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The Gadolinium Market size is projected to grow at a CAGR of 5.1% during the forecast period 2022-2027 and reach US$311.6 million by 2027. Gadolinium, a silvery-white metal, is a ductile rare-earth element with superior metallurgical properties. It has higher paramagnetic and superior solubility in water. The bolstering production of medical devices and electronics is the major determinant spurring the gadolinium market growth. For instance, according to Japan Electronics and Information Technology Industries Association (JEITA), in 2020, worldwide computer & information terminal production was US$4,672 hundred million and in 2021, it was about US$5,024 hundred million, an increase of about 8%. Moreover, increasing power generation through nuclear energy will also play a vital role in the gadolinium market growth.
Gadolinium Market: Leading Segment is Medical & Healthcare
On the basis of the end-use industry, the Gadolinium Market can be segmented into medical & healthcare, electronics and others. The medical & healthcare industry is evaluated to be the leading segment in the gadolinium market in 2021. During the forecast period 2021-2027, the medical & healthcare segment is expected to grow with a CAGR of 5.5%. Medical professionals can more easily see abnormal tissues in magnetic resonance imaging (MRI) scans, owing to gadolinium-based contrast agents (GBCAs). Global technological development has led to an increase in demand, particularly from the healthcare sector. For instance, the according to the Organisation for Economic Co-operation and Development, in 2020, 15.32 MRIs were available per 1 million population in New Zealand and in 2021, it was 16.62 per 1 million population, an increase of 8.4%. Thus, the growth of the medical & healthcare industry is driving the demand for gadolinium, which, in turn, is accelerating the market growth.
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Gadolinium Market: Leading Region is the North America
On the basis of geography, the Gadolinium Market is segmented into North America, South America, Europe, APAC and ROW. According to IndustryARC’s analysis, North America has emerged as the most dominant region in the market. In 2021, the North American region held around 35.0% share of the total revenue earned by the market globally. The medical and healthcare sector in North America is expanding as a result of booming R&D, investments, government initiatives and other factors. For instance, according to the Organisation for Economic Co-operation and Development, in 2020, 34.66 MRIs were available per 1 million population in the U.S. and in 2021, it was 37.99 per 1 million population, an increase of 9.6%. Therefore, it is anticipated that the booming medical & healthcare industry in the Asia-Pacific region will increase the demand for gadolinium. This, in turn, will increase the size of the gadolinium market in the upcoming years.
The Major Players in this Market Include
The major companies in the Gadolinium market include Solvay, NEO Performance Materials, Rainbow Rare Earths Limited, Metall Rare Earth Limited, HEFA Rare Earth Canada Co. Ltd., Goodfellow Corporation, GFS Chemicals, Inc., All-Chemie, Ltd., Pascal Technologies, Inc. and Fredericksburg.