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Global Market for Rare Earth is Expected to Reach Nearly 258,000 Metric Tons in 2016
Growth in consumption of rare earths is being driven to a large extent by the utilization of these materials in mechanical/metallurgical applications, primarily for the fabrication of permanent magnets. The mechanical/metallurgical sector is estimated to account for 32.1% of total rare earth oxide (REO) consumption for 2011. This trend should continue for 2012 but no total geological data have yet been accumulated for 2012.
Other sectors of application for rare earth materials are within the glass and ceramics; energy; chemical; and electronics, optics and optoelectronics sectors, which combined account for 65.4% of total REO consumption. Other sectors (such as life sciences, sensors and instrumentation, and consumer) account for a combined share of 2.5%.
Consumption of rare earths is projected to continue growing during the next five years, primarily driven by the energy and electronics and optoelectronics sectors. High-growth applications in these sectors include batteries for hybrid electric vehicles (HEVs), advanced displays and solid-state lighting.
The development of newer applications for rare earths in all the significant categories will continue over the next five to 10 years. The high unit prices of these materials represent an incentive for reducing consumption and finding alternative materials, or greatly increasing recycling of the materials. The most cost-effective solution is good recycle and separation technologies for the rare earths elements and their potential alloys.
Research projects that consumption of rare earths will increase at a CAGR of 10.3% from 2011 to 2016, leading to the consumption of nearly 258,000 tons of REO in 2016.
This report provides:
- Identification of the top 10 companies in the market for rare earths, and the rationale behind these selections
- Factors taken into account, including technical innovation, market leadership, and commitment to this market via investment in products