Global Rare Earth Metals Market is Expected to Reach Around USD 9.0 billion in 2020
Deerfield Beach, FL -- (SBWIRE) -- 10/11/2017 -- According to the report, global rare earth metal market was valued at around USD 5.0 billion in 2014 and is expected to reach USD 9.0 billion in 2020, growing at a double-digit CAGR between 2015 and 2020. In terms of volume, the global rare earth metal market stood at in 185 kilotons 2014. Zion Market Research has published a new report titled "Rare Earth Metals (Cerium, Lanthanum, Neodymium, Praseodymium, Dysprosium, Europium, Yttrium, Scandium and Others) Market for Magnets, Catalyst, Metallurgy, Polishing, Glass, Phosphorus, Ceramics and Other Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2014 – 2020".
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Rare earth elements are a group of seventeen chemical elements that occur together in the periodic table. The group consists of yttrium and the 15 lanthanide elements (lanthanum, cerium, praseodymium, neodymium, promethium, samarium, europium, gadolinium, terbium, dysprosium, holmium, erbium, thulium, ytterbium, and lutetium). Scandium is found in most rare earth element deposits and is sometimes classified as a rare earth element. Rare earth metals are classified as heavy rare earth metals (yttrium, gadolinium, europium, terbium, holmium, dysprosium, thulium, erbium, ytterbium, and lutetium) and light rare earth metals (lanthanum, praseodymium, cerium, promethium, neodymium, and samarium). The rare earth elements are all metals, and the group is often referred to as the "rare earth metals." These metals have many similar properties and that often causes them to be found together in geologic deposits. They are also referred to as "rare earth oxides" because many of them are typically sold as oxide compounds.
Rare earth metals and alloys that contain them are used in many devices that people use every day such as computer memory, DVDs, rechargeable batteries, cell phones, catalytic converters, magnets, fluorescent lighting and much more. The global demand for automobiles, consumer electronics, energy-efficient lighting, and catalysts is expected to rise rapidly over the next decade. Rare earth magnet demand is expected to increase, as is the demand for rechargeable batteries. New developments in medical technology are expected to increase the use of surgical lasers, magnetic resonance imaging, and positron emission tomography scintillation detectors.
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Lanthanum, praseodymium, cerium, neodymium, samarium, promethium, europium, dysprosium, holmium, gadolinium, terbium, thulium, scandium, yttrium, erbium, ytterbium, lutetium, and others are the key product segments of the rare earth metal market. Cerium oxide dominated the global rare earth metal market owing to strong demand from catalyst market. Cerium oxide accounted for around 40% share of the total rare earth metal market in 2014. Lanthanum is expected to be the fastest-growing segment of rare earth metal market during the forecast period. This can be attributed to the rapidly growing demand for rare earth metal in car batteries and different electronics appliances. However, other products of rare earth metals like neodymium, samarium, promethium, europium, dysprosium etc., are also expected to exhibit robust growth between 2015 and 2020.
On the basis of applications rare earth metal market can be segmented as magnets, catalyst, metallurgy, ceramics, phosphors, glass, and polishing. The magnet was the largest application market for rare earth metals and accounted for around 21% of the total rare earth metal volume consumed in 2014. Strong economic growth in emerging economies and support from governments has resulted into rapid growth in manufacturing of high technology products like tablet computers, TVs, advanced military technology, nuclear batteries, laser repeaters, miniature, superconductors, numerous medical devices, and rechargeable batteries. This in turn expected to drive the demand for rare earth metals, especially in Asia Pacific region. This, in turn, resulted in strong growth of rare earth metal in Asia Pacific region, especially in China. Strong growth prospects of the global wind turbine and the automotive industry is also expected to boost demand for rare earth metals in the near future. Catalysts and metallurgy also accounted for significant share of the global rare earth metals market.
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Rare earth metal market was dominated by Asia Pacific with over 75% share in total volume consumption in 2014. Asia Pacific was followed by North America and Europe. China dominated the production and consumption of rare earth metals. Strong demand from China, India, Japan and South Korea is expected to fuel the growth of this industry in the years to come. Rare earth metals market in North America is mainly driven by strong demand from the defense industry. The military uses night-vision goggles, precision-guided weapons, communications equipment, GPS equipment, batteries and other defense electronics. Rare earth metals are key ingredients for making the very hard alloys used in armored vehicles and projectiles that shatter upon impact. However, the wind turbine is an important application market for rare earth metals in Europe.
Global rare earth metal market is highly competitive, with the presence of well-established global market participants. Arafura Resources, Alkane Resources Ltd., Avalon Rare Metals Inc., Quest Rare Minerals Limited, China Rare Earth Holdings Limited, Indian Rare Earths Limited, Lynas Corporation Limited, Great Western Minerals Group Ltd., Greenland Minerals & Energy Ltd., Rare Element Resources Ltd., Molycorp, Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co, Frontier Rare Earths Limited are some of the key vendors in the market.