Global Gadolinium Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Application (Ceramics, Medical Equipment, Others), And By Geography - Forecasts From 2023 to 2028

The global gadolinium market is estimated to grow at a CAGR of 10.72% to reach US$532.067 million in 2028 from US$260.841 million in 2021.

High efficiency and superior metallurgical qualities have been the main development drivers for the gadolinium industry. Gadolinium, even in small amounts, increases the efficiency and thermal resistance of metals like iron. During the projection period, the growing research and development related to gadolinium are anticipated to present a chance for market expansion.

Gadolinium is being more widely used in nuclear and medical equipment. Therefore, the sector has been greatly influenced by the rising need for nuclear energy and medical equipment. For instance, Gadolinium oxide is a contrast agent for MRI technology that is used in the medical field to improve the clarity of the image. The product is approved for Good Manufacturing Practices (GMP) and has very high purity (99.99%). It serves as a reaction control agent in nuclear applications to limit the reactivity of nuclear fuel pellets or rods and extend fuel life.

Drivers:

Rising nuclear power industry

The nuclear power industry is expanding quickly due to the increased use of nuclear power plants for the generation of energy and the building of new nuclear power plants. The World Nuclear Association reports that the area of North America generated the most electricity using nuclear power in 2020. It represented 8,92,949 GWH out of 25,53,200 GWH, or around 35% of the total amount of electricity generated. Thus, the need for gadolinium as control rods is rising as nuclear energy's ability to produce electricity increases. This, in turn, is fueling market expansion for gadolinium.

Consumer electronics.

Another significant driver for the gadolinium market is its usage in consumer electronics. The development of the electronics sector depends on several elements, including government policies that support it, developing economies, technical improvement, and others. According to the Japan Electronics and Information Technology Industries Association (JEITA), global electrical and electronics manufacturing increased by around 9.8% between 2020 and 2021, from US$3,033.7 billion to US$3,330.6 billion. Additionally, the Global System for Mobile Communication predicted that by 2025, there will be 700 million additional mobile customers worldwide. Computer applications, television sets, and other electrical and magnetic devices use gadolinium. 

Major players:

Manufacturers throughout the globe are focusing on innovation and investment which is expanding the market. For instance, in July 2021, Energy Fuels Inc. and Neo Performance Materials Inc. built a new rare earth supply network between the United States and Europe. Energy Fuels has produced the first container (about 20 tonnes of product) of the projected 15 containers of mixed rare earth carbonate, and it is currently on its route to Neo's facility for rare earth separations in Estonia. More shipments of RE Carbonate are planned as Energy Fuels continues to process the naturally occurring monazite sand ore (containing a main component gadolinium) mined at Chemours in Georgia for both the rare earth elements and naturally existing uranium that it contains.

Developed by Bracco Diagnostics and Guerbet, gadopiclenol aids in detecting lesions with abnormal vascularity in the brain, spine, and abdomen. It provides effective contrast enhancement and diagnostic efficacy, with higher relaxivity and stability compared to other gadolinium-based contrast agents. Marketed as Vueway™ and Elucirem™, gadopiclenol is approved for adults and pediatric patients aged two and above.

Recent Developments:

Additionally, in March 2021, According to the PEA, Phalaborwa was considered to become a significant supplier of high-quality rare earth oxides, such as gadolinium, to the quickly expanding permanent magnet industry to help with global decarbonization and the rising demand for electric vehicles and offshore wind turbines. The PEA was carried out by METC Engineering, a Johannesburg-based engineering company that specializes in minerals processing, with substantial help from outside specialists where needed. Separated magnet rare earth oxides were produced in quantities of 26,208 tonnes, and over 14.2 years, they generated US$3.6 billion in income at a weighted average selling price of US$137.92/kg.

Furthermore, in September 2022, The Food and Drug Administration (FDA) approved 2 new macrocyclic gadolinium-based contrast agents (GBCAs), Elucirem™ (gadopiclenol) and Vueway™ (gadopiclenol), for use with magnetic resonance imaging (MRI) in patients 2 years of age and older to detect and visualize lesions with abnormal vascularity in the central nervous system (CNS; brain, spine, and associated tissues) and the body (head and neck, thorax, abdomen, pelvis, and musculoskeletal system).

In October 2022, Gadoterate meglumine injections, USP, was launched. radiologists use contrast chemicals to make inside structures more visible in imaging procedures like MRIs or CT scans.  

Research and development

R&D to improve the performance and safety of Gadolinium-based contrast agents, leading to the development of new and more effective formulations. For instance, in April 2023, American multinational company GE Healthcare launched Pixxoscan (gadobutrol), a macrocyclic MRI contrast agent. Pixxoscan, which has the same composition as the reference product Gadovist, aids in visualizing abnormal structures and differentiating between healthy and pathological tissue. It offers high relaxivity and is formulated at twice the concentration of gadolinium ions, allowing for a reduced injection volume.

Growing need for medical equipment

The rising prevalence of long-term chronic diseases and technical developments are responsible for the market growth. For instance, according to the Centres for Disease Control and Prevention, in the United States, four out of ten Americans have comorbid conditions, and six out of ten Americans have chronic diseases. These chronic illnesses are the main factors contributing to the nation's US$3.5 trillion in annual health care costs as well as the major causes of mortality and disability in the nation. The prevalence of chronic illnesses with numerous comorbidities is higher in older persons. The number of Americans 65 and older who have at least one chronic condition is expected to reach nearly 77.0 million by 2034, according to the National Council on Ageing, with nearly 70.0% of Medicare beneficiaries having more than two chronic conditions.

Geographical Insights:

North America has been a significant consumer and producer of Gadolinium. The United States, in particular, has a strong presence in the Gadolinium market due to its industrial and technological advancements. Additionally, the Government of Canada estimates that the Canadian medical equipment industry was worth US$7.5 billion in 2020.

Europe is another prominent market for Gadolinium. Countries like Germany, France, and the United Kingdom have a well-established healthcare sector and demand for Gadolinium-based contrast agents. Additionally, Europe has a strong presence in industries such as electronics, automotive, and aerospace, which also contribute to the demand for Gadolinium in various applications.

Countries like China, Japan, South Korea, and the United States have emerged as major consumers and producers of Gadolinium. The increasing demand for consumer electronics, automotive components, and infrastructure development projects has contributed to the rising consumption of Gadolinium in the region.

United States gadolinium market Insights:

The United States has a well-developed healthcare system and a high demand for advanced medical imaging technologies, which drives the market for Gadolinium-based contrast agents. In terms of regulations, the U.S. Food and Drug Administration (FDA) closely monitors the usage of Gadolinium-based contrast agents to ensure their safety and effectiveness.  

Global Gadolinium Market Scope:

 

Report Metric	Details
Market Size Value in 2021	US$260.841 million
Market Size Value in 2028	US$532.067 million
Growth Rate	CAGR of 10.72% from 2021 to 2028
Base Year	2021
Forecast Period	2023 – 2028
Forecast Unit (Value)	USD Million
Segments Covered	Application and Geography
Regions Covered	North America, South America, Europe, Middle East and Africa, Asia Pacific
Companies Covered	Rainbow Rare Earths Limited, Metall Rare Earth Limited, HEFA Rare Earth Canada Co, Ltd.
Customization Scope	Free report customization with purchase

 

Segmentation:

• By Application

• • Medical Equipment
  • Ceramics
  • Others

• By Geography

• • North America

• • • USA
    • Canada
    • Mexico

• • South America

• • • Brazil
    • Argentina
    • Others

• • Europe

• • • Germany
    • France
    • United Kingdom
    • Spain
    • Italy
    • Others

• • Middle East and Africa

• • • Saudi Arabia
    • Israel
    • UAE
    • Others

• • Asia Pacific

• • • China
    • Japan
    • South Korea
    • India
    • Indonesia
    • Taiwan
    • Thailand
    • Others

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1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base, and Forecast Years Timeline

2. RESEARCH METHODOLOGY 

2.1. Research Data

2.2. Research Design

3. EXECUTIVE SUMMARY

3.1. Research Highlights

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Forces Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

5. GLOBAL GADOLINIUM MARKET ANALYSIS, BY APPLICATION

5.1. Introduction

5.2. Medical Equipment

5.3. Ceramics

5.4. Others

6. GLOBAL GADOLINIUM MARKET ANALYSIS, BY GEOGRAPHY

6.1. Introduction

6.2. North America

6.2.1. USA

6.2.2. Canada

6.2.3. Mexico

6.3. South America

6.3.1. Brazil

6.3.2. Argentina

6.3.3. Others

6.4. Europe

6.4.1. United Kingdom

6.4.2. Germany

6.4.3. France

6.4.4. Spain

6.4.5. Italy

6.4.6. Others

6.5. Middle East and Africa

6.5.1. Saudi Arabia

6.5.2. UAE

6.5.3. Others

6.6. Asia Pacific

6.6.1. China

6.6.2. Japan

6.6.3. India

6.6.4. South Korea

6.6.5. Taiwan

6.6.6. Thailand

6.6.7. Indonesia

6.6.8. Others

7. COMPETITIVE ENVIRONMENT AND ANALYSIS

7.1. Major Players and Strategy Analysis

7.2. Emerging Players and Market Lucrativeness

7.3. Mergers, Acquisitions, Agreements, and Collaborations

7.4. Vendor Competitiveness Matrix

8. COMPANY PROFILES         

8.1. Rainbow Rare Earths Limited

8.2. Metall Rare Earth Limited

8.3. HEFA Rare Earth Canada Co, Ltd.

Rainbow Rare Earths Limited

Metall Rare Earth Limited

HEFA Rare Earth Canada Co, Ltd.