According to estimates, the size of the global europium market will be USD 246.6 million in 2024 and increase at a compound annual growth rate (CAGR) of 5.4% from 2024 to 2034. By 2034, it is expected that the worldwide market for this rare metal will amount to USD 418.5 million. The switch in displays from conventional to solid-state lighting systems is what’s driving the increased demand.
Asia Pacific is anticipated to remain the primary consumer of this rare metal, fueled by its robust manufacturing base and rising demand for electronics and green technologies. India is expected to lead the industry with a predicted CAGR of 8.1% through 2034, while China closely follows with an estimated CAGR of 6.1% until 2034.
Phosphors continue to be the leading application in the industry due to their use in color displays for monitors, mobile devices, and televisions. In 2024, phosphors accounted for a value share of 24.4%. Lighting dominated the industry based on end-use, holding a market share of 26.3% in 2024.
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Increasing demand for wearables, smartphones, and smart televisions in developing countries is expected to drive the consumer electronics industry, consequently benefiting the need for this rare metal. The use of europium-based phosphors to enhance the color rendering and brightness of light sources such as fluorescent lamps and LED lights contributes to the high demand for rare metals in everyday life.
The industry’s growth is also being driven by rising demand for energy-efficient lighting and advancements in display technology. Europium is being explored for use in both established and new applications, including lasers, nuclear applications, and biotechnologies, which are expected to augment demand in the near future.
However, meeting the rising demand may pose challenges due to the concentration of rare earth metals supply chain in a few countries, particularly in China. Trade disruptions and geopolitical tensions may result in price volatility and supply shortages.
Key Takeaways from the Market Report
- The europium market is set to reach USD 418.5 million by 2034 with a CAGR of 4%.
- By application, phosphors are leading the europium market with a value share of 4% in 2024.
- Based on end-use, lighting accounted for a market share of 3% in 2024.
- India is estimated to record a CAGR of 1% between 2034 and 2034.
- China is set to hold a dominant position in the market and exhibit a CAGR of 1% by 2034.
“Even though new producers are emerging, China will likely continue to hold a significant advantage among all companies in the europium market,” says a lead analyst at Future Market Insights (FMI).
Who’s winning?
Key industry players, including Avalon Rare Metals Inc., Molycorp, Lynas Rare Earths Ltd, Minmetals Corporation, Baotou Steel Rare-Earth, Xiamen Tungsten, and Great Western Minerals Group Ltd., are implementing several strategies to stay ahead in the competition.
China currently dominates the market for REE due to its well-established mining and processing infrastructure. Several countries are trying to minimize their dependence on China by establishing their own REE production units.
Companies are investing in research and development. Strategic partnerships and collaborations help to capitalize on collective expertise. Product diversification is a consistent trend that companies are adopting. Key companies are also investing in environmentally friendly mining and processing practices to meet the regulatory requirements.
Industry Updates
- Huang Changgeng, the chairman of Xiamen Tungsten Co., Ltd. (XTC), headquartered in Fujian, in May 2024, announced the details of the company’s joint venture with the French Orano Group, driving cooperation in green technologies between the two nations.
- MMG Limited, a subsidiary company of the Minmetals Corporation headquartered in Beijing, in April 2024, finalized the acquisition of Khoemacau Copper Mine in Botswana.
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Get More Insights into the Europium Market Report
In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the europium market, providing historical data from 2019 to 2023 and forecast statistics for the period 2024 to 2034. To understand the industry potential, growth, and scope, the industry is segmented based on application (catalysts, metal alloys, glass polishing, permeant magnets, phosphors, ceramics, glass additives, and others), end-use (consumer electronics, lighting, semiconductors, automotive, healthcare, nuclear labs, metallurgy, anti-counterfeiting, and others), and regions.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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