Global Europium Market is segmented By Product (Eu (II), Eu (III), Others), By Form (Europium Oxide, Europium Fluoride, Europium Metal), By Application (Permanent Magnets, Catalysts, Glass Polishing, Phosphors, Ceramics, Metal Alloys, Glass Additives, Others), By End-User (Consumer Electronics, Lighting, Semiconductors, Automotive, Healthcare, Nuclear Lubs, Metallurgy, Anti-Counterfeiting, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Europium Market Size
Global Europium Market reached USD 230.5 million in 2022 and is expected to reach USD 349.7 million by 2030, growing with a CAGR of 5.4% during the forecast period 2024-2031.
The need for europium oxide and nitrates to make red and blue phosphors, which are often used in electronics like televisions, cellphones laptops, is expected to increase demand for europium over the forecast period. In the years to come, it is projected that the growing usage of optical imaging and therapy in the healthcare industries will favorably impact product demand.
The consumer electronics market, which is expanding swiftly because of factors including better internet access, technical improvements increased consumer spending on high-end goods, is anticipated to have a big influence on the expansion of the whole sector. Furthermore, it's expected that over the next eight years, the rising penetration in several applications, such as ceramics, permanent magnets, glass additives, catalysts metal alloys, will favorably affect product demand.
Asia-Pacific dominates the europium market covering nearly 46.1% in 2022 and the growth of the industry producing electronics in nations like China, Japan, South Korea Taiwan. The manufacturing of phosphors for cathode ray tubes (CRTs) and fluorescent lamps, which are still widely used in the Asia Pacific for television screens and lighting purposes, depends on the element europium. The Europium market is anticipated to increase steadily as these nations continue to invest in their lighting and electronics sectors.
Market Scope
| Metrics | Details |
| CAGR | 5.4% |
| Size Available for Years | 2021-2030 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (US$) |
| Segments Covered | Product, Form, Application, End-User and Region |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle East & Africa |
| Fastest Growing Region | North America |
| Largest Region | Asia-Pacific |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Market Dynamics
Expanding the Application of Europium in Consumer Electronics
The fast-escalating demand for smartphones, wearable technology, gadgets smart televisions in developing nations throughout the world is anticipated to help the consumer electronics industry. As a result, it's anticipated that demand for europium would rise on the global market. The consumer electronics sector is anticipated to have a significant influence on the growth of the whole sector due to reasons including greater internet access, technical advancements rising consumer spending on expensive products.
Furthermore, it's likely that over the next eight years, increasing penetration in a variety of applications, including ceramics, permanent magnets, glass additives, catalysts metal alloys, would favorably affect product demand.
For Instance, The Steenkampskraal Rare Earths Project, a new range of rare earth goods, will be on sale in 2020, according to an announcement made by Great Western Minerals Group. The goal of the project is to generate high-purity rare earths for usage in a variety of products, such as magnets, catalysts electronics.
Increasing the Usage of Europium in Various Industries
Europium oxide is also used on Euro currencies as an impression to deter counterfeiting. Europium is used to make nuclear rods used in nuclear reactors for neutron absorption. The usage of europium is expanding as laser weaponry, ceramics, glass their additives, as well as defense-related applications, all advance. Europium is useful in the medical field since it is used in treatment and optical imaging. As a result, it is projected that the market will expand as europium use grows in the healthcare industry.
For instance, in 2021, The Separation Rapids Rare Earths Project, a new range of rare earth products, will go on sale, according to an announcement by Avalon Rare Metals. The goal of the project is to generate high-purity rare earths for usage in a variety of products, such as magnets, catalysts electronics.
Additionally, in 2020, The introduction of the Lynas NEXT Project, a new range of rare earth products, was announced by Lynas Corporation Ltd. The goal of the project is to generate very pure rare earths for usage in a range of products, such as magnets, catalysts electronics.
Limited Availability of Viable Supply Sources
The lack of trustworthy sources of supply for europium presents a significant challenge to the market. Byproducts like europium are regularly created when mining for other rare earth elements like lanthanum and neodymium. There is a natural connection between the supply of europium and the demand for these other rare earth elements as a result of this overreliance on byproduct production.
The risk is especially problematic in the context of trade restrictions and geopolitical conflicts, which have the potential to disrupt global supply chains and significantly reduce the supply of Europium. For industries like electronics and renewable energy, where Europium is an essential component, such limits can lead to price spikes and supply uncertainty, which can be especially costly.
High Production Costs of Europium
Europium frequently occurs in modest proportions inside ore deposits since it is very uncommon in the Earth's crust. Due to its limited natural abundance, it is difficult and expensive to collect and process enough europium to satisfy market demand. Since europium is frequently a byproduct of mining for other rare earth elements, the costs of extraction can be high. Extraction of europium from ore includes significant mining operations.
The selling price of items made using europium on the international market may be impacted by high manufacturing costs. Europium-based goods could be more expensive when compared to substitute materials that have comparable functions, such as other rare earth elements or alternatives. This may have an impact on how widely Europium is adopted, thereby reducing its commercial potential.
Market Segmentation Analysis
The global europium market is segmented based on product, form, application, end-user and region.
Growing Demand for the Products of Europium in Phosphors Application
Demand for the product is anticipated to increase throughout the forecast period due to its expanding application in the production of red and blue phosphors, which are extensively employed in all smartphones, flat displays televisions. One of the components of europium, europium oxide (Eu2O3), is used often as a red phosphor in television sets and activates yttrium-based phosphors. The growing application of these chemicals in phosphors applications has made it contribute more than 43.3% share in 2022.
Europium has amazing luminosity. One of those lanthanide cations, the Eu3+ cation, is capable of emitting light in the visual range in the right complex upon absorption of particular wavelengths. In aqueous solutions, trivalent europium cation is colorless, but when organic ligands are coupled with an extended-electron system, the antenna effect allows the core particle's luminous characteristics to drastically rise.
The 5d electrons of the Eu3+ are guided by the ligand's electrons to the incident light's absorbed energy (about 355 nm), which causes them to enter the 4f orbital and produce light in the visible spectrum (at about 610 nm) when they fall back. That's because normal light leaves Europium oxide looking white.
Market Geographical Share
Increasing applications of the product in major end-use industries in Asia Pacific
Asia-Pacific has been a dominant force in the global europium market and is expected to reach up to 55.4% in the forecast period. The rising use of Europium-based phosphors in numerous applications, including lighting, displays imaging, is what is driving the region's demand for the metal. The region's Europium market is anticipated to increase as a result of the rising demand for high-quality displays and energy-efficient lighting solutions.
The largest markets in this area are China and India. The long-term techniques of many of Asia's newly industrialized nations include increasing their self-sufficiency, reducing reliance on imported materials, components equipment, primarily from Japan; and swiftly moving labor-intensive operations to nearby nations with lower labor costs, primarily to China, which has over 1.2 billion people and average yearly incomes under $400.
The growth of the economic triangles or polygons, which are regional trade and development hubs, has been aided by this trend. In addition, the global market's accessibility to cutting-edge parts and tools enables Chinese businesses to quickly improve their manufacturing capacities to maintain long-term competitiveness. Japanese and American technological supremacy is directly threatened by the demands of competition to increase capabilities.
Additionally, the accessibility of affordable Europium solutions in the region is anticipated to further accelerate market expansion. For Instance, in 2021, Neo Performance Materials and the Estonian Ministry of Economic Affairs and Communications have teamed together to look into the prospect of increasing Neo's existing manufacturing of sophisticated rare earth element (REE) goods in Estonia, including europium.
In addition, there is a possibility that new production of REE-based metals, alloys magnetic materials for use in electric vehicles and other green technologies may start. The following claims are made by the signatories to this declaration collectively. Neo's financial commitment to Estonia would have to be significantly increased to accommodate such expansion.
Europium Market Companies
The major global players in the market include Avalon Advanced Materials, Rare Element Resources, Canada Rare Earth Corporation, Lynas Corporation, Neo Performance Materials, Indian Rare Earth, Arafura Resources, ACI Alloys, Hastings Technology Metals Ltd, Baotou Steel Rare-Earth.
COVID-19 Impact on Market
The COVID-19 pandemic's effects on the Europium market have been extensive. Global supply networks, particularly those for rare earth elements like Europium, were first interrupted by the epidemic. Lockdowns forced the closure of or restricted the operations of mines and manufacturing plants all over the world, which decreased the output of the metal europium. Price volatility was caused by the scarcity of supply as well as increasing market uncertainty.
The demand for Europium changed as the pandemic spread differently in different industries. As an illustration, a slowdown in production and sales in the automobile sector, a major user of Europium for catalytic converters, resulted in a decline in the demand for the element. On the other side, lockdowns caused a rise in demand for consumer electronics and renewable energy sources, which enhanced Europium's demand in both industries.
Overall, the supply and demand in the europium market fluctuated, making it difficult for market participants to anticipate market conditions precisely. The lack of technology for fabricating, alloying refining further hinders the market's expansion. Its increased usage in a variety of products, including catalysts, ceramics, permanent magnets, metal alloys glass additives, will grow the market share in the anticipated time frame.
After the spread of COVID-19 around the world in 2020, the europium market has suffered due to a tight lockdown, a drop in consumer demand a slowdown in exports. Due to the increased usage of europium in the europium market and the decline in consumer electronics sales, the market for europium has seen a decline in market share.
Russia-Ukraine War Impact
The war between Russia and Ukraine has significantly impacted the European Europium market. A rare earth element called europium is employed in a variety of high-tech products, such as electronics and renewable energy sources. One of Europe's top producers of rare earth elements, including Europium, before the conflict, was Ukraine. Supply networks were hampered by the war, making it challenging for Ukraine to sustain its production levels and sell Europium to other markets.
The geopolitical tensions and uncertainties that have resulted from this supply interruption have caused price volatility for europium and a sense of vulnerability in the European sectors that depend on this vital resource. Therefore, to ensure their access to Europium and lessen their reliance on it, European nations have been looking into other supplies and techniques.
Key Developments
- On June 15, 2023, Avalon Advanced Materials Inc. agreed to a binding term sheet to establish a new joint venture with SCR-Sibelco NV ("Sibelco"), a leading provider of materials solutions globally, as part of its strategy transformation to become a leading North American vertically integrated lithium producer. In a non-brokered private placement, Avalon has given Sibelco 109,692,764 of its common shares (the "Common Shares") for a total of CD 10,000,000 in proceeds, along with a secured convertible debenture with a principal amount of CD 3,000,000 (the "Debenture") (the "Private Placement")
- On August 10, 2020, Skuchain, Inc. and Mitsubishi Corporation RtM Japan Ltd., the Mitsubishi Corporation subsidiary that deals in minerals, established the ECO system for precious metals trading. Skuchain's patented EC3 Platform, which enables supply chain management and financing on the blockchain, powers ECO. Mitsubishi Corporation RtM Japan will broaden ECO to include their whole supply chain ecosystem starting with a base of some of their most cherished clients.
Why Purchase the Report?
- To visualize the global europium market segmentation based on product, form, application, end-user and region, as well as understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of europium market level with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as excel consisting of key products of all the major players.
The global europium market report would provide approximately 69 tables, 78 figures and 204 Pages.
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
