The global gadolinium market is expected to be worth US$ 5.3 billion in 2022, rising at a 5.2% CAGR to US$ 8.8 billion from 2022 to 2032. The emerging economies of Asia Pacific are expected to provide profitable opportunities for expansion.
Gadolinium is a ductile and malleable silvery-white rare earth metal. Gadolinium is used in many different applications, such as electronics, medical equipment, imaging agents, and nuclear reactors. Due to its scarcity, the price of gadolinium has increased many times over the years, and this trend is expected to continue shortly.
The primary growth drivers of the global gadolinium market are technological advancements leading to increased demand, rising demand from the healthcare industry, and increased use of color televisions. Additionally, rising gadolinium applications and developing economies such as China, India, and others will open up new opportunities for the gadolinium market.
Superior metallurgical properties and high efficiency have been major factors driving the gadolinium market’s growth. Gadolinium, in small amounts, improves the temperature resistance and efficiency of metals such as iron. Gadolinium is becoming more popular in medical equipment and nuclear applications.
As a result, the rising demand for nuclear energy and medical equipment has been a significant driving force in the industry. The rising price of gadolinium has been a major impediment to market growth over the years. Research and development activities to broaden the application scope of gadolinium are expected to provide a significant market growth opportunity.
Rising demand for nuclear energy, primarily in China and Japan, is expected to drive gadolinium demand in the region. As the threat of an energy crisis grows, several developing economies have increased their investments in the nuclear energy sector.
Emerging geographical segments such as India, Pakistan, and other developing economies in the Asia Pacific region are expected to offer greater opportunities for growth in the region. The region’s market growth is expected to slow as demand shifts toward renewable energy sources, primarily in developed economies such as North America and Europe.
The following companies are major industry participants in the gadolinium market:
- Goodfellow Corporation
- GFS Chemicals, Inc.
- All-Chemie, Ltd
- Pascal Technologies, Inc.
- VA Alfa Chemical Corporation
- Super Conductor Materials, Inc.
- Inorganic Ventures
- Molycorp Corporation