The rare earth metals market is divided by types, applications and geographical locations. Rare earth metals by types is a group of seventeen metals that include fifteen lanthanides. These fifteen lanthanides are praseodymium, neodymium, promethium, dysprosium, gadolinium, thulium, ytterbium, lanthanum, cerium, samarium, europium, holmium, terbium, erbium and lutetium with same chemical characteristics and the remaining two metals known as yttrium and scandium totaling seventeen rare earth metals.
These earth metals are classified into heavy earth metals and light earth metals. The heavy earth metals includes yttrium, europium, holmium, thulium, ytterbium, gadolinium, terbium, dysprosium, erbium and lutetium while light earth metals includes praseodymium, promethium, samarium, lanthanum, cerium and neodymium. Cerium is the most extensively used rare metal found in earth crust. It is followed by lanthanum & neodymium. But scandium is the biggest revenue producing rare earth metal followed by dysprosium and neodymium. Praseodymium, lanthanum, yttrium, cerium and neodymium are the most extensively used in rapidly growing application sections like magnets and metallurgy.
The growing trends in automobile section, electric vehicle sector and consumer electronics industry is mainly stimulating the demand and growth of worldwide rare earth metals market across the globe. Among the various rare earth metals types, cerium oxide evolved as the highest contributor to the total market share of the rare earth metals market all across the globe .
Due to its various uses applications, cerium oxide contributed to about forty percent of market share to the total market share of the worldwide rare earth metals market in year 2013. It was succeeded by lanthanum oxide which contributed to about 23.8% of the market share to the total market share of the rare earth metals industry during the same span. The applications of lanthanum oxide are found extensively in business sectors (or industries) like automobile industry, green technology sector and other sectors like electronics industry as well as construction industry .
The applications of rare earth metals market includes computer memory, DVD's, Catalyst, Fluorescent Lighting, Metallurgy, Cell Phones, ceramics, Car Catalytic Converters, Phosphors, Rechargeable Batteries, Glass , Magnets and Polishing. Magnets are the biggest application section in terms of total income and production. Metallurgy is the rapidly growing application section that is predicted to display the strength in future. The worldwide rare earth metals market is predicted to record a steady growth in future.
The rare earth metals industry will acquire impetus due to its growing demand for rechargeable batteries primarily used in day today electronics items like fluorescent lighting, car catalytic converters, magnets, mobiles, computer memory, DVDs, car catalytic converters and other equipments. Governments of different countries across the world are emphasizing upon the utilization and consumption of rechargeable batteries to annihilate green house effects. This is positively affecting the sales volume of rare earth metals across the globe. Hence, rising demand for clean energy significantly fuels the demand from the global rare earth metals industry.
Global rare earth metals market is divided into four geographical locations that includes region of Europe, APAC region, region of North America and Rest of the World. The rare earth metals reserves are available in enormous quantities in only few geographical regions. China holds the highest reserves of rare earth metals all across the globe and contributes about ninety five percent to the total market share of the global rare earth metals market. It is followed by Australia, Russia, USA, India and others. China is the biggest manufacturer and user of earth rare metals contributing about ninety five percent share to the total market share of the global rare earth metals market.
The worldwide rare earth metals market was evaluated at 3.90 billion US dollars in year 2012 and it is expected to reach 8.20 billion US dollars by the end of year 2018. It is expected that the global rare earth metals market is going to display a healthy CAGR growth rate of about 14% during the forecasted period of year 2012 to year 2020. The fluctuating costs of the rare earth metals and the high level of availability of these rare earth metals in few regions like China are the factors that can hinder the growth of the global rare earth metals market.
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Key industry players profiled in the market research report includes firms like Alkane Resources Limited, Quest Rare Minerals Limited, Indian Rare Earths Limited, Great Western Minerals Group Limited, Rare Element Resources Limited, Inner Mongolia Baotou Steel Rare Earth Hi-Tech Corporation, Arafura Resources, Avalon Rare Metals Incorporation, China Rare Earth Holdings Limited, Lynas Corporation Limited, Greenland Minerals & Energy Limited, Molycorp, Chinalco Yunnan Copper Resources Limited and Frontier Rare Earths Limited. These are some of the reputed firms dominating the global rare earth metals industry.