The global market
for rare
earth elements 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 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
For the purpose of this
study, 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
Grand View Research has
segmented the medical marijuana market by application and region:
Application Outlook
(Market Revenue in USD Million, 2013 - 2025)
- Chronic Pain
- Arthritis
- Migraine
- Cancer
- Others
Regional Outlook (Market
Revenue in USD Million, 2013 - 2025)
- North America
- U.S.
- Canada
- Europe
- Belgium
- Croatia
- Finland
- France
- Italy
- Netherlands
- Portugal
- Romania
- Switzerland
- Czech Republic
- Estonia
- ROW
- Israel
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.
For more information: http://www.grandviewresearch.com
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