28 Feb 2019 - Rare earth metals are a set of seventeen elements that exhibit similar properties and belong to the actinide and lanthanide series. The whole fifteen elements of the lanthanide series and yttrium and scandium together make up these elements. Few common elements include Lanthanum, Praseodymium, Cerium, and Neodymium among others and account for over 70.0% of global rare earth metal consumption. Rare earth metals has its applications in various high technology products such as TVs, nuclear batteries, miniature, numerous medical devices, permanent magnets and rechargeable batteries for hybrid cars and wind turbines, tablet computers, advanced military technology, laser repeaters, and superconductors.
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Additionally, they are also used as catalysts in petroleum refining & automotive and as pigments in ceramics and glass. Metals such as Neodymium are widely used in the manufacturing of permanent magnets. This is projected to directly impact the demand for neodymium which is one of the maximum consumed rare earth metal. Additionally, the developing automobile industry is anticipated to enhance the demand for magnets, in turn, are projected to drive rare earth metals market demand. Another major factor driving the Rare Earth Metals Market is the increasing use of these elements as a metal catalyst. Lanthanum and Cerium are widely used as catalyst in petroleum and metallurgical refining process. Hence, it expected to significantly increase the demand for lanthanum and cerium which has accounted for over 50.0 % of global rare earth metal consumption in 2012.
Despite the vast application scope for these metals, the market faces significant restraint in the form of depleting reserves and unavailability of raw material. In the recent past, over 90.0 % of these elements were extracted in China, and this has led to rising supple demand gap in several other parts of the world. The expected depleting prevailing reserves of rare earth metal include dysprosium and neodymium since the consumption is projected to increase drastically over the forecast period owing to increasing consumption by end users such as electrical vehicles and the wind turbines industry. Furthermore, the environmental threats of mining have enforced several countries such as China to impose a ban on extreme mining to restrain exploitation of resources.
The major rare earth metals include Lanthanum, Yttrium, Dysprosium, Cerium, Praseodymium, Neodymium and Gadolinium. Cerium was the maximum consumed metal, accounting for over 35.0 % of global Rare Earth Metal Market consumption in recent past. Cerium is extensively used as a rare earth metal catalyst in refining and metallurgy process. The rising industrialization in emerging economies is anticipated to fuel the demand for cerium over the next eight years. Lanthanum was recorded as the second highest consumed metal with global consumption of more than 40 kilo tons in recent past. It is also used in a variety of refining and metallurgical activities. Neodymium is one of the most significant rare earth metals and has its application in permanent magnets. The demand for permanent magnets is expected to grow significantly owing to its increasing use in electronic and automobile application.
Metallurgy, magnets, glass, polishing, and catalyst are main applications for the rare earth metals market. Magnets were the biggest application segment for this market. The rising use of magnets in automotive and wind turbine is expected to fuel the sales of these metals. Catalyst and metallurgy were the largest application markets for these metals accounting for over 35.0 % of the revenue in recent past. Asia Pacific is anticipated to be account for major market share over the forecast period mainly due to the growing awareness regarding its industrial advantages and presence of rich natural resource reserves. China constitutes more than 90% rare earth metals manufacturing, thus creating a huge demand and supply gap in the sector. Hence, creating new opportunities for emerging manufacturers that are anticipated to cater the growing end-user demand from electric vehicle industry coupled with wind turbine industry.
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North America and Europe are anticipated to witness significant growth over the next eight years owing to the presence of high reserves of rare earth metals and rising demand from end-user industries. Particularly the US, Germany, France, the UK, and Italy are projected to account for highest growth in the region majorly due to growing demand for big 5 elements and rising R&D endeavors to enhance quality and properties. The Middle East & Africa is projected to see significant growth by 2024 mainly owing to increasing urbanization, globalization, and industrialization. The market has huge potential in this region primarily owing to growing economic development, and rising purchasing power parity. Molycorp Inc. and China Northern rare Earth Group High-Tech Co Ltd account for major market share and presently considered as largest companies manufacturing rare earth metals. Few other market vendors include Canada rare Earths Ltd, China rare Earth Holdings, Alkane, Avalon, Arafura, Lynas Corporation Limited and Great Western Mineral Group.
