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.
Rare earth elements market volume, by application, 2012 |
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: 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: 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
Access
Press Release By Grand View Research: www.grandviewresearch.com/press-release/global-rare-earth-elements-market
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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