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Market Overview
The global Lanthanum Compounds market was valued at USD 53.45 billion in 2022 and expected to grow at a CAGR of 6.3% during the forecast period. The metal lanthanum (La), which is soft, silvery white, ductile, and malleable, tarnishes with time when exposed to air. Along with cerium and other rare earth elements, it is a rare earth metal that is naturally present in sediment. The earth has a plentiful supply of lanthanum. There are several uses for lanthanum, such as glass additives, catalysts, ignition components for lighters and torches, electron cathodes, and scintillators.
In order to address high blood phosphate levels, lanthanum carbonate is utilised as a phosphate binder in pharmaceuticals. A single hybrid electric car requires about 10 kilogrammes of lanthanum to produce.
The forecast term is expected to see significant expansion in the global lanthanum market. The rising need for lanthanum compounds in electronics, hybrid vehicle manufacturing, and the automotive industry is the main driver of the growth of the worldwide lanthanum market. Additionally, FCC catalysts, which are used to create high-octane gasoline that ""burns"" slowly and improves fuel efficiency, are frequently made with lanthanum.
It has numerous uses, including the storage of hydrogen, fibre optics, coatings for phosphor lamps, cigar lighters, the production of cathode materials and vacuum tubes, and lenses for cameras and telescopes. Radioactive lanthanum has been investigated for use in the treatment of cancer, and the ion La3+ is utilised as a biological tracer for Ca2+.
The global lanthanum market's expansion is hampered by government policies and regulations, mining limits, environmental concerns associated with production, dwindling reserves, and the toxicity of lanthanum products.
Global Lanthanum Compounds Market- Key trends
Rise in demand for lanthanum in hybrid vehicle will drive the market expansion
One of the main factors propelling the global lanthanum market is the increase in demand for lanthanum in the production of hybrid vehicles. The nickel-metal hydride batteries used in hybrid automobiles are made mostly with lanthanum. It is anticipated that increased demand for rare earth metal catalysts would also fuel the expansion of the world lanthanum market.
Enactment of government regulations and policies will help the market growth
Some of the major obstacles that are anticipated to impede the market in the near future are the adoption of government rules and policies relating to mining, declining reserves, and environmental dangers associated with the production of lanthanum.
Report Scope
Report Attributes | Description |
Market Size in 2022 | USD 53.45 Billion |
Market Forecast in 2031 | USD 97.63 Billion |
CAGR % 2023-2031 | 6.3% |
Base Year | 2022 |
Historic Data | 2019-2021 |
Forecast Period | 2023-2031 |
Report USP | Production, Consumption, company share, company heatmap, company production capacity, growth factors and more |
Segments Covered | By Type (lanthanum oxide, lanthanum chloride, lanthanum boride, lanthanum acetate, lanthanum carbonate), By Application (optical glass, catalyst, hydrogen storage material, battery and non-battery alloys, electrical and electronics) |
Regional Scope | North America, Europe, APAC, South America and Middle East and Africa |
Country Scope | U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria |
Key Companies | ALB Materials Inc., HEFA Rare Earth Canada Co. Ltd, Stanford Advanced Materials, American Elements, Avalon Advanced Materials Inc., Blue Line Corp, Metall Rare Earth, Lynas Rare Earths, Noah Chemicals, Baotou Rare Earth R&D Center Chinese Academy of Sciences, Star Earth Minerals Pvt Ltd., and others. |
Impact of COVID
The COVID-19 pandemic has had a mixed impact on the lanthanum compounds market. On the one hand, the pandemic has caused a decline in demand for lanthanum compounds in some end-use industries such as automotive and aerospace, which has affected the overall growth of the market. On the other hand, the pandemic has also led to an increase in demand for lanthanum compounds in healthcare and pharmaceutical applications, particularly for the production of diagnostic and therapeutic agents.
The disruption in the supply chain caused by the pandemic has also affected the production and distribution of lanthanum compounds. The lockdowns, travel restrictions, and social distancing measures have led to the closure of production facilities and disrupted transportation, causing delays in the delivery of raw materials and finished products. The decrease in demand from some end-use industries and the disruption in the supply chain have caused a decline in the prices of lanthanum compounds.
However, the gradual easing of restrictions and the resumption of economic activities are expected to lead to an increase in demand for lanthanum compounds, particularly in emerging economies such as China and India, where there is a growing demand for electronics and renewable energy. The increasing investments in electric vehicles and wind turbines are also expected to drive the growth of the lanthanum compounds market in the long run.
Type Insights
Lanthanum compounds are chemical compounds containing lanthanum, a rare earth element. The lanthanum compounds market can be analyzed by the type of compound produced. The major types of lanthanum compounds include lanthanum oxide, lanthanum chloride, lanthanum boride, lanthanum acetate, and lanthanum carbonate.
Lanthanum oxide is widely used in the production of glass and ceramics, as a catalyst in petroleum cracking, and in the manufacturing of other lanthanum compounds. Lanthanum chloride is used as a reagent in biochemical applications, water treatment, and in the production of light-emitting materials. Lanthanum boride is used in the production of refractory materials, and in electrical and thermal conductive coatings. Lanthanum acetate is used in the treatment of hyperphosphatemia, while lanthanum carbonate is used in the treatment of renal failure.
The market for lanthanum oxide is expected to be the largest in terms of revenue during the forecast period. This is attributed to the high demand for lanthanum oxide in the production of glass and ceramics, which are extensively used in various end-use industries such as automotive, construction, and electronics.
The market for lanthanum compounds is expected to witness significant growth during the forecast period due to the increasing demand for rare earth metals in various end-use industries such as automotive, electronics, and energy. Moreover, the growing demand for renewable energy sources and electric vehicles is expected to boost the demand for lanthanum compounds, especially lanthanum oxide.
In terms of geographical analysis, Asia Pacific is expected to dominate the lanthanum compounds market during the forecast period, owing to the presence of major rare earth metal producers in countries such as China and India. The market in North America and Europe is expected to witness moderate growth due to the stringent regulations regarding the mining and production of rare earth metals in these regions.
Application Insights
Optical Glass: Lanthanum oxide is widely used as a raw material for the production of optical glass. It improves the refractive index and dispersion properties of glass and is used in lenses, prisms, and other optical components.
Catalyst: Lanthanum compounds such as lanthanum oxide, lanthanum chloride, and lanthanum nitrate are used as catalysts in various chemical reactions. They are used in the petrochemical industry, in the production of plastics, and in the manufacture of pharmaceuticals.
Hydrogen Storage Material: Lanthanum compounds such as lanthanum-nickel hydride and lanthanum-based alloys are used as hydrogen storage materials. These materials are used in fuel cells, hybrid cars, and other applications where hydrogen storage is required.
Battery and Non-Battery Alloys: Lanthanum is used as an alloying agent in the production of nickel-metal hydride (NiMH) batteries. It is also used in the production of other alloys, such as steel, aluminum, and magnesium alloys.
Electrical and Electronics: Lanthanum is used in the production of ceramic capacitors, phosphors for color television tubes, and other electronic components. Lanthanum oxide is used as a dielectric material in capacitors and as a phosphor in cathode ray tubes.
Regional Insights
North America: The North American region is expected to have significant growth in the Lanthanum Compounds market owing to the presence of well-established end-user industries such as electronics, automotive, and energy storage. The US and Canada are the major contributors to the growth of the market in this region.
Europe: The European region is anticipated to have a significant market share due to the presence of major automotive and electronics manufacturing companies in countries such as Germany and France. The increasing adoption of electric vehicles and renewable energy sources is expected to boost the demand for Lanthanum Compounds in this region.
Asia Pacific: The Asia Pacific region is expected to dominate the Lanthanum Compounds market due to the rapid growth of the automotive, electronics, and energy storage industries in countries such as China, Japan, and South Korea. The increasing demand for electric vehicles and renewable energy sources is expected to boost the demand for Lanthanum Compounds in this region.
MEA: The MEA region is expected to have significant growth in the Lanthanum Compounds market owing to the growing demand for Lanthanum Compounds in the oil and gas industry for catalytic cracking and refining applications.
South America: The South American region is anticipated to have moderate growth in the Lanthanum Compounds market due to the increasing adoption of electric vehicles and renewable energy sources in countries such as Brazil and Argentina.
Competitive Analysis
Some of the major companies operating within the market are ALB Materials Inc., HEFA Rare Earth Canada Co. Ltd, Stanford Advanced Materials, American Elements, Avalon Advanced Materials Inc., Blue Line Corp, Metall Rare Earth, Lynas Rare Earths, Noah Chemicals, Baotou Rare Earth R&D Center Chinese Academy of Sciences, Star Earth Minerals Pvt Ltd., and others. These players are focusing on product innovation, expansion, and partnerships to strengthen their market position and meet the growing demand for Lanthanum Compounds globally.
Recent News
In December 2020, Unicycive Therapeutics, Inc., a clinical-stage biotechnology company developing therapies for patients with kidney disease, has entered into a licensing agreement with Spectrum Pharmaceuticals for Renazorb (lanthanum dioxycarbonate), a late-stage asset for the treatment of hyperphosphatemia in patients with chronic kidney disease (CKD).
By Type
Lanthanum oxide
Lanthanum chloride
Lanthanum boride
Lanthanum acetate
Lanthanum carbonate
Others
By Application
Optical glass
Catalyst
Hydrogen storage material
Battery and non-battery alloys
Electrical and electronics
Others
Why to buy this Report?
The report provides quantitative and qualitative aspect for the market in terms of value and volume, along with supporting market trends, challenges, restraints.
The report provides an in depth analysis from both production and consumption point of view at the regional and country level. Key Factors considered within the report scope are Production capacity by countries/regions, average price, consumption ratio, revenue earned and gross margin.
The report provides competitive analysis of around 30-50 companies operated in the market, these companies are bifurcated into niche players, the leaders and major contenders. The companies are analyzed in terms of following factors such as:
Business Model
Production Capacity, Revenue, Sales, Gross Margin
Key Business Strategy
SWOT Analysis
In terms of competitive landscape, the report provides distinctive factors that would help the end user in taking a key decision within the business:
Company Share Analysis from 2018-2022
Company Analysis by Revenue and Sales
Company Production Capacity, Gross Margin
Company Share Analysis by Application/End Use
Company Share Analysis by Product/Specification
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