Rare Earth Metals Market to Grow at 14% as Permanent Magnets See Demand Rising to 2019
PUNE, India, January 4, 2016 /PRNewswire/ --
The global rare earth metal market is evincing intense interest from various market players because of its growth prospects with a rise in production capacities across the world as governments try to secure and leverage these scarce resources. This expansion in the supplier base will drastically change the supplier landscape and is expected to lead to a softening of prices going forward.
Complete report on rare earth metals market spread across 99 pages, analyzing 5 major companies and providing 43 data exhibits is now available at http://www.reportsnreports.com/reports/450181-global-rare-earth-metals-market-2015-2019.html.
Market research analysts predict the rare earth metals market to grow at a rate of 14% during the forecast period. According to the Global Rare Earth Metals Market 2015-2019 report, increasing use of rare earth metals in the wind energy sector and NiMH batteries stand as the prominent ones. Rare earth elements are widely used in the manufacture of magnets for wind turbine generators and for the electrodes in metal hydride batteries.
The rare earth metals are used in NiMH batteries where neodymium, praseodymium and lanthanum are used in combination with nickel, cobalt and aluminium. These batteries are powerful, light and occupy less space when compared to the conventional lead and lithium batteries.
Recycling of rare earth metals from electronic wastes is gaining prominence and is expected to contribute to the market growth during the forecast period. The recycling process is being adopted by nations such as Germany, France and Japan that have limited reserves but high consumptions.
Segmentation by application and analysis of permanent magnets, battery alloys, catalysts and ceramics. The technological advances being made in magnetic resonance imaging and superconductivity is expected to drive the growth of this segment until the end of 2019. The report offers an analysis of each of the following segments and discusses its impact on the overall market growth - Permanent magnets, Catalysts, Battery alloys, Polishing powder, Phosphors, Glass additives and Ceramics. Order a copy of Global Rare Earth Metals Market 2015 - 2019 report @ http://www.reportsnreports.com/purchase.aspx?name=450181.
Segmentation by element type and further analysis on: Light rare earth metals and Heavy rare earth metals. The light rare earth metals segment comprises of Lanthanum, Cerium, Neodymium, Promethium, Samarium, Europium, Gadolinium, and Praseodymium.
Geographical segmentation and analysis of China, Rest of Asia, the US is covered in this report. China accounted for around 63% of the market share during 2014, in terms of consumption. The report predicts this region to maintain its leadership until the end of 2019. The increased demand for rare earth from the automotive and electronic industries in this region is driving the market.
Competitive landscape and key vendors cover Alkane, Arafura, Avalon and Molycorp. Other Prominent Vendors in the market are: China Rare Earth Holdings, Frontier Rare Earths, Greenland Minerals and Energy, Indian Rare Earths, Jiangxi Copper, Lynas, Montero Mining and Exploration, Namibia Rare Earths, Quest Rare Minerals, Rare Element Resources, Showa Denko, and Ucore Rare Metals.
Around 250 firms are involved globally, in the exploration and production of rare earth metal deposits. Most of the firms' operating activities are based in China, followed by US, Australia and Canada. State-owned firms either directly or indirectly control about 60% of the global rare earth output.
Further, the report states that one major challenge that stands is the supply demand gap. Despite a broad scope of application and a growing demand, the supply of these elements is geographically concentrated with the dominance of a few countries.
Explore other reports on rare earth market at http://www.reportsnreports.com/tags/rare-earth-market-research.html.
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