Global Rare Earth Elements Market - Segmented by Element, End-user Industry, and Region - Growth, Trends, and Forecast (2018 - 2023)
The global rare earth elements market is expected register significant growth during the forecast period, mainly driven by the high demand from emerging economies. Owing to their various properties, rare earth metals find applications in a wide range of industries. Rare earth permanent magnets are expected to record the highest growth, over the next 5 to 10 years.
High Demand from Emerging Economies Drives the Market
Owing to their properties, such as electronic, optical, and magnetic characteristics, rare earth metals find applications in a wide range of industries. These applications range from permanent magnets, metal alloys, phosphors, catalysts, and polishing, to glass additives. The growing end-user industries in developing Asia-Pacific region, including China, India, Malaysia, and South Korea, are expected to accelerate the demand for the rare earth elements market, over the forecast period. China was both the largest consumer and producer of rare earth elements, in 2017.
Cerium Dominating the Market
Cerium is used to manufacture catalytic converters. It helps to convert pollutants in the engine exhaust system into non-toxic compounds. Rechargeable batteries made from neodymium, lanthanum, and cerium (combined with manganese, nickel, cobalt, and/or aluminum) are used in car batteries in hybrid electric vehicles, electronic devices, and power tools. Cerium is also used to manufacture catalytic converters, which convert pollutants in engine exhaust system into non-toxic compounds.
Asia-Pacific to Dominate the Market
By geography, due to the ready availability, especially in countries, such as China, Japan, and Australia, Asia-Pacific is the largest segment in the global rare earth metals market. The considerable presence of rare earth metals, in industries, such as consumer electronics and hybrid electric vehicles, especially in Japan and China, has led to a tremendous demand from this region. Presently, permanent magnet garners the highest demand for rare earth metals in this region, whereas the demand for phosphors is expected to record robust growth.
Major Players: China Minmetals Corporation, Eutectix, Shin-Etsu Chemical Company, Xiamen Tungsten Co. Ltd, and Alkane Resources Ltd, amongst others.
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