New York, NY, July 23, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Dysprosium Market by Type (Oxide, Metal, Acetate, Chloride, and Others) and by Application (Permanent Magnet, Laser Material, Commercial Lightning, Nuclear Reactor, and Others) Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global dysprosium market was USD 510 million in 2018 and is expected to reach around USD 752 million by 2025, at a CAGR of 5.7% between 2019 and 2025.
Dysprosium is a rare earth component that has a bright silver-metallic appearance with low toxicity, which is extremely smooth to cut with a knife. Dysprosium has been in use in commercial lighting applications to produce laser products and study chemical reactions. It is also used as neutron-absorbing bars in nuclear reactors and in hard disks and wind turbines. The global dysprosium market is projected to witness significant growth over the forecast time period, owing to the increasing demand from the automotive and electronics industries. Moreover, the growing applications of permanent magnet in consumer electronic goods, such as smartphones, televisions, and loudspeakers, are positively impacting the global dysprosium market. Additionally, the emerging trends of electric mobility, clean energy, energy efficiency, and automation are likely to also enhance the use of dysprosium, which, in turn, will propel the global dysprosium market growth. However, the fluctuating prices of dysprosium may hinder the global dysprosium market in the future. Alternatively, various technological advancements in the production of dysprosium are projected to offer lucrative opportunities for the development of dysprosium market in the upcoming years.
Browse through 71 Tables & 26 Figures spread over 110 Pages and in-depth TOC on “Global Dysprosium Market: By Type, Industry Size, Share, Demand, Growth, Applications. Analysis and Forecast, 2018–2025”.
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The dysprosium market is classified based on type and application. The type segment of dysprosium market includes oxide, metal, acetate, chloride, and others. Dysprosium oxide is projected to be the most dominating segment among others. Dysprosium oxide is widely used in various applications, such as laser material and commercial lighting. Moreover, dysprosium oxide is highly suitable for optic, glass, and ceramic applications. Based on application, the market is fragmented into a permanent magnet, laser material, commercial lightning, nuclear reactor, and others. The permanent magnet segment is projected to be the most dominating segment, followed by laser material. The growing demand for electric vehicles is expected to enhance the demand for permanent magnets. Additionally, the surging demand for permanent magnets in the wind power generation is also anticipated to boost this segment’s growth in the future.
In 2018, the Asia Pacific region dominated the global dysprosium market. The region is projected to continue its dominance over the forecast period as well. This regional dominance can be attributed to the rapidly flourishing automotive industry in the region, which has propelled the production of electric vehicles that is the regional demand for dysprosium. Moreover, the surging electronics industry is another key driving factor for the region’s dysprosium market. Moreover, the booming demand for various consumer electronics, such as computers, audio-visual equipment, loudspeakers, telephones, and kitchen appliances, are also projected to drive the Asia Pacific dysprosium market.
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The North American dysprosium market is projected to grow significantly in the next few years. The U.S. dominated the region’s market with the rising demand for dysprosium for manufacturing automotive and electronic products. According to the U.S. Department of Energy, the broad variety of dysprosium present and expected uses along with the absence of any immediately appropriate substitute make dysprosium the single most critical element for emerging clean energy technologies. Additionally, the rising use of various electronic consumer goods like home appliances, semiconductors, and smartphones has further increased the demand for permanent magnets, thereby, propelling the regional consumption of dysprosium.
The European dysprosium market is anticipated to grow substantially in the next few years. The UK and Germany are the major contributors to the dysprosium market, owing to the surging dysprosium demand in the automotive sector. Dysprosium is also widely used, in conjunction with vanadium and other elements, for producing laser materials and commercial lighting.
Browse the full “Dysprosium Market by Type (Oxide, Metal, Acetate, Chloride, and Others) and by Application (Permanent Magnet, Laser Material, Commercial Lightning, Nuclear Reactor, and Others) Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025” Report at https://www.zionmarketresearch.com/report/dysprosium-market
Rapid industrialization in Latin America is the key factor driving the automotive industry, thereby, propelling the dysprosium market. Moreover, the surging demand for various electronic products has increased the applications of permanent magnet in the electronics industry, which is expected to fuel the dysprosium market in the next few years. Brazil is the highest dysprosium producing country in the region. The rapidly growing number of wind energy plants in Brazil is expected to enhance the demand for neodymium iron boron magnets, thus, fuelling the dysprosium market.
The Middle East and Africa dysprosium market is projected to record moderate growth in the upcoming years, owing to the rising use of dysprosium in industrial applications, surging applications of permanent magnets in energy and automotive sectors.
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Some key manufacturers operating in the global dysprosium market are Greenland Minerals, Lynas, Molycorp, Arafura, Tasman Metals, Avalon Advanced Materials, Quest Rare Minerals, Metall Rare Earth, Canada Rare Earth, and HEFA Rare Earth Canada.
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This report segments the global dysprosium market into:
Global Dysprosium Market: Type Analysis
- Metal
- Oxide
- Acetate
- Chloride
- Others
Global Dysprosium Market: Application Analysis
- Permanent Magnet
- Laser Material
- Commercial Lightning
- Nuclear Reactor
- Others
Global Dysprosium Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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