Gadolinium Market Report – Forecast (2022-2027)

akhila.Thallapalli

posted on 2 years ago — updated on 1 second ago

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The Gadolinium Market size is estimated to reach US$311.6 million by 2027, after growing at a CAGR of 5.1% during the forecast period 2022-2027.

The Gadolinium Market size is estimated to reach US$311.6 million by 2027, after growing at a CAGR of 5.1% during the forecast period 2022-2027. Gadolinium, a silvery-white metal, is a ductile rare-earth element with superior metallurgical properties. It can significantly enhance the resistance and workability to oxidation at high temperatures of chromium, iron and other similar metals. It slowly reacts with atmospheric oxygen or moisture, forming a black coating. Gadolinium can be utilized as a rare earth metal or a salt that absorbs neutrons over other lanthanides. Therefore, gadolinium is used in medical equipment, nuclear power plants and other similar applications. The booming medical & healthcare industry is the primary factor driving the gadolinium market growth since gadolinium-based contrast agents are employed in magnetic resonance imaging (MRI). However, in 2020, the COVID-19 pandemic caused ripples in the growth of the gadolinium industry. This was due to the major manufacturing facilities related to electronics, nuclear power and more being temporarily shut down. In 2021, the pro-government measures worldwide fostered the growth of the gadolinium industry. Also, the surging utilization of nuclear energy for power generation is expected to fuel the demand for Gadolinium. As a result, the Gadolinium market size would grow during the projected forecast period.

Report Coverage

The "Gadolinium Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Gadolinium Market.

By Product Type: Gadolinium Acetate, Gadolinium Acetylacetonate, Gadolinium Oxide, Gadolinium Nitrate, Gadolinium Chloride and Others.
By Packaging: Drums, Bottles, Containers and Others.
By Application: Medical Equipment, Nuclear Reactors, Electronic Device Materials and Others.
By End-use Industry: Nuclear Power Generation, Medical & Healthcare, Electronics (Television, Computers, Smartphones and Others) and Others.
By Geography: North America (the USA, Canada and Mexico), Europe (the UK, Germany, France, Italy, the Netherlands, Spain, Russia, Belgium and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia and the Rest of APAC), South America (Brazil, Argentina, Colombia, Chile and the Rest of South America) and the Rest of the World [the Middle East (Saudi Arabia, the UAE, Israel and the Rest of Middle East) and Africa (South Africa, Nigeria and the Rest of Africa)].

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Key Takeaways

North America dominated the Gadolinium Market, owing to the medical device industry growth in the region. For instance, according to the Government of Canada, in 2020, the medical device market in Canada was valued at US$7.5 billion in 2020. Diagnostic imaging held a major share (21%) of Canada's medical device market.
The increasing research & development associated with Gadolinium would create an opportunity for market growth during the forecast period of 2022-2027.
Moreover, the bolstering electronics industry is fueling the demand for Gadolinium since it is utilized in the manufacturing of various electronic products such as smartphones, televisions and more. This determinant is accelerating market growth.
However, the high cost of Gadolinium may restrict the growth of the Gadolinium industry in the upcoming years.

Gadolinium Market Segment Analysis – by Application

The medical equipment segment held the significant Gadolinium Market share in 2021 and is projected to grow at a CAGR of 5.3% during the forecast period 2022-2027. Gadolinium, a silvery-white metal is utilized in high-temperature medical equipment due to its strong resistivity. Gadolinium compounds are used as a phosphor in medical equipment such as X-rays, MRIs and other similar medical equipment. The technological advancements, increasing demand for highly sophisticated medical equipment and other factors are driving the growth of the medical equipment industry. According to recent statistics by the Government of Canada, excluding in vitro diagnostics, the worldwide market for medical equipment was valued at US$419 billion in 2020. The United States was the prominent and most developed market in the world, with a share of US$177 billion or 42% of the worldwide market. Thus, the growth of the medical equipment industry would raise the demand for gadolinium. This would drive market expansion in the coming years.

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Gadolinium Market Segment Analysis – by End-use Industry

The medical & healthcare segment held the largest Gadolinium Market share in 2021 and is forecasted to grow at a CAGR of 5.5% during the forecast period 2022-2027. Gadolinium-based contrast agents (GBCAs) enable doctors to see abnormal tissues more clearly in magnetic resonance imaging (MRI) scans. Technological advancements at the global level have resulted in increased demand, particularly from the healthcare industry. According to Invest India, it is forecasted that India’s medical device segment would reach US$50 billion by 2025. Moreover, according to the Organisation for Economic Co-operation and Development, in 2019, 13.06 MRIs were available per 1 million population in Austria and in 2020, it was 13.46 per 1 million population, an increase of 3.1%. Also, in 2019, in France, 8.73 MRIs were available per 1 million population and in 2020, it was 9.35 per 1 million population, an increase of 7%. Thus, the growth of the medical & healthcare industry is expected to fuel the demand for Gadolinium-based contrast agents. This factor would accelerate the market growth in the coming years.

Gadolinium Market Segment Analysis – by Geography

North America is the dominating region as it held the largest Gadolinium Market share of up to 35% in 2021. In studies such as the Global Competitiveness Report, Ease of Doing Business Index and others, North American countries ranks among the top-performing economies. Thus, the prospering business environment is propelling the growth of various industries, including medical & healthcare, nuclear power generation and more. The surging research & development, investments, government initiatives and other factors are driving the growth of the medical & healthcare industry in the North American region. According to the International Trade Administration (ITA), in 2019, the Mexican medical device market, including X-ray, MRI and other devices, was valued at US$15.27 billion and in 2020, it was US$16.80 billion, an increase of 10%. Therefore, the growth of the medical & healthcare sector is bolstering the demand for Gadolinium. As a result, the Gadolinium market size is growing.

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Gadolinium Market Drivers

Increasing Power Generation through Nuclear Energy:

Gadolinium, a silvery-white metal is deployed as a neutron poison in nuclear reactors to control the reactivity since it has a high thermal neutron absorption cross section (49,000 b), higher paramagnetic and superior solubility in water. The surging utilization of nuclear power plants for electricity generation and the construction of new nuclear plants for power generation are accelerating the growth of the nuclear power industry. According to the World Nuclear Association, in 2020, North American region had the highest electricity generation through nuclear power. It was 8,92,949 GWH out of 25,53,200 GWH - approximately 35% of the total power generation. Thus, the increasing power generation through nuclear energy is boosting the demand for Gadolinium as control rods. This, in turn, is driving the market growth.

Booming Electronics Industry:

Gadolinium is used in the realm of computer applications and is also present in a phosphorous form in color television sets. Gadolinium alloys are used in the production of electrical devices like cellphones as well as magnetic devices. Factors such as government policies aiding the electronics industry, emerging economies, technological advancement and others are vital for the electronics industry's growth. According to Japan Electronics and Information Technology Industries Association (JEITA), in 2020, the worldwide electrical and electronics production was US$3,033.7 billion and in 2021, it was about US$3,330.6billion, an increase of about 9.8%. Also, according to Global System for Mobile Communication, there would be 700 million new mobile subscribers in the world by the year 2025. Therefore, the growth of the electronics industry is accelerating the demand for Gadolinium, which, in turn, is aiding the market growth.

Gadolinium Market Challenge

High Price of Gadolinium:

The key variables such as logistics and supply chain, shortage of raw materials and other factors are impacting the pricing of Gadolinium. According to the recent data published by China Southern Rare Earth Group, one of the six government-owned rare earth mining groups in China, at the last week of April 2020, gadolinium oxide was priced at yuan 153,000 per metric ton (US$21,851.154 per metric ton), yuan 1,000 per metric ton (US$142.8 per metric ton) higher from a week ago. Thus, such an increase in the prices of gadolinium would create a roadblock for the Gadolinium industry growth during the forecast period of 2022-2027.

Gadolinium Industry Outlook

Technology launches, acquisitions and increased R&D activities are key strategies adopted by players in the Gadolinium Market. The top 10 companies in the Gadolinium market are: