Dysprosium – A Rare yet an Important Element in Today’s Era
Dysprosium is a rare earth
element that has a bright silver finish that looks like a metal. This kind of
element is never found like some other free elements. These rare elements are
found in numerous minerals such as xenotime, fergusonite, and gadolinite among
others. There is a high application of dysprosium across numerous end-users.
The various applications of dysprosium include permanent, magnets, phosphors,
commercial, lighting, halide lamps, and others. The demand for this type of
material is primarily being driven by the permanent magnet applications owing
to its unique properties to resist demagnetization in the objects. There is a
high demand for these magnets for their application across various products
which include generators, wind turbines. The rising penetration of electric
vehicles is one of the key opportunities for the market to grow in the near
future. Additionally, the rising sales of electronic products, especially in
the developing economies of the globe due to rising disposable income and the
growing middle-class population also play a significant role in driving the
dysprosium market growth during the next five years.
Growing
focus towards clean energy is anticipated to drive the demand
Heavy dependence on fossil
fuels in the past has led to overall environmental degradation. As a result,
governments and corporations across the world are investing to exploit the
potential offered by renewable sources of energy, i.e. wind, solar, and
hydroelectric energy among others. The market is projected to grow significantly in the near future owing
to the growing focus of various nations towards clean energy. The wide
application of dysprosium in wind turbines and electric motors coupled with
increasing investments towards clean energy projects is expected to provide
numerous growth opportunities for the dysprosium market to grow throughout the forecast period and beyond. For instance,
during the year 2019, around EUR 19 billion
was invested in wind farms throughout the European region. Similarly, in
the United States, more than 1800 megawatts (MW) of new wind capacity has been
installed by the first quarter of 2020 (Source: American Wind Energy
Association (AWEA)). Furthermore, the establishment of offshore wind farms for
electricity generation in the developing countries will augment the demand for these
types of materials throughout the forecast period. For instance, in 2018, China
General Nuclear Power Corporation began the construction of an offshore wind
farm with a planned installed capacity of 400,000 kilowatts and it is
anticipated that this project will generate close to 1.46 billion kWh of
electricity annually. Also, the favorable government policies in some countries
aimed to curb carbon emissions are also projected to positively impact market
growth throughout the forecast period. In June 2019, the U.K Government
announced a statutory instrument to amend the Climate Change Act 2008, which
includes reduction of carbon emissions by 80% till 2050, in which the solar energy
and wind energy are expected to have a vital role, which is further expected to
drive the demand for dysprosium in the coming years.
Growing deployment of EVs and HVs
The growing deployment of electric vehicles and hybrid
vehicles is driving the market for dysprosium owing to its extreme usage in the
electric motors and other applications. The rising adoption rate of electric
vehicles with advanced technologies has provided a new and pollution less
platform for the transport system thereby making a significant contribution to
the healthy growth of dysprosium market
size across the globe. In addition, favorable government policies regarding
the promotion of electric vehicles will further augment the demand for these materials
in electric vehicles, charging stations, and setting up the necessary
infrastructure. The Government of India is planning to formulate a policy on
setting up an electric charging station every 25 km on a highway so as to
supplement the sales of electric vehicles. Furthermore, the government is
targeting 100% sales of electric vehicles by 2030 and is planning to announce a
subsidy of ₹1,000 crores to achieve this target.
APAC
region to hold a noteworthy share
Geographically, the Asia Pacific region is projected
to hold a notable market share due to the presence of a well-established chemicals and materials industry in
countries like India and China among others. Also, the numerous plans of the
Chinese government in various projects further bolster the demand for this
element and thereby supporting its growth in the region.
Key Questions Answered in dysprosium Market Report:
·
What are the key regions having a significant market
share of the market?
·
What are the drivers and restraints of the market?
·
Who are the key market players in the market?
·
What is the market segmentation of the dysprosium Market?
·
Who are the end-users of the dysprosium Market?
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