San Francisco, California (PRWEB) February 28, 2014
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.
The report “Rare Earth Elements Market Analysis And Segment Forecasts To 2020,” is available now to Grand View Research customers and can also be purchased directly at http://www.grandviewresearch.com/industry-analysis/rare-earth-elements-market.
Further key findings from the study suggest:
Direct link for sample request of this report - http://www.grandviewresearch.com/request/222
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:
Browse All Advanced Materials Market Research Reports @ http://www.grandviewresearch.com/industry/advanced-materials.
About Grand View Research
Grand View Research, Inc. is a market research and consulting company that provides off-the-shelf, 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 energy. With a deep-seated understanding of varied business environments, Grand View Research provides strategic objective insights. For more information, visit http://www.grandviewresearch.com
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