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Global Gadolinium Market: Demand Analysis and Growth Forecast
Gadolinium is a silvery-white rare earth metal represented by the symbol Gd. This element is found in its oxidized form and it is malleable and ductile in nature. Gadolinium has various applications across domains including medical equipment, electronics, imaging agents, and nuclear reactors. Gadolinium is used in very small amounts to form alloys of iron and chromium. Adding a small amount of gadolinium in alloys of iron and chromium optimizes the oxidation process and enhances the resistant properties of the resultant alloy.
Browse 62 Market Tables, 177 Figures spread through 144 slides and an in-depth TOC on “Gadolinium Market (2018 - 2023)”
Being a rare metal, gadolinium’s price has remained high over the years and is expected to witness even much-hiked price in the near future. The major demands of gadolinium come from the medical and the nuclear industry. A recent Industry ARC market research report projects profitable progression in the global gadolinium market during the forecast period from 2018 to 2023.
Gadolinium Market: Key Drivers and Disruptive Trends
The threat to national security is one of the major reasons which led to the popularity of nuclear powers among the nations. Gadolinium is used in huge amounts during nuclear reactions. These reactors are generating consistent demand for gadolinium and acting as a major growth driver. Technical advancements have found that gadolinium is effective for medical equipment, which in turn opens whole new revenue avenue in the gadolinium market. On the other hand, the high cost of the metal is restraining the market from flourishing at an even greater rate.
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Gadolinium Market: Leading Segments
On the basis of raw materials, the gadolinium market can be bifurcated into monazite and bastnasite.Application-wise, this market can be classified into permanent magnets, catalysts, glass polishing, phosphors, ceramics, metal alloy, and glass additives. On the basis of end-user industry, the gadolinium market can be segmented into nuclear reactors, electronics, research labs, and healthcare. Geographically, the Industry ARC report explores the demand potential of all important regions including North America, South America, and Asia Pacific. This market has an enormous scope as the emerging economies, with China and India creating a bed of opportunities.
Gadolinium Market: Competitive Landscape
The key players of this market are Alkane Resources Ltd., Baotou Hefa Rare Earth Co.Ltd, Canada Rare Earth Corporation, China Minmetals Rare Earth Co. Ltd., and Great Western Minerals Group Ltd. Among these, Canada Rare Earth Corporation has its operations at various physical locations including North America, Asia-Pacific, and the Middle East. On the other hand, Great Western Minerals Group Ltd from Canada is one of the biggest firms that is working on rare earth metals.
The rare earth metal gadolinium is one of the most expensive entities available. This metal portrays very unusual properties when it forms alloys with any other metal. The gadolinium metal has a number of applications in various industries such as medical, nuclear and electronic industry. This metal is heavily used in medical equipment such as magnetic resonance imaging MRI. The gadolinium metal plays a significant role of optimizing the image created from the scanner. The market of gadolinium metal is still not mature in the Asia Pacific region, which means herein lies a sea full of opportunities for the market players.
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