Increasing permanent magnets demand is anticipated to augment global
rare earth elements market growth over the next five years. Rare earth
elements are also known as rare earth metals and belongs to a group of
seventeen elements which comprise similar properties. The group consists
of fifteen lanthanide series elements and yttrium and scandium. Major
elements include lanthanum, praseodymium, cerium and Neodymium. These
elements together constituted total rare earth elements market
accounting for over 74% in 2013.
The elements have major applications in technology products such as
TVs, computers & tablets, nuclear batteries, super conductors,
miniature, laser repeaters, military technology, various medical
devices, permanent magnets and rechargeable batteries. These are also
applied as catalysts in petroleum refining and automotive industries and
as pigments in ceramic and glass. Mostly Neodymium is used in permanent
magnet manufacturing process. Growing applications of permanent magnets
in automotive industries are expected to bolster the rare earth
elements market growth.
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Growing applications of rare earth elements as a metal catalyst is
projected to drive the market growth over the forecast period. Majorly
lanthanum and cerium are used as catalyst in petroleum refining and
metallurgical process. Increasing petroleum and metals demand is
anticipated to surge the market growth over the next five years.
Scarcity of these metals and depletion of existing reserves is expected
to hamper the global rare earth metals market growth. The expected
depletion of the metals includes dysprosium and neodymium owing to
increasing consumption worldwide. China was the largest producer of
neodymium in 2012 accounting for over 93% of global production.
Environmental regulatory bodies in many nations such as China have
banned excessive mining to restrict resources exploitation. This is
projected to have negative impact on rare earth elements market over the
next five years.
Major products in the market include Lanthanum, Cerium, Neodymium,
Yttrium, Gadolinium, Praseodymium and Dysprosium. Cerium followed by
Lanthanum was the largest consumed product segment in 2013 accounting
for over 40% of the total market. Cerium is broadly used in petroleum
refining and metallurgy process. Increasing demand for fuel and metals
is projected to boost the rare earth elements market over the forecast
period. Neodymium is one of the most popular earth metals and has
applications in permanent magnets. Increasing applications of permanent
magnets in electronic and automotive industries is anticipated to fuel
the market growth in the near future.
Rare earth elements market is segmented on the basis of applications
into catalysts, magnet, metallurgy, glass, and polishing. Permanent
magnets were the dominant application market in 2013 on account of
increasing applications in automotive and wind turbine. This segment is
anticipated to be the fastest growing market in near future. Catalysts
and metallurgy contributed for the second major market accounting for
over 37% of the total market in 2013. Catalysts are used in several
industries such as glass, ceramic, metallurgy, and polishing.
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Asia Pacific dominated the rare earth elements market in 2013 owing
to economical utilization of reserves. The product demand is projected
to grow at rapid pace due to increasing end-use industries in emerging
economies such as China, India, South Korea and Malaysia. China was the
dominant producer in the region owing to huge number of reserves in
2013. China was also the largest consumer due to increasing applications
in end-use industries. RoW is expected to grow significantly on account
of increasing automotive industries. Russia has reserves accounting for
about 19%, the U.S. with 13%, Australia with 5.4% and India over 3%.
The global rare earth elements market is highly concentrated as few
participants contribute for most of the market. Molycorp and Inner
Mongolia Baotou Steel Rare Earth Hi-Tech Co. were the largest players in
the market together accounted for over 37.5% market share in 2013.
Other market players include Indian Rare Earths Ltd, China Rare Earth
Holding, Lynas Corporation Limited and Great Western Mineral Group.
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