Moreover, the key players continuously invest in research & development for the purpose of expanding the application scope in major end-use verticals.
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