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Hexa Reports
Market Research Reports and Insightful Company Profiles
Rare Earth Elements Market Analysis, Market Size,
Application Analysis, Regional Outlook, Competitive
Strategies And Forecasts, 2012 To 2020
Rare 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.
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.
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Hexa Reports
Market Research Reports and Insightful Company Profiles
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...