The europium market size is projected to be valued at USD 246.6 million in 2024 and further increase at a CAGR of 5.4% during the forecast period from 2024 to 2034. Global sales of the rare metal are set to total USD 418.5 million by 2034. Growth is attributed to the shift from traditional lighting to solid-state lighting systems in displays.
Asia Pacific is expected to remain the dominant consumer of this rare earth metal. Growth is attributed to the region’s strong manufacturing base as well as high demand for electronics and green technologies.
India will likely lead the industry with a predicted CAGR of 8.1% through 2034. China is set to follow closely behind with an estimated CAGR of 6.1% by 2034.
Phosphors remain the leading application in the industry. This surge in demand is owing to growing use in the production of color displays, such as those found in monitors, mobile devices, and televisions. The dominant segment accounted for a value share of 24.4% in 2024. Based on end-use, lighting dominated the industry with a share of 26.3% in 2024.
The rapidly growing demand for wearables, smartphones, and smart televisions in developing countries is likely to propel the consumer electronics industry. This, in turn, is anticipated to benefit the demand for the chemical element.
The use of phosphors to enhance the color rendering and brightness of light sources, such as fluorescent lamps and LED lights, adds to the requirement for the chemical in day-to-day life. Rising demand for energy-efficient lighting and advancements in display technology are also driving industry growth.
The earth metal is being explored for use in established and new applications, including lasers, nuclear applications, and biotechnologies. These emerging applications will likely upsurge demand in the near future.
There will be some challenges to fulfill this rising demand, primarily due to the highly concentrated structure of the supply chain of rare earth metals in a few countries, especially in China. Trade disruptions and geopolitical tensions can lead to price volatility and supply shortages.
| Attributes | Description |
|---|---|
| Estimated Global Europium Market Size (2024E) | USD 246.6 million |
| Projected Global Europium Market Value (2034F) | USD 418.5 million |
| Value-based CAGR (2024 to 2034) | 5.4% |
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Impact of Technological Advancements on Europium Demand
Advancement in technology is set to unlock entirely new applications for europium in the sector, thereby driving demand for the rare earth metal. Small rare metal-based magnets are projected to be utilized in electronic devices with the miniaturization in technology. This is projected to create new opportunities for use even if the total rare metal used per device decreases.
Rapid innovations in the consumer electronics sector, LED market growth, and shift toward energy-efficient lighting solutions are further increasing demand. The metal is set to be used in phosphors to create the red color in devices and enhance color rendering and brightness.
The rare metal is anticipated to play a key role in the luminescence of compounds used in X-ray imaging. The chemical is also projected to be used for the development of fluorescent markers for biological research. As a result, these applications rely on the stable luminescence properties of this rare metal to provide clear and precise images.
Government Policies Promoting Domestic Europium Production
Government policies play a significant role in promoting domestic production of rare earth metals. China is a dominant player in the rare earth element (REE) market. The country’s government has consolidated the mining and processing industry to deploy greater control and potentially streamline production.
The country has further implemented stringent environmental regulations for the mining of these rare earth metals. This is set to potentially lead to an increase in production costs but is anticipated to promote sustainable practices.
China holds significant control of the global REE exports. The country can, hence, use export quotas or restrictions to influence REE prices worldwide, potentially benefiting domestic producers.
The United States has various government policies and regulations affecting the europium sector. The country maintains a stockpile of REEs for strategic purposes, which can potentially influence market dynamics.
As the United States aims to reduce reliance on China for raw materials like REEs, the nation's government is funding exploration and research efforts to identify domestic deposits. The country is also offering tax breaks or subsidies to companies investing in domestic REE mining and processing facilities.
Other countries like Australia, Vietnam, and Canada have established REE mines and exploration projects. Governments of these nations are anticipated to provide exploration permits to attract investment in REE exploration and development.
Mixed Impact of Artificial Intelligence on Europium Demand
Growth of artificial intelligence (AI) has a positive impact on the demand for rare metals. Integration of AI in consumer electronics, autonomous vehicles, telecommunications, and AI hardware necessitates the utilization of this rare metal in production processes. As AI technologies become more widespread, demand is expected to continue growing.
Advancements in AI-powered automation and optimization in manufacturing processes can result in increased production efficiency. This can also lead to the development of new products that are set to be reliant on rare metals, thereby creating entirely new sectors for the element.
AI also has the potential to accelerate advancements in material sciences. These developments can potentially result in more efficient use of the rare metal and growth of nanomaterials.
Artificial intelligence, however, can cause a declining demand for this earth metal by identifying alternative materials. This can also be caused by optimizing the performance of substitutes and improving recycling techniques, thereby reducing the need for virgin chemical elements.
The global sales of europium witnessed a CAGR of 3.4% between 2019 to 2023. The europium market size at the end of 2023 reached USD 235.6 million. Growth during the historical period was driven by the emergence of green technologies.
Increasing adoption of permanent magnets containing this rare metal in electric vehicles (EVs) and wind turbines has greatly contributed to high sales.
The historical period also witnessed increasing use of LEDs and displays that relied on europium-based red phosphors for efficient lighting and vibrant colors. Exploration of this rare metal in biotechnologies also created new pockets for demand.
Industry reports on the europium market have predicted a CAGR of 5.4% from 2024 to 2034. Factors that have driven growth of the industry in the past are expected to continue influencing future demand. A prominent driver for growth includes the rising demand for this earth metal in developing countries.
There is an increasing demand for high-resolution displays worldwide. This demand is boosting the need for europium-based phosphors in the industry.
There is continuous development and adoption in the field of electric vehicles, wind turbines, and other green technologies that highly rely on rare metal-based magnets. Ongoing technological advancements in nano-crystals and LED is projected to be one of the europium market trends for the next decade.
Principal Consultant
The section below depicts the sector’s forecast across leading countries. The section aims to evaluate drivers, restraints, and market trends impacting europium industry to help firms understand investment opportunities in the europium market.
India and China will likely experience high growth rates, thereby providing more development prospects to the industry. With a CAGR of 8.1%, India is set to dominate in the assessment period.
China is following behind with a CAGR of 6.1%. This makes Asia Pacific the leading region in terms of consumption and output. Key companies in Europe involved in the extraction and processing of these rare metals and derivatives are projected to bolster demand.
Leading players are consistently investing in research and development activities to innovate and develop new applications for the earth metal. The focus is on taking proactive measures to foster innovation that will drive growth while ensuring sustainable operations in the industry.
| Countries | CAGR 2024 to 2034 |
|---|---|
| Canada | 3.3% |
| Italy | 3.5% |
| Spain | 4.1% |
| China | 6.1% |
| India | 8.1% |
India is a rapidly growing economy. Constant improvements in living standards have led to increasing disposable incomes, which have resulted in high consumption of products. The consumer electronics sector is progressively developing, thereby increasing the need for smartphones, smart televisions, gadgets, and wearables.
Europium is anticipated to be used in consumer electronics due to phosphorescent properties, thereby pushing demand. The role of recycling in the europium market across India is projected to be significant.
The country has a significant presence of industries that have applications for this earth metal. The Indian government is also taking initiatives to develop a novel REE industry, including the exploration of domestic deposits.
The Free Trade Agreement between India and the European Union (EU) is also expected to boost growth. India, however, faces tough competition from other countries that are developing REE industries.
China is a dominant consumer of REEs. The country has a long-standing history due to the geographic distribution of europium reserves and mining activity, giving a strong leverage.
Increasing population and improving living standards further contribute to a high demand for products that use this rare metal. Like most countries in Asia Pacific, China has a growing demand for consumer electronics, fueling the sector.
China is also one of the most prominent manufacturers of europium and derivatives, thereby enabling a steady supply of this earth metal within the country. The country has strong relations with the EU, another significant region for the rare metal. This increases the chances of potential trade and investment, further augmenting growth.
Italy stands in the fourth position in Europe and ranks among the prominent export countries worldwide. The country’s economic strength fuels demand for products that use this earth metal.
The prime exporting industry in Italy is that of machinery and equipment. The rare metal is a critical component in several machinery and electronic devices, thereby propelling demand in the country. The future of the europium market in a sustainable economy across Italy seems to be bright.
The country is further transitioning toward a green economy. Hence, demand for EVs and wind turbines is rapidly increasing. Both machineries use rare earth metal-based magnets.
Research institutions in Italy are progressively exploring new applications for this earth metal. The potential for increased trade and investment owing to the country’s strong relations with the EU could further boost the industry.
The section below sheds light on the leading segments in the europium sector. The section has details regarding the anticipated growth rates of the divisions through the forecast period, helping companies identify the dominating categories and invest accordingly.
Based on application, phosphors are leading with a value share of 24.4% in 2024. By end-use, lighting is dominating, with a value share of 26.3% in 2024.
| Segment | Phosphors (Application) |
|---|---|
| Value Share (2024) | 24.4% |
Based on application, phosphors are dominating the industry with a value share of 24.4% in 2024. The segment is expected to witness rapid growth in the next decade.
This is attributed to widespread use in displays and lighting. Phosphors are a key component in numerous display and lighting technologies, such as LED displays and fluorescent lighting, which are pushing sales.
Phosphors also boast efficient light emission properties. This earth metal has a distinct emission spectrum that displays a strong red peak. Europium-based phosphors efficiently convert UV light into red light, thereby minimizing energy waste.
The rare metal also has a special ability to emit bright colors under certain conditions, making it an essential component in security features and other surveillance products. The growing use of europium-based phosphors in display and lighting, coupled with efficient light-emitting properties, makes these a dominant application.
| Segment | Lighting (End-use) |
|---|---|
| Value Share (2024) | 26.3% |
Based on end-use, lighting is leading with a value share of 26.3% in 2024. The segment is anticipated to experience substantial growth in the next ten years.
Global transition toward energy-efficient solutions has increased the significance of this rare metal’s contribution to LED and OLED. The ‘home sweet home’ trend is significantly contributing to surging demand for decorative lighting to enhance the ambiance of homes.
The use of europium nano-crystals in LEDs has created a shift from traditional lighting to solid-state lighting systems in displays, thereby fueling demand for flat panel displays and LEDs. The trend to phase out conventional lighting products from public buildings, offices, and train stations will likely continue, augmenting demand.
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The europium industry has a dynamic competitive landscape. Key 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. This high competition between REE producers can potentially lead to constant price fluctuations.
China is currently the dominant country for REE due to a well-established mining and processing infrastructure. Several countries are trying to minimize dependence on China by establishing new REE production units.
New producers will emerge, but the country is anticipated to hold a significant position. Life cycle assessment of europium compared to alternatives is another strategy of leading companies.
Companies are directing investments toward research and development to innovate efficient and cost-effective applications for rare earth metals. Strategic partnerships and collaborations help key players to capitalize on collective expertise, share resources, and expedite product development.
Many companies are progressively focusing on expanding presence in regions that have high demand for this chemical element. Product diversification is a consistent trend that companies are adopting to provide europium-based items tailored to specific applications.
Key companies are also set to gain investment opportunities in the europium market by focusing on environmentally friendly mining and processing practices to meet the regulatory requirements. A few players are taking proactive measures to propel growth, foster innovation, and uphold sustainable practices in the industry.
Industry Updates
By end-use, the sector is divided into consumer electronics, lighting, semiconductors, automotive, healthcare, nuclear labs, metallurgy, anti-counterfeiting, and others.
By application, the europium market is segmented into catalysts, metal alloys, glass polishing, permeant magnets, phosphors, ceramics, glass additives, and others.
Based on region, the sector is spread across North America, Latin America, Western Europe, South Asia, East Asia, Eastern Europe, and the Middle East and Africa.
The market is estimated to reach USD 246.6 million by 2024.
Lighting with a CAGR of 26.3% in 2024.
The sector is expected to rise at a CAGR of 5.4% through 2034.
Avalon Rare Metals Inc., Molycorp, and Lynas Rare Earths Ltd.
India is set to witness a CAGR of 8.1% through 2034.
Catalysts and glass additives.
1. Executive Summary 2. Industry Introduction, including Taxonomy and Market Definition 3. Market Trends and Success Factors, including Macro-Economic Factors, Market Dynamics, and Recent Industry Developments 4. Global Market Demand Analysis 2019 to 2023 and Forecast 2024 to 2034, including Historical Analysis and Future Projections 5. Pricing Analysis 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034 6.1. Application 6.2. End-use 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By End-use 7.1. Consumer Electronics 7.2. Lighting 7.3. Semiconductors 7.4. Automotive 7.5. Healthcare 7.6. Nuclear Labs 7.7. Metallurgy 7.8. Anti-counterfeiting 7.9. Others 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Application 8.1. Catalysts 8.2. Metal Alloys 8.3. Glass Polishing 8.4. Permanent Magnets 8.5. Phosphors 8.6. Ceramics 8.7. Glass Additives 8.8. Others 9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region 9.1. North America 9.2. Latin America 9.3. Western Europe 9.4. South Asia 9.5. East Asia 9.6. Eastern Europe 9.7. Middle East & Africa 10. North America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 11. Latin America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 12. Western Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 13. South Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 14. East Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 15. Eastern Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 16. Middle East & Africa Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 17. Sales Forecast 2024 to 2034 by Product, End-user, and Application for 30 Countries 18. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard 19. Company Profile 19.1. Avalon Rare Metals Inc. 19.2. Molycorp 19.3. Lynas Rare Earths Ltd 19.4. Minmetals Corporation 19.5. Baotou Steel Rare-Earth 19.6. Xiamen Tungsten 19.7. Great Western Minerals Group Ltd.
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