The global dysprosium market size was worth around USD 5.59 billion in 2023 and is predicted to grow to around USD 8.82 billion by 2032 with a compound annual growth rate (CAGR) of roughly 5.20% between 2024 and 2032.
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Growth Drivers of the Dysprosium Market
Dysprosium is a rare earth component that is exceptionally smooth to cut with a knife and has a bright silver-metallic appearance. It is also low in toxicity. Dysprosium has been employed in commercial illumination applications to manufacture laser products and investigate chemical reactions. It is also employed as neutron-absorbing rods in nuclear reactors, as well as in hard disks and wind turbines.
The global dysprosium market is expected to experience significant development in the coming years as a result of the increasing use of dysprosium in the automotive industry. Batteries and permanent magnets are frequently constructed with dysprosium. Additionally, the global dysprosium market is expected to experience growth due to the increasing utilization of dysprosium, which is expected to be facilitated by the emergence of renewable energy, energy efficiency, automation, and electric mobility.
Nevertheless, the global dysprosium market may be impeded by the fluctuating prices of dysprosium in the future. Conversely, the dysprosium market is anticipated to yield lucrative opportunities in the years ahead as a result of a variety of technological advancements in the production of dysprosium.
A detailed value chain analysis has been included to provide the consumers of this report with a comprehensive understanding of the dysprosium market. The study also includes an analysis of Porter’s Five Forces model for the dysprosium market in order to understand the competitive landscape within the market. An analysis of market attractiveness is included in the study, which benchmarks all segments based on their market size, growth rate, and general attractiveness.
The survey also encompasses the market share of the primary participants in the dysprosium market worldwide. Furthermore, the report examines the strategic development, acquisitions and mergers, agreements, partnerships, collaborations, and joint ventures, as well as the regional growth of key participants within the market on a regional basis.
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The Global Dysprosium Market is segmented based on product, application and region
Global Dysprosium Market: Product Segment Analysis
● Metal
● Oxide
● Acetate
● Chloride
● Others
Global Dysprosium Market: Application Segment Analysis
● Permanent Magnet
● Laser Material
● Commercial Lightning
● Nuclear Reactor
● Others
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The Global Dysprosium market profiles key players such as:
● Greenland Minerals
● Lynas
● Molycorp
● Arafura
● Tasman Metals
● Avalon Advanced Materials
● Quest Rare Minerals
● Metall Rare Earth
● Canada Rare Earth
● HEFA Rare Earth Canada
Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa comprise the regional classification.
The global dysprosium market was primarily dominated by the Asia Pacific region in 2018. The region is expected to maintain its dominance throughout the forecast period. This regional dominance can be attributed to the swiftly expanding automotive industry in the region, which has facilitated the production of electric vehicles, which are the primary regional demand for dysprosium. Additionally, the dysprosium market in the region is significantly influenced by the rapidly expanding electronics industry. The dysprosium market in the European and North American regions is expected to experience substantial growth in the coming years as a result of the increasing demand for permanent magnets and laser materials.
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