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Praseodymium Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data
Report Format: PDF+Excel | Report ID: SR112024A23472
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Praseodymium Prices H2 2023
|
Product
|
Category | Region | Price |
|---|---|---|---|
| Praseodymium | Chemical | China | 55657 USD/MT (H2 2023 Avg Price) (Praseodymium Oxide) |
The price of praseodymium in China for second half of 2023 reached 55657 USD/MT (praseodymium oxide).
Praseodymium Price Trend, Market Analysis, and News
IMARC’s newly published report, titled “Praseodymium Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data,” offers an in-depth analysis of praseodymium pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.
It encompasses an in-depth review of spot prices at major ports, a breakdown of prices including Ex Works, FOB, and CIF, alongside a region-wise dissection of praseodymium price trend across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.
The report examines the elements influencing praseodymium price fluctuations, such as changes in raw material costs, supply-demand dynamics, geopolitical factors, and industry-specific developments. Additionally, it integrates the latest market news, providing stakeholders with up-to-date information on market shifts, regulatory changes, and technological advancements, thereby offering a comprehensive overview that aids in strategic decision-making and forecasting.
Praseodymium Market Analysis
The global praseodymium market size reached 11.51 Thousand Tons in 2023. By 2032, IMARC Group expects the market to reach 16.53 Thousand Tons, at a projected CAGR of 4.10% during 2023-2032.
- According to an article published in 2024 on the website of International Energy Agency (IEA), electric car sales reached 14 million in 2023. High-strength permanent magnets are produced with the help of praseodymium, and these magnets are very important in clean energy technologies like EVs and wind turbines.
- Moreover, as the demand for EVs is rising, there is an increase in the need for praseodymium. This compound is used in manufacturing neodymium-praseodymium (NdPr) magnets, which are a precursor in electric motors.
- Consumer electronics like smartphones, tablets, and laptops are very important for individuals, as they help in performing several tasks in daily life. To enhance the performance and efficiency of the device, praseodymium plays a vital role.
- For the rapid deployment and efficiency of 5G networks, there is a need of high-frequency electronic devices and communication infrastructure. These electronic devices and communication infrastructure can be developed with the help of praseodymium.
- The demand for praseodymium is further amplified as a strategic asset due to its utilization in military applications like in precision-guided munitions and advanced communication systems. Governing agencies of several countries are focusing on increasing domestic production and reducing reliance on import, which is supporting the market growth.
- The praseodymium production is showing an upward trajectory owing to innovations in material sciences. To meet the requirement of cutting-edge technologies, research and development (R&D) activities are necessary as they help in producing efficient and high-performance materials.
- The market share is also expanding on account of several efforts worldwide in developing more sustainable and efficient extraction and processing methods for praseodymium. There is more focus on innovations that reduce environmental impact and enhance yield, which are making praseodymium more accessible and cost-effective.
- As per the IMARC Group’s report, the global glass ceramics reached US$ 1.6 Billion in 2023. The utilization of specialized glass ceramics in various industrial applications, as it has enhanced coloration, durability, and heat resistance. The growing demand for glass ceramics is catalyzing the demand for praseodymium, as it plays a vital role in its production.
Praseodymium News
The report covers the latest developments, updates, and trends impacting the global praseodymium market, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, advancements in praseodymium production technologies, strategic market expansions by key industry players, and significant mergers and acquisitions that impact the praseodymium price trend.
Latest developments in the praseodymium industry:
- In 2023, Avalon Advanced Materials Inc. and SCR-Sibelco NV announced about the closing of their joint venture transaction to develop flagship lithium mine in Ontario.
- In 2023, Indian Rare-Earths planned to expand its mining capacity by 400 per cent for clean energy transition.
Product Description
Praseodymium is a chemical element with the symbol Pr and the atomic number 59 that belongs to the lanthanide family of rare earth elements. It is a soft, silvery, malleable, and ductile metal that quickly oxidizes in air, forming a greenish oxide coating. In metallurgy, it is used as an alloying agent to improve magnesium's strength and workability, resulting in high-strength alloys for aircraft engines. The element is also utilized in the manufacture of specialist glasses and ceramics. For example, welder's goggles and other types of protective eyewear are made from praseodymium-doped glass because of its capacity to filter out dangerous infrared and ultraviolet rays.
Furthermore, praseodymium is an important component in the creation of permanent magnets, particularly neodymium-iron-boron (NdFeB) magnets, which are used in electric motors, wind turbine generators, and a variety of electronic devices. It is also used to make praseodymium yellow pigments, which are noted for their stability and brightness, as well as carbon arc lights, which are utilized in the film industry for studio lighting and projector lamps.
Regional Coverage
The report provides a detailed analysis of the praseodymium market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of ex-works, FOB, and CIF prices, as well as the key factors influencing the praseodymium price trend.
Global Praseodymium Price
The report offers a holistic view of the global praseodymium pricing trends, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level.
Europe Praseodymium Price
European praseodymium prices are examined, highlighting the market-specific influences in the region, such as stringent environmental regulations, the competitive landscape, and import-export imbalances that significantly affect pricing structures.
This analysis can be extended to include detailed praseodymium price information for a comprehensive list of countries.
| Region | Countries Covered |
|---|---|
| Europe | Germany, France, United Kingdom, Italy, Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland, Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal, and Greece, among other European countries. |
North America Praseodymium Price
The analysis of praseodymium prices in North America delves into the regional industry dynamics, encompassing the impact of local production capacities and the trade flows between North America and other significant global markets.
Specific data on praseodymium prices within the United States and Canada can also be provided.
| Region | Countries Covered |
|---|---|
| North America | United States and Canada |
Middle East and Africa Praseodymium Price
The report explores the praseodymium pricing trends in the Middle East and Africa, considering factors like regional industrial growth, the availability of natural resources, and geopolitical tensions that uniquely influence market prices.
In addition to region-wise data, information on praseodymium prices for countries can also be provided.
| Region | Countries Covered |
|---|---|
| Middle East & Africa | Saudi Arabia, UAE, Israel, Iran, South Africa, Nigeria, Oman, Kuwait, Qatar, Iraq, Egypt, Algeria, and Morocco, among other Middle Eastern and African countries. |
Asia Pacific Praseodymium Price
The praseodymium pricing trends in Asia Pacific are examined, reflecting the role of the region as a major global production hub and consumer market, with price dynamics heavily influenced by supply chain efficiencies, regional demand surges, and policy shifts in major economies.
This analysis can be further extended to include detailed praseodymium prices for a comprehensive list of countries within the region.
| Region | Countries Covered |
|---|---|
| Asia Pacific | China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Thailand, South Korea, Malaysia, Nepal, Taiwan, Sri Lanka, Hongkong, Singapore, Australia, and New Zealand, among other Asian countries. |
Latin America Praseodymium Price
The analysis of praseodymium prices in Latin America provides a detailed overview, reflecting the unique market dynamics in the region influenced by economic policies, industrial growth, and trade frameworks.
This comprehensive review can be extended to include specific countries within the region.
| Region | Countries Covered |
|---|---|
| Latin America | Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru, among other Latin American countries. |
Report Coverage
| Key Attributes | Details |
|---|---|
| Product Name | Praseodymium |
| Report Features | Exploration of Historical Trends and Market Outlook, Industry Demand, Industry Supply, Gap Analysis, Challenges, Praseodymium Price Analysis, and Segment-Wise Assessment. |
| Currency/Units | US$ (Data can also be provided in local currency) or Metric Tons |
| Region/Countries Covered | The current coverage includes analysis at the global and regional levels only. Based on your requirements, we can also customize the report and provide specific information for the following countries: Asia Pacific: China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Thailand, South Korea, Malaysia, Nepal, Taiwan, Sri Lanka, Hongkong, Singapore, Australia, and New Zealand* Europe: Germany, France, United Kingdom, Italy, Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland, Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal and Greece* North America: United States and Canada Latin America: Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru* Middle East & Africa: Saudi Arabia, UAE, Israel, Iran, South Africa, Nigeria, Oman, Kuwait, Qatar, Iraq, Egypt, Algeria, and Morocco* *The list of countries presented is not exhaustive. Information on additional countries can be provided if required by the client. |
| Information Covered for Key Suppliers |
|
| Customization Scope | The report can be customized as per the requirements of the customer |
| Report Price and Purchase Option |
Plan A: Monthly Updates - Annual Subscription
Plan B: Quarterly Updates - Annual Subscription
Plan C: Biannually Updates - Annual Subscription
|
| Post-Sale Analyst Support | 360-degree analyst support after report delivery |
| Delivery Format | PDF and Excel through email (We can also provide the editable version of the report in PPT/Word format on special request) |
Key Benefits for Stakeholders:
- IMARC’s report presents a detailed analysis of praseodymium pricing, covering global and regional trends, spot prices at key ports, and a breakdown of Ex Works, FOB, and CIF prices.
- The study examines factors affecting praseodymium price trend, including raw material costs, supply-demand shifts, geopolitical impacts, and industry developments, offering insights for informed decision-making.
- The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
- IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights. The praseodymium price charts ensure our clients remain at the forefront of the industry.
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