Rare Earth Metals Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2012 - 2018
Factors such as the rising demand for rare earth metals from the permanent magnet industry, a strong demand for rare earth metals from China, and the growing demand for rare earth metal catalysts have propelled the rare earth metals market over the years. The rare earth metals market is likely to be driven by the growing recycling of rare metals from e-waste and the exploration of unmined reserves. In contrast, the development of engineering nanocomposites, the capital-intensive nature of rare earth metal extraction, rapidly depleting reserves, and various environmental risks will prove to be impediments to the global rare earth metals market.
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By type, the rare earth metals market is segmented into neodymium, erbium, lutetium, promethium, thulium, scandium, europium, terbium, holmium, gadolinium, dysprosium, ytterbium, praseodymium, samarium, lanthanum, yttrium, and cerium. Among these, cerium oxide holds the largest share in the overall rare earth metals market, accounting for a share of 40.0% in 2013. Lanthanum oxide comes in second, with a 23.80% share in the same year. The growing use of lanthanum oxide in industries such as green technology, construction, automotive, and electronics has driven its demand over the years.
By application, the rare earth metals market is divided into catalyst, ceramics, glass, magnets, metallurgy, phosphors, and polishing. While magnets held the largest share in the global rare earth metals market by volume and revenue, metallurgy is likely to emerge as the most rapidly expanding application segment during the forecast period.
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By geography, the global market for rare earth metals has been fragmented into Europe, North America, Asia Pacific, and Rest of the World. Given that the reserves of rare earth metals are extremely concentrated, the market for the same is also flourishing in only a few parts of the world. China is by far the largest market for rare earth metals owing to the massive reserves of rare earth metals in the country. An estimated 95.0% of the rare earth metal production in the world is carried out in China. This nation is not just the largest producer but also the largest consumer of rare earth metals. China is followed by countries such as the U.S., Russia, India, and Australia.
Some of the leading players in the global rare earth metals market are Molycorp, Great Western Minerals Group, Chinalco Yunnan Copper Resources Ltd., Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co, Rare Elements Resources Ltd., Alkane Resources, Greenland Rare Earth and Energy Ltd., Lynas Corporation Ltd., Arafura Resources, Indian Rare Earths, China Rare Earth Holdings, and Avalon Rare Metals. These players have been profiled in the research report based on attributes such as company overview, recent developments, financial standing, business strategies, and product portfolio.
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