The global dysprosium market is anticipated to create lucrative growth over the forecast period from 2022 to 2032 by registering a CAGR of 5.2%. The global market was valued at USD 5.3 Billion in 2022 to reach a valuation of USD 8.8 Billion by 2032. The growth of the market is attributed to its dominance as a producer of rare earth elements, Asia Pacific is claimed to be the largest consumer of dysprosium.
The global dysprosium market is expected to increase significantly over the forecast period, owing to rising demand from the automotive and electronics sectors. Furthermore, the increased use of permanent magnets in consumer electronics such as Smartphones, televisions, and loudspeakers is boosting the worldwide dysprosium market.
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.
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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More Insights into the Dysprosium Market
Asia Pacific region is anticipated to dominate the global dysprosium market over the forecast period. Growth in the Asia Pacific area is expected to maintain its supremacy throughout the evaluation period. The dominance of the Asia Pacific region is attributed to the region’s fast-paced and expanding automotive sector. In addition to that, the rising technological advancements in the dysprosium market have fueled the development of electric cars, which is the regional demand for dysprosium.
The burgeoning electronics industry is likely to witness a significant surge across the valuation period due to which the Asia Pacific region is expected to grow over the forecast period.
The European region is anticipated to create lucrative growth opportunities over the evaluation period. The market for dysprosium in Europe is set to witness significant growth. According to the analysis conducted by Future Market Insights, the European dysprosium market is likely to expand with a considerable demand for numerous laser materials as well as permanent magnets. Attributed to these above-mentioned factors, the growth of dysprosium is estimated to generate immense revenue in the European market within the next decade.
Ever-changing trends have had a major influence on the growth of the global dysprosium market over the evaluation period. The emergence of electric mobility, energy efficiency, automation, and rising usage of dysprosium in almost every end-use industry. These factors are predicted to accelerate the growth of the worldwide dysprosium market.
Rapid advancements in the technology industry and new ways to employ dysprosium have led to significant market growth over the forecast period. Prominent manufacturers in the global dysprosium market are anticipated to offer profitable prospects for the enhancements of the dysprosium market throughout the assessment period.
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