Lanthanum Market Expecting Worldwide Growth & Expansion by 2021
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The global market for lanthanum has been experiencing noticeable growth with lanthanum being the most widely used rare earth metal after cerium in various automotive and aerospace applications. The significant presence of rare earth metals in emerging regions such as Asia Pacific has led to a tremendous demand for lanthanum from various industries such as hybrid electric vehicles and consumer electronics.
Numerous factors such as the growth of the electronics, electric vehicle and the automotive industry are expected to drive the demand for lanthanum over the next few years. Growing market share of rare earth metal catalysts has also contributed to the growth of the market. However, factors such as environmental risk regarding the production of rare earth metals as well as depleting reserves all over the world are expected to slow down the growth of the market. Recycling of rare earth metals from E-waste are expected to compensate for the environmental risks generated from conventional production processes, thereby providing new opportunities to the growth of the lanthanum market.
Asia Pacific was the largest consumer for lanthanum owing to their availability of raw materials, especially in countries such as Japan and China. Future market growth is expected to be from North America owing to decreasing dependency on Chinese exports. The market condition for the production and exploration of rare earth oxides in North America, particularly the U.S. has become favorable owing to decreased Chinese exports.
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Beijing Cerametek Materials, Cathay Advanced Materials Limited, Haihang Industry, Less Common Metals, and Sigma-Aldrich Corporation are some of the key players dominating the lanthanum industry.
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