Rare Earth Metals Market: Introduction
China’s influence over the global rare earth metals market is unlikely to weaken in the near future, as the country boasts the highest reserves of rare earth metals. Although countries such as Russia, India, Australia, and the U.S. also have substantial reserves of rare earth metals, China leads by a wide margin. This will cause an appreciable portion of all commercial and trading activity in the rare earth metals market to be concentrated in China, states Transparency Market Research (TMR). This projection is substantiated by the estimate that China singlehandedly accounts for over 95% of all rare earth metals produced globally.
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Besides important regional dynamics, this report also studies the most valuable product segments in the global rare earth metals market. For this purpose, metals such as cerium, neodymium, lanthanum, yttrium, and praseodymium are studied in the report. The report also studies the top application areas of rare earth metals. Key applications analyzed in the report are magnets and metallurgy.
In order to provide a clear overview of the competitive scenario and how it is expected to shape up through the forecast period of the report, the study profiles the leading companies in the rare earth metals market.
Permanent Magnet Industry to Register High Demand for Rare Earth Metals
The global market for rare earth metals is benefiting significantly from the increasing usage of rare earth metals in the permanent magnet industry, says a TMR analyst. Considerable rise in the recycling of rare metals, especially from e-waste, and surge in the exploration of unmined reserves are also supporting the growth of this market. However, increase in the production of engineering nanocomposites, rapid depletion of reserves, high cost required for the extraction of rare earth metals, and rise in the number of environmental issues are likely to hamper the global market in the next few years, states the market report.
Rare Earth Metals Market: Prominent Regions
Europe, Asia Pacific, North America, Latin America, and Middle East & Africa are key regional segments of the global market for rare earth metals. With extremely concentrated reserves of rare earth metals, this market witnesses robust progress in only a few parts across the world. Asia Pacific, by far, has been leading the global rare earth metals market, with China being the most prominent one. Due to the gigantic reserves of rare earth metals in this country, nearly 95% of the overall production of rare earth metals around the world is carried out in China. Not only the production, but also the consumption of rare earth metals is considerably high in this country, which ensures its future dominance. The U.S., India, Russia, and Australia are expected to closely follow China over the next few years, reports the research study.
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Rare Earth Metals Market: Key Players
Many of the leading companies in the global rare earth metals market are located in China. Some of the companies studied in this report are Arafura Resources, Inner Mongolia Baotou Steel Rare Earth Hi-Tech Co, Great Western Minerals Group, Alkane Resources, Greenland Rare Earth and Energy Ltd, Indian Rare Earths, China Rare Earth Holdings, and Molycorp.
Global Rare Earth Metals Market: Segmentation
Rare Earth Metals Market, by Type
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Rare Earth Metals Market, by Application