1. Introduction of Light Rare Earth (LRE) Carbonates Market Applications
Chemical Industry: The chemical industry comprises the companies and other organizations that develop and produce industrial, specialty and other chemicals.
Medical Industry: The healthcare sector consists of businesses that provide medical services, manufacture medical equipment or drugs. Light rare earth elements are widely used in medical device manufacturing, pharmaceutical products, and medical consumables.
2 Global Light Rare Earth (LRE) Carbonate Market Consumption and Share Analysis by Application
Table Global Light Rare Earth (LRE) Carbonate Consumption (Tons) by Applications (2018-2023)
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
Chemical Industry | 37020 | 45857 | 46716 | 51677 | 67355 | 79024 |
Medical Industry | 13518 | 16883 | 17323 | 19376 | 25600 | 30291 |
Total | 50538 | 62740 | 64039 | 71053 | 92955 | 109316 |
The total global consumption of light rare earth carbonates shows an upward trend, from 50538 tons in 2018 to 109316 tons in 2023. The consumption in the chemical industry increased from 37020 tons in 2018 to 79024 tons in 2023, showing a steady growth. The consumption in the medical industry increased from 13518 tons in 2018 to 30291 tons in 2023, with a faster growth rate.
Table Global Light Rare Earth (LRE) Carbonate Consumption Share by Applications (2018-2023)
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
Chemical Industry | 73.25% | 73.09% | 72.95% | 72.73% | 72.46% | 72.29% |
Medical Industry | 26.75% | 26.91% | 27.05% | 27.27% | 27.54% | 27.71% |
Total | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
The chemical industry accounted for 73.25% of global consumption in 2018, and will decline slightly year by year to 72.29% in 2023. The medical industry accounted for 26.75% of global consumption in 2018, and will rise slightly year by year to 27.71% in 2023. Although the market share of the chemical industry has declined, it is still the main application area of light rare earth carbonates. The market share of the medical industry has gradually increased, indicating that the demand for light rare earth carbonates in this field is growing.
3. Global Light Rare Earth (LRE) Carbonate Market Consumption Growth Rate Analysis by Application
Figure Global Chemical Industry Consumption (Tons) Growth (2018-2023)
Figure Global Medical Industry Consumption (Tons) Growth (2018-2023)
The chemical industry will grow from 37020 tons in 2018 to 79024 tons in 2023, with a compound annual growth rate of 16.37%. The medical industry will grow from 13518 tons in 2018 to 30291 tons in 2023, with a compound annual growth rate of 17.51%. The growth rate of the medical industry is higher than that of the chemical industry, indicating that the demand for light rare earth carbonates in the medical industry is growing faster, and this field may be the future growth point of the light rare earth carbonate market. As a traditional application field, the chemical industry is still the main area of light rare earth carbonate consumption despite its low growth rate.
