The global europium market is expected to reach USD 308.9 million by 2025, according to a new report by Grand View Research, Inc. The rapid growth of the consumer electronics industry across the globe can be regarded responsible for market growth in recent years. In addition, the increasing application scope of the product in the automobile, electrical, energy, and material sciences industries is expected to have a positive impact on the overall market growth over the forecast period.
Increased demand for europium oxide and nitrates for the manufacture of red and blue phosphors largely used in electronics, including television, smart phones, and laptops, is expected to propel the demand for europium during the forecast period. Further, the increasing penetration in healthcare markets, largely for the purpose of optical imaging and therapy, is expected to positively impact product demand in the near future.
Europium oxides and its derivatives are increasingly being used in nuclear reactor control rods owing to their neutron absorbing property. The growing dependency on nuclear energy for electricity generation is expected to benefit market growth over the next few years.
The europium industry is expected to witness the highest growth in phosphors application, slated to grow at a CAGR of 5.0% during the forecast period, in terms of volume and revenue. Industry players such as China MinMetals Corporation, Baotou Group, Avalon Advanced Materials Inc. and Lynas Corporation engage in exploration, mining, development and manufacture of europium along with other rare metals.
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Further key findings from the report suggest:
The europium market was valued at USD 209.0 million in 2016 and is projected to grow at a CAGR of 4.6% over the forecast period. The increasing application scope of the product in key end-use industries, including consumer electronics, automotive, semiconductors, and energy & mining, is expected to drive product demand during the forecast period.
Europium phosphors recorded a market revenue of USD 60 million in 2016 and is likely to witness significant growth during the next eight years, primarily on account of the rapidly growing consumer electronics industry worldwide.
Product demand in the lighting segment was valued at just over USD 41 million in 2016 and is expected to grow at a CAGR of 4.5% over the forecast period owing to the use of europium in mercury lamps. The rapidly-growing lighting market, especially in emerging economies across key regions, is expected to benefit penetration of europium.
The Asia Pacific europium segment dominated the overall industry, with the regional segment being valued at USD 176.7 million in 2016. The segment is anticipated to grow significantly on account of the rapid growth of the key end-use verticals. The increasing production in key economies such as India, Vietnam, and Thailand is also expected to impact product demand.
The key strategies adopted by the industry players include horizontal integration with refining and separation companies, manufacturers, and distributors.
Grand View Research has segmented the europium market on the basis of application, end use, and region:
Application Outlook (Volume, Tons; Revenue, USD Million; 2014 - 2025)
End Use Outlook (Volume, Tons; Revenue, USD Million; 2014 - 2025)
Regional Outlook (Volume, Tons; Revenue, USD Million; 2014 - 2025)
Central & South America
Middle East & Africa
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