The global market for rare earths totaled is expected to reach 207,205 metric tons in 2019
Wellesley, Mass. (PRWEB) February 19, 2015
Wellesley, Mass., February 19, 2015 – BCC Research (http://www.bccresearch.com) reveals in its new report on rare earths that the number of applications for rare earths has increased significantly over the last few decades. Technologically advanced devices used in automotive, defense, metallurgy, electronics and optoelectronics, chemical, energy and other fields owe some of their unique properties to the presence of rare earths.
Since the 1960s, the ongoing development of new applications and utilization of rare earths has steadily increased. Rare earths are a group of 17 elements including the lanthanoids (15 elements with atomic numbers between 57 and 71), plus yttrium and scandium. These elements have similar chemical structures that confer on them unique mechanical, chemical, metallurgical, optical, catalytic, nuclear, magnetic and abrasive properties.
The global market for rare earths, in terms of volume, grew from 148,840 metric tons in 2013 to 153,260 metric tons by the end of 2014. Total market value of rare earth consumption in 2014 reached $3.1 billion. Consequently, the total market for rare earths is forecast to rise at a compound annual growth rate (CAGR) of 6.2% through 2019, leading to the consumption of 207,205 tons of rare earth oxides (REOs) in 2019.
“Growth in the consumption of rare earths is projected to pick up during the next five years, although at a moderate rate, as users continue to adopt more efficient manufacturing processes and make use of substitute products to reduce dependence on China,” says BCC Research analyst Margareth Gagliardi. “Given that China is currently the main supplier of rare earths, users are also waiting for new players to gear up production or enter the market.”
Rare Earths: Worldwide Markets, Applications, Technologies is an updated review of the most important advances in rare earth technology and production, and a current and detailed assessment of the rare earth market, including an objective analysis of industry and technological trends, and prospects for future growth.
Editors and reporters who wish to speak with the analyst should contact Steven Cumming at steven.cumming(at)bccresearch(dot)com.
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