NEW YORK, Sept. 17, 2015 /PRNewswire/ -- The global Rare Earth Elements (REE) market is valued at 5 billion USD in 2014. The market is expected to grow at a CAGR of 6% during the forecast period. As of 2014, the amount of rare earth reserves available worldwide is estimated to be 140 million metric tons.
China is the world's biggest rare earth producer. The country's rare earth mineral production stood at 100,000 tons in 2013, accounting for over 90% of global production. China also accounts for about 60% of global consumption. Other countries, including Australia, Canada and South Africa, are undertaking exploration projects. They have already commenced mining activities on a range of large rare earth deposits that have the potential to make a significant contribution to global supplies. Rare earth element exploration and/or development is being done also in Thailand, Malawi, and Sri Lanka.
Ironically, Rare Earth Elements (REEs) are actually very common in the earth's crust. Rare earths are used as catalysts, phosphors, and polishing compounds. Air pollution control, illuminated screens on electronic devices, and the polishing of optical-quality glass are some of its well-known uses.
REEs shape the way we live; they are critical components in consumer electronics such as televisions, tablet computers, cameras, and mobile phones. Due to their unique optical and magnetic properties, REEs are used to make rechargeable batteries found in hybrid cars. REEs are also essential to many green energy technologies and hence called Green Elements.
The $1 billion Dubbo Zirconia Project (DZP) is one of Australia's most valuable rare metal/rare earth project. With an estimated mine life of 70+ years, the DZP will be the next big project to hit the global market in near future.
Major players in this market are Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co Ltd., Molycorp Inc., China Minmetals Rare Earth Co. Ltd., and Great Western Minerals Group Ltd., Alkane Resources Ltd.
Demand from emerging economies are expected to drive the Rare Earth Element (REE) market. The application of rare earth magnets in wind turbines is expected to be another major growth factor for the global rare earth metals market over the long term.
What the report offers
1) Market Definition along with identification of key drivers and restraints for the market.
2) Market analysis with region specific assessments and competition analysis on a global and regional scale.
3) Identification of factors instrumental in changing the market scenarios, rising prospective opportunities and identification of key companies which can influence the market on a global and regional scale.
4) Extensively researched competitive landscape section with profiles of major companies along with their strategic initiatives and market shares.
5) Identification and analysis of the Macro and Micro factors that affect the industry on both global and regional scale.
6) A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
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