Global Rare Earth Elements Market To Experience Outstanding GrowthA Story by David JonesRare Earth Elements Market Share, Size, Analysis, Growth, Trends and Forecasts to 2020 | Hexa ResearchRare Earth Elements or rare earth
metals are a group of seventeen elements bearing similar properties. Key
elements in the group include lanthanum, praseodymium, cerium and neodymium.
According to a new study by Hexa Research, high demand for rare earth elements
like cerium and lanthanum in applications like automobiles, metallurgy,
phosphors, glass, etc. will drive global market growth. Rising demand for
permanent magnets in electronic, wind turbine and automotive sectors will
translate into high demand for neodymium. Phosphor is essential to manufacture
of consumer electronic components like LCD screens and CRT displays. Elements
like terbium, europium and yttrium are used in the phosphors industry. Hexa
Research predicts that the global Rare Earth Elements market will reach $10.96
billion in 2020.
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Details of Report @ - http://www.hexaresearch.com/research-report/rare-earth-elements-industry/
Factors like limited reserves, strict regulatory
guidelines, complicated extraction process and heavy capital deployment are
likely to adversely affect market growth. Creation of elements from recycled
waste is an area of opportunity for future.
China, with more than 93% of the global production,
was the largest producer of neodymium in 2012. The country’s potential as a key
supplier of Rare Earth Elements is likely to be hampered by stringent
regulatory stipulations on indiscriminate mining activities.
Hexa Research observed that Cerium was the largest
consumed Rare Earth Element in 2013. It accounted for more than 40% of the
total market that year. Main applications of cerium included petroleum refining
and metallurgy. Application categories of Rare Earth Elements as determined by
the research are catalysts, magnets, metallurgy, glass and polishing. Permanent
magnets grabbed highest market share in 2013 followed by catalysts and
metallurgy. Hexa Research expects permanent magnets to experience fastest growth
in the coming years.
Growing end-use industries in developing Asia Pacific
regions like China, India, Malaysia and South Korea will accelerate demand for
the Rare Earth Elements market in the near future. Asia Pacific fetched
revenues close to $3.8 billion in 2013. China was both, the largest consumer
and producer of Rare Earth Elements in 2013. This will contribute to Asia
Pacific experiencing the fastest growth at a CAGR of 11.5% from 2014 to 2020.
Growth in automotive sector in ROW countries will also contribute to market
growth. Molycorp and Inner Mongolia Baotou Steel Rare Earth HI-Tech Co. were
the dominant players of the Rare Earth Elements industry in 2013. About Us:
Hexa
Research is a market research and consulting organization, offering industry
reports, custom research and consulting services to a host of key industries
across the globe. We offer comprehensive business intelligence in the form of
industry reports which help our clients obtain clarity about their business
environment and enable them to undertake strategic growth initiatives. © 2017 David Jones |
StatsAuthorDavid Jonescalifornia, CAAboutResearch Analyst At Hexa Research Which Provides Research Content For All Types Of Domains do check my Articles more..Writing
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