Rare Earth Elements Market Analysis, Market Size, Application Analysis, Regional Outlook, Competitive Strategies and Forecasts, 2012 to 2020

Hexa Reports

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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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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...