- The worldwide rare earth elements market is likely to reach over USD 10 billion by 2020. Accentuating requirement for metal catalysts is all set to raise the sales of these elements in the upcoming years. Some of the rare earth elements include yttrium, terbium, and europium all of which find use in the phosphorous industry.
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Thus, expansion in the phosphorous industry would steer market sales. For the manufacture of CRT displays, and LCD screens; phosphorous is an essential ingredient. The rising electronics industry in Asia Pacific would also boost market growth. The key rare earth elements market products include gadolinium, praseodymium, cerium, dysprosium, lanthanum, and yttrium.
The highest consumed element in 2012 was Cerium. It contributed over 39% of the overall share. With accelerating industrialization in developing economies, cerium demand would increase further. In the same year, lanthanum, with over 40 kilo tons consumption globally, was the second highest consumed element.
The major applications of the rare earth elements market include glass, magnets, metallurgy, and catalysts. Augmented demand for these elements across the aforementioned applications would drive revenue for the market. In 2012, magnets were the biggest application and contributed over USD 1 billion. With a revenue share of over 38%, the sectors of metallurgy and catalysts were the second biggest.
The most important rare earth element used in permanent magnets is Neodymium. The demand for permanent magnets is anticipated to reach over 1, 300 kilo tons by 2020. Furthermore, the expanding global automobile industry would raise magnets’ sales, thereby driving the rare earth elements market ahead.
Due to the cost-effective utilization of Chinese reserves, the region of Asia Pacific was the major market. This region would grow at a CAGR of over 11% from 2014 to 2020. The region of ‘rest of the world’ is likely to undergo significant expansion in the upcoming years. This is due to growth in its automotive and metallurgy industries.
The major participants in the rare earth elements market include Indian Rare Earths Ltd, Lynas Corporation Limited, and China Rare Earth Holdings. The other leading players are Molycorp Inner Magnolia, and Baotou Steels. Most of the players are engaged in gaining a better market foothold over others.
Information Source: Grand View Research
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