South Korea Praseodymium Carbonate Market was valued at USD 0.03 Billion in 2022 and is projected to reach USD 0.06 Billion by 2030, growing at a CAGR of 9.0% from 2024 to 2030.
The South Korea Praseodymium Carbonate Market is experiencing significant growth, driven by its increasing demand in various industries, particularly in the production of high-performance materials and batteries. Praseodymium carbonate, a rare-earth compound, has vital applications in the manufacturing of high-end magnets, catalytic converters, and energy-efficient devices, making it a key material for the country’s industrial development.
In the automotive industry, praseodymium carbonate plays a crucial role in the creation of permanent magnets used in electric vehicle (EV) motors. The rapid adoption of electric vehicles in South Korea has elevated the demand for these high-performance magnets, which require praseodymium as a core element. As more automakers shift to EVs, the need for praseodymium carbonate is expected to rise sharply, fueling the growth of the market.
In addition to the automotive sector, the energy storage industry is another major consumer of praseodymium carbonate. The growing demand for renewable energy solutions, including wind turbines and solar panels, drives the need for rare-earth elements that are used in the production of batteries and energy-efficient devices. With the rise of clean energy initiatives in South Korea, this trend is expected to continue and further solidify the praseodymium carbonate market's position.
Moreover, the electronics industry is a significant contributor to the demand for praseodymium carbonate. It is used in the production of high-end electronic components, such as smartphones, tablets, and computers. With South Korea being home to leading tech giants like Samsung and LG, the demand for praseodymium carbonate remains steady, ensuring its importance in the market.
The growing requirement for praseodymium carbonate from these industries has prompted increased investment in domestic production and mining activities. South Korea is keen on securing a stable supply of this essential material to maintain its competitive edge in various high-tech sectors. As the market continues to expand, the need for efficient, environmentally friendly extraction methods will become even more critical to meet industry demands and sustain long-term growth in the Praseodymium Carbonate Market.
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Alfa Aesar
3B Scientific
ProChem
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City Chemical
Advanced Technology & Industrial
Aithaca Chemical
VWR International
GFS Chemicals
Kojundo Chemical Laboratory
Shanghai QianYan Bio-technology
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By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the South Korea Praseodymium Carbonate Market
Battery Manufacturing
Electronics
Automotive Industry
Catalysts
Others
Industrial Grade
Laboratory Grade
Low Purity
High Purity
Energy & Power
Electronics & Electrical
Automotive
Healthcare
Chemicals
Powder
Granules
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
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1. Introduction of the South Korea Praseodymium Carbonate Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. South Korea Praseodymium Carbonate Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea Praseodymium Carbonate Market, By Type
6. South Korea Praseodymium Carbonate Market, By Application
7. South Korea Praseodymium Carbonate Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea Praseodymium Carbonate Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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