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Significant Growth Opportunities to Expand Lanthanum Market Size during (2021-2031)

 Lanthanum Market Introduction

·         Lanthanum (La) is a soft, silvery white, ductile, and malleable metal, which tarnishes gradually after exposure to air. It is one of the rare earth metals and is naturally found in sediment along with cerium and various other rare earth elements. Lanthanum is abundantly available on the earth. Lanthanum is used in various applications such as additives in glass, catalysts, ignition elements in torches and lighters, electron cathodes, and scintillators.

·         Lanthanum carbonate is used as a phosphate binder in medicines to treat high levels of phosphate in the blood

·         Approximately 10 kg of lanthanum is used in the manufacture of a single hybrid electric car.

·         Based on product type, the global lanthanum market can be divided into lanthanum oxide, lanthanum chloride, lanthanum boride, lanthanum acetate, lanthanum carbonate, and others. The lanthanum oxide segment is expected to drive the global lanthanum market during the forecast period. Lanthanum oxide is widely used as a feedstock for certain catalysts as well as in components of optical materials in some ferroelectric materials.

·         Based on application, the global lanthanum market can be segregated into filament glass coatings, fluidic catalytic cracking (FCC) catalysts, hydrogen storage, battery & non-battery alloys, electrical & electronics, and others. The fluidic catalytic cracking (FCC) catalysts segment dominated the global lanthanum market in 2020. Lanthanum is widely used in cracking reaction of fluidic catalytic cracking (FCC) catalysts for the production of high-octane gasoline from crude oil.

Key Drivers and Restraints of Lanthanum Market

·         Rise in demand for lanthanum in hybrid vehicle manufacturing is a key factor driving the global lanthanum market. Lanthanum is primarily used to manufacture nickel-metal hydride batteries, which are employed in hybrid vehicles. Rise in demand for rare earth metal catalysts is also projected to contribute to the growth of the global lanthanum market.

·         Enactment of government regulations and policies related to mining, decreasing reserves, and environmental risks related to the production of lanthanum are some of the key constraints that are projected to hamper the market in the near future

·         Economic slowdown triggered by the COVID-19 pandemic is also adversely affecting the demand for lanthanum, as many manufacturing facilities have been temporarily shut down. The pandemic has also impacted product and inventory transportation, as mining as well as logistics services have been hampered. This has negatively impacted the global lanthanum market.

·         Dearth of universal directives pertaining to applications of lanthanum is expected to restrain the market during forecast period. Every country has different directives pertaining to applications of lanthanum. Companies find it difficult to deal with these country-wise regulations. This is discouraging investment in the lanthanum market, thereby restraining the market.

 

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COVID-19 impact on Lanthanum Market

·         The COVID-19 outbreak is hampering the demand for lanthanum in many applications. Governments of various countries across the globe enforced stringent lockdowns to curb the spread of the coronavirus. This led to a slowdown in manufacturing operations and restrictions on supply and transport, thus affecting the lanthanum market.

·         Key players operating in the lanthanum market are primarily tier I and tier II manufacturers and suppliers. Manufacturing and supply chain facilities of these manufacturers are spread across various countries in Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Many of these players have halted their production output over the last few months due to the COVID-19 pandemic. The pandemic has negatively impacted the demand and supply chain of lanthanum.

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Asia Pacific to Account for Significant Share of Global Lanthanum Market

·         In terms of region, the global lanthanum market can be classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa

·         Asia Pacific is the key manufacturer as well as consumer of lanthanum across the globe. It is anticipated to hold significant share of the global lanthanum market during the forecast period due to the easy availability of raw materials, especially in Japan and China.

·         Increase in demand for lanthanum in the electrical & electronics industry in countries in Asia Pacific such as China and India is anticipated to drive the market in the region. Expansion of the automotive industry in Asia Pacific is likely to boost the lanthanum market, as lanthanum is used to manufacture nickel-metal hydride batteries that are employed in hybrid cars.

·         The market in Latin America and Middle East & Africa is projected to expand at a steady pace during the forecast period

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Key Players operating in Global Lanthanum Market

The global lanthanum market was moderately consolidated in 2020. Prominent players operating in the global lanthanum market seek to enter into partnership agreements and joint ventures to expand their global reach.

Key players operating in the global lanthanum market include:

·         Avalon Advanced Materials

·         Merck KGaA

·         Cathay Advanced Materials

·         Beijing Cerametek Materials

·         Metall Rare Earth

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