This market research report presents a detailed segmentation of the global rare earth metals market by application (permanent magnets, catalysts, battery alloys, polishing powder, phosphors, glass additives, and ceramics), by element type (light and heavy), and by geography (China, Rest of Asia, and the US). Key vendors analyzed in the report are Alkane, Arafura, Avalon, Canada Rare Earth, and Molycorp.
Technavio’s market research analysts estimate the global rare earth metals market to grow at a CAGR of 14% between 2015 and 2019. The rising demand for permanent magnets used in hybrid vehicles and electronics is driving the market growth. Rare earth metals are used in NiMH batteries where neodymium, praseodymium and lanthanum are used in combination with nickel, cobalt and aluminium. These batteries are powerful, light and occupy less space when compared to the conventional lead and lithium batteries. China is the largest consumer of rare earth metals, occupying 63% of the total market revenue. China has been mainly using rare earths in the manufacture of electric goods for both the domestic as well as the export market. The increased demand for rare earth from the automotive and electronic industries in this region is driving the market.
The new market research report from Technavio provides a breakdown and analysis of the rare earth metals segments by technology.
“Of late, the recycling of rare earth metals from electronic wastes is gaining traction in this market. Rare earth metals can be extracted from mobile phones, hard disks, fluorescent lighting equipment, televisions and magnets in notable quantities. The recycling process is being adopted by nations such as Germany, France and Japan that have limited reserves but high consumptions,” says Debasish Nayak, Lead Analyst, Chemicals & Materials, Technavio Research.
The permanent magnets segment dominates the rare earth metals appliucations, accounting for 26% of the total market share. Major rare earth metals used in this application are neodymium, praseodymium, dysprosium, gadolinium, terbium, and samarium. The scope of usage of rare earth metals in permanent magnetism is expected to increase sharply because of rapid advances in technology pertaining to magnetic resonance imaging and superconductivity.
The key vendors in the global rare earth metals market include Alkane, Arafura, Avalon, Canada Rare Earth, and Molycorp. Around 250 firms are involved globally, in the exploration and production of rare earth metal deposits. Most of the firms’ operating activities are based in China, followed by US, Australia and Canada. State-owned firms either directly or indirectly control about 60% of the global rare earth output.
A more detailed analysis is available in the Technavio report, Global Rare Earth Metals Market 2015-2019.
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