The global market for rare earth metals demonstrates a fragmented business landscape. Molycorp, Chinalco Yunnan Copper Resources Ltd., Great Western Minerals Group, Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co., Alkane Resources, Rare Elements Resources Ltd., Greenland Rare Earth and Energy Ltd., Arafura Resources, China Rare Earth Holdings, Lynas Corp. Ltd., Indian Rare Earths, and Avalon Rare Metals are some of the key players in this market. The market is becoming increasingly competitive due to the constant entry of new companies. Researchers expect the competition within this market to intensify in the years to come, notes the market study.
According to the research report, the worldwide market for rare earth metals, which stood at US$3.9 bn in 2012, is projected to rise at a CAGR of 13.0% during the period from 2012 to 2018 and increase to US$8.1 bn by the end of the period of the forecast. Among all the types of products available in this market, cerium oxide is the most-valued one. However, the sales of lanthanum oxide is also expected to increase significantly in the near future, thanks to its augmenting usage in various industries, such as construction, green technology, electronics, and automotive, states the research report.
Asia Pacific to Dominate Global Rare Earth Metals Market
In terms of the geography, Europe, Asia Pacific, North America, and the Rest of the World have surfaced as the key segments in the global market for rare earth metals. With extremely concentrated reserves of rare earth metals, this market witnesses robust progress in only a few parts across the world. Asia Pacific, by far, has been leading the worldwide rare earth metals market, with China being the most prominent one. Thanks to the gigantic reserves of rare earth metals in this country, nearly 95.0% of the overall production of rare earth metals around the world is carried out in China. Not just the production but also the consumption of rare earth metals is considerably high in this country, which ensures its future dominance. The U.S., India, Russia, and Australia are expected to closely follow China in the years to come, reports the research study.
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Permanent Magnet Industry to Register High Demand for Rare Earth Metals
“The global market for rare earth metals is benefiting significantly from the increasing usage of rare earth metals in the permanent magnet industry,” says a TMR analyst. The considerable rise in the recycling of rare metals, especially from e-waste, and the surge in the exploration of unmined reserves are also supporting the growth of this market, remarkably. However, the increasing production of engineering nanocomposites, rapid depletion of reserves, high cost required for the extraction of rare earth metals, and a number environmental issues are likely to hamper the global market in the years to come, states the market report.