The global praseodymium market is projected to exhibit a robust CAGR during the forecast period.
Praseodymium is the third element of the lanthanide series with 59 as atomic number and 140.91u as atomic mass. This rare earth element is soft, silvery, and ductile and is known for its magnetic, chemical, optical, and electrical properties. The praseodymium metal reacts with air to form a green coating on its surface. Praseodymium reacts readily with hot water to form praseodymium hydroxide due to its electropositive property. Reducing anhydrous solution with calcium yields praseodymium metal.
Praseodymium has widespread applications in the permanent magnet-making industry, aircraft engines, and cigarette lighters among others. Optical properties present in praseodymium will help in the amplification of telecommunication systems in the coming years. It has applications in projector lights and studio lighting which is used willingly in the motion picture industry. It can be used as a single-mode fiber optical amplifier when doped in fluoride glass. In healthcare, it is used in scintillators for CT scans. Compounds of praseodymium provide glasses and enamels with yellow color.
On the basis of geography, the praseodymium market is segmented as North America, Europe, Middle East & Africa, Asia-Pacific, and South America. The increasing demand for praseodymium for different applications such as pigmentation and inking, and stable magnets among others will boost its market across the globe. Despite boosting drivers the market has some restraints such as changing government policies for export and import of rare earth elements and fluctuation of prices due to dependency for praseodymium on a particular region. However, a combination of praseodymium and neodymium to create high-power magnets and when used as alloying agent combined with magnesium to form high-strength metals used in aircraft engines will catalyze its market across the globe in the coming years
Research Methodology
The first section of the report deals with detailed research methodology for calculating market size and forecasts, secondary data sources used, and the primary inputs which were taken for data validation. This section also outlines various segmentations which have been covered as part of the report.
Market Dynamics
The next section provides comprehensive market dynamics through an overview section along with growth drivers, challenges, and opportunities that exist in the current market. This section of the report also provides supplier and industry outlook as a whole; key industry, global, and regional regulations that are determining the market growth. Complete industry analysis has also been covered by Porter’s five forces model as a part of this report section.