Albany, NY -- (SBWIRE) -- 02/08/2019 -- China's influence over the global rare earth metals market is unlikely to weaken through 2018 as the country boasts the highest reserves of rare earth metals. Although countries such as Russia, India, Australia, and the United States also have substantial reserves of rare earth metals, China leads by a wide margin. This will cause an appreciable portion of all commercial and trading activity in the rare earth metals market to be concentrated in China, states Transparency Market Research (TMR). This projection is substantiated by the estimate that China singlehandedly accounts for over 95% of all rare earth metals produced globally.
Besides the important regional dynamics, this report also studies the most valuable product segments in the global rare earth metals market. For this purpose, metals such as cerium, neodymium, lanthanum, yttrium, and praseodymium are studied in the report. Moreover, the report also studies the top application areas of rare earth metals. The key applications analyzed in the report are magnets and metallurgy.
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In order to provide a clear overview of the competitive scenario and how it is expected to shape up through the forecast period of the report, the study profiles the leading companies in the rare earth metals market.
Rare Earth Metals Market: Opportunities and Restraints
The niche but high-value applications of rare earth metals will the opportunity in this market reach US$8.1 bn by 2018. The demand for rare earth metals is especially high in the permanent magnet industry. In China, the country that is also the largest producer of rare earth metals, the domestic consumption is the highest in the world. This is yet another demand driver for rare earth metals market. At the same time, a steady increase in the demand for and applications of rare earth metal catalysts has been reported in recent years. The demand for cerium is projected to remain the highest through the forecast period of the report.
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Revenue generation in the rare earth metals market will receive a further boost from the increasing interest in resource recovery and recycling. Unmined reserves are projected to be exploited in the next few years, which will pump more rare earth metals into the market, ultimately leading to an increase in the global revenues. However, the impact of this driver could be dampened to some degree by the capital-intensive processes involved in the extraction of rare earth metals. Demand for rare earth metals could also be eroded by the advent of nanocomposites.