The
global rare
earth elements market is expected to reach USD 10.96 billion by
2020, according to a new study by Grand View Research, Inc. Growing demand for
metal catalysts such as Cerium and Lanthanum is expected to drive the
market over the next six years. These metal catalysts find applications across
a host of industries including automobiles, metallurgy, phosphors and glass
among others. In addition, growing market for permanent magnets is expected to
particularly boost the demand for Neodymium.
Certain
rare earth elements such as terbium, europium and yttrium find applications in
the phosphor industry. Phosphor is a vital component in the manufacturing of
LCD screens and CRT displays, the growing electronic industry; particularly in
Asia Pacific is expected to increase the demand for these elements. Depleting
reserves, stringent regulatory framework, complex extraction and capital
intensive nature of the extraction process are expected to be key challenges
for market participants over the next six years. Recycling of these elements
from waste could prove to be a key opportunity for the market in the near
future.
Browse full research report on Global Rare Earth Elements Market: http://www.grandviewresearch.com/industry-analysis/rare-earth-elements-market
Further
Key findings from the study suggest:
- Cerium
dominated the global market and accounted for nearly 40% of rare earth
element consumption in 2013, finding a surge in demand as a catalyst.
Other predominantly consumed elements include Lanthanum, Neodymium,
Praseodymium and Yttrium among others.
- Key
applications of rare earth elements include metallurgy, polishing,
catalyst and magnets. Magnets and metallurgy was the largest application
segment for the market and together accounted for over 40% of consumption
in 2013. Metallurgy is expected to witness fastest growth over the
forecast period due to the use of elements such as cerium, lanthanum,
neodymium and yttrium, which are primarily added to improve physical
properties of the metal.
- Asia
Pacific was the largest consumer of rare earth elements in 2013, with
estimated market revenue of over USD 3.74 billion. The region is also
expected to witness fastest growth in terms of consumption, at an
estimated CAGR of 11.9 % from 2014 to 2020. Growing industrialization and
extraction activities in China are the primary factors responsible for
high growth in Asia Pacific.
- North
America was the second largest consumer of rare earth elements in 2013 and
consumed over 14 kilo tons. However, the region is expected to lose market
share to the high growth regions of Latin America, Middle East and Asia
Pacific over the forecast period.
- Inner
Mongolia Baotou Steel Rare Earth Hi-Tech Co and China Rare Earth Holdings
were the largest suppliers of rare earth element in 2013, together
accounting for over 33% of total market revenue. Other key companies in
the market include Indian Rare Earths Ltd, Molycorp, Great Western Mineral
Group and Lynas Corporation Limited among others.
Browse more reports of this category by
Grand View Research: http://www.grandviewresearch.com/industry/advanced-materials
Grand View Research has
segmented the global rare earth elements market on the basis of products,
application and region:
Rare Earth Elements
Product Outlook
- Cerium
- Dysprosium
- Erbium
- Europium
- Gadolinium
- Holmium
- Lanthanum
- Lutetium
- Neodymium
- Praseodymium
- Promethium
- Samarium
- Scandium
- Terbium
- Thulium
- Ytterbium
- Yttrium
Rare Earth Elements
Application Outlook
- Magnets
- Catalysts
- Metallurgy
- Polishing
- Glass
- Phosphors
- Ceramics
- Other
Rare Earth Elements
Regional Outlook
- North America
- Europe
- Asia Pacific
- RoW
About Grand View
Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The company
provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
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