Rare Earth Metals Market Forecasts
Albany, New York (PRWEB) August 27, 2014
Rare Earth Metals Market demand was worth USD 3.93 billion in 2013 and is expected to reach USD 8.19 billion by 2019, growing at a CAGR of 13.0% from 2013 to 2019. In terms of volumes, global rare earth metals demand is expected to cross 290 kilo tons by 2019.
Rare earth metals are set of seventeen chemical elements, especially fifteen lanthanides, plus scandium and yttrium. The set includes lanthanum, gadolinium, holmium, praseodymium, cerium, samarium, neodymium, promethium, dysprosium, terbium, thulium, europium, erbium, ytterbium, and lutetium. These are further classified into heavy earth metals and light rare earth metals. The heavy set is inclusive of yttrium, gadolinium, europium, terbium, holmium, dysprosium, thulium, erbium, ytterbium, and lutetium, while the light set includes lanthanum, praseodymium, cerium, promethium, neodymium, and samarium. Despite termed as rare, these metals are used in most of the day-to-day items such as DVD’s, fluorescent lighting, cell phones, rechargeable batteries, magnets, computer memory, and car catalytic converters.
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Industry experts suggest, the rare earth metals market is on the rise in the coming years. Increasing demand for clean energy, existing and emerging applications, and initiatives taken by government to promote greener energy are some of the important market drivers for this industry. Some of the applications markets for this industry are metallurgy, magnets, catalysts, and phosphors. Presently, magnets attribute to a major application chunk in terms of revenue and consumption. However, metallurgy seems to be the next promising segment. These market drivers are being tugged at the other end by market inhibitors such as fluctuating prices and China’s dominance over rare metals market.
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- Market Division
The rare earth metals market is further divided according to the type of metals, their application, and the geography of their market. In what follows, we see a list of segmentation of rare metals industry in the aforementioned way.
Rare earth metals market by type:
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Rare earth metals market by application:
Rare earth metals market by geography:
- North America
- Rest of the World (RoW)
- What Lies Ahead
The rare earth metal reserves are concentrated mostly in China, followed by Russia, United States, Australia, and India. Owing to high reserves in the region, China nearly accounts for 95% of the total global rare earth metal production and consumption. According to statistics provided by analysts, the rare earth metal market revenue stood at $ 3.4 billion in 2011. The forecast for this industry suggests this figure will grow at a CAGR of 13% from 2012 to 2018. The growth in rare earth metals market depends on the type of metal too. The one expected to do solid business in the coming years is cerium.
Cerium is widely used in fast growing applications such as magnets and metallurgy. This metal is followed by lanthanum, neodymium and others. Despite cerium’s popular usage, scandium wins in terms of revenue, which is followed closely by neodymium, dysprosium and others.
The recent report published by Transparency Market Research studies the global market for rare earth metals and forecasts the volumes and revenues with regards to regions of Europe, North America, Asia-Pacific, and Rest of the World. It further profiles top players in the market such as Arafura Resources, China Rare Earth Holdings, Indian Rare Earths, Inner Mongolia Baotou Steel Rare Earth Hi-Tech Co, Alkane Resources, Great Western Minerals Group, Avalon Rare Metals, Rare Elements Resources Ltd, Greenland Rare Earth and Energy Ltd, Lynas Corporation Ltd., Molycorp, and Chinalco Yunnan Copper Resources Ltd. The aim of this report is to provide every reader with a granular view of the rare earth metal market to be able to make well-informed business decisions.
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