Market Research Projects Rare Earths Market Growth at 10.3% CAGR Through 2016
Rockville, MD, Marketwire - MarketResearch.com has announced the addition of the new report “Rare Earths: Worldwide Markets, Applications, Technologies,” to their collection of Energy market reports. For more information, visit http://www.marketresearch.com/BCC-Research-v374/Rare-Earths-Worldwide-Applications-Technologies-6727324/
Rare earths are a group of 17 metallic elements that have similar chemical structures with unique properties. The global market for rare earths increased from 111.5 thousand metric tons of equivalent rare earth oxides (REO) in 2009 to 141.3 thousand metric tons in 2010, and is estimated to reach 158.2 thousand metric tons by the end of 2011. Consequently, the total market for rare earths is forecast to grow at a CAGR of 10.3% through 2016, leading to the consumption of nearly 258 billion tons of REO in 2016.
The mechanical/metallurgical sector is estimated to account for 32.1% of total REO consumption in 2011. This sector was 44.8 thousand metric tons in 2010 and is expected to reach 51 thousand metric tons by the end of 2011. BCC expects this market to grow to 77 billion tons by 2016 increasing at a CAGR of 8.6%.
The energy segment is the fastest growing segment of the global rare earths market. This segment has grown from 23 thousand metric tons in 2010 to 27.3 thousand metric tons in 2011. By 2016 the energy segment will reach 62 thousand metric tons increasing at a CAGR of 17.8%.
For more information, visit http://www.marketresearch.com/BCC-Research-v374/Rare-Earths-Worldwide-Applications-Technologies-6727324/
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