The global rare earth metals demand is anticipated to grow at a CAGR of 9% to reach $8.8 billion by 2018.
(PRWEB) July 14, 2014
The high demand in the current and emerging applications, increasing demand for clean energy, initiatives of associations and regulatory bodies, and the population trends are the major factors which drive the growth of the global rare earth metals market.The rare earth metals are used in various direct applications ranging from permanent magnets, catalysts, phosphors, glass additives, polishing, and x-rays, among others.
North America is the second-largest region in the world for rare earth metals. North America’s mine deposits, innovative technologies, and research & development enable the region to meet the high demand in rare earth metals.The growing effort for low carbon technologies in North America contributes a major role in the growth of rare earth market.
The U.S. had the highest demand for rare earth oxides in North America, followed by Canada. The U.S. is expected to be the fastest growing region, at a CAGR of around 8%.North America has been the most active region in terms of number of developments, followed by Asia-Pacific.
Great Western Minerals Group Ltd. (Saskatoon, Canada) and Molycorp Inc. (Colorado, U.S.) are among the most active players in the market.
Browse through the market data tables, figures and detailed ToC on the “North America Rare Earth Metals”.
Europe Rare Earth Metals Market
The European market for rare earth oxides is mostly dependent upon imports and is facing a rigorous challenge to meet the growing demand. Petroleum, automobile, industrial, and other catalyst market segments are all set to grow moderately over the next five years, which eventually would increase the rare earth consumption.Europe focuses on investments in the necessary innovative technologies for rare earths recycling and substitution. The Europeanmarket is projected to grow at a CAGR of around 10 – 12%, during the forecast period.
The European Union imports more than 90% of its rare earth metal needs from countries such as China, due to insufficient domestic supply within the region. To ensure supply security, the EU is trying to improve access to rare earths, reduce their consumption and enhance extraction conditions across the continent.
Asia-Pacific Rare Earth Metals Market
Asia- Pacific is the top region in terms of total rare earth material consumption due to the rapidly increasing demand in China, which accounts for approximately 60% of the global rare earth consumption.
China highly dominates the market, followed by Japan and other countries such as India, Australia, and Malaysia.Asia-Pacific was the largest consumer of rare earth elements in 2013, with estimated market revenue of over $3.74 billion. The region is also likely to witness the fastest growth in terms of consumption as a result of the growing industrialization and extraction activities in China.
The major companies in the region of Asia-Pacific are Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co Ltd. (China) and MinmetalsGanzhou Rare Earth Co. Ltd.
South America, Africa, Middle East Rare Earth Metals Market
Estonia, South Africa, and Brazil are some of the other countries which carry out the production of rare earth metals. The current production trend is focused on meeting the local demands rather than being an import-oriented country. The discovery of rare earth deposit has proved Brazil to be a significant market.
Rare earth magnets are widely used in major consumer and industrial electronic applications, such as smartphones, acoustic speakers, hard disk drives, mainly due to their high performance to size ratio and high magnetic strength. The usage of rare earth metals in permanent magnets is expected to grow by 12% to 14% in the next five to ten years.The rare earth metals used in the emerging technologies such as wind turbines and hybrid electric vehicles are expected to experience an increased demand in the emerging economies of the region.
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