Albany, NY, Dec. 8, 2015 (GLOBE NEWSWIRE) -- In a recent market research study about the global market for rare earth metals, Transparency Market Research (TMR) states that the market will tread along an impressive growth path over the period between 2012 and 2018 and expand at a 13.0% CAGR. If the growth figures hold true, the market, which had a valuation of US$3.9 billion in 2012, will reach US$8.2 billion by 2018. In terms of volume, the market is expected to rise to a valuation of 290-kilo tons by 2018.
Rare earth metals are used on a large scale in everyday devices such as DVDs, automotive catalytic converters, fluorescent lighting, cell phones, rechargeable batteries, magnets, etc.
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The booming market for mobile devices has led to an increased demand for rechargeable batteries in the past few years. As a result,the demand for rare earth metals, which find great use in recyclable power backups, has also been on a constant rise in the past few years. The rising demand for clean energyand actions taken by environmentalists and government agencies for promoting the increased use of clean energy techniques are other key factors driving the rare earth metals market. However, the market is also expected to be restrained to a certain extent over the report's forecast period owing to price fluctuations and the dominance of China in the global market.
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The report segments the market on the basis of three criteria: type, application, and geography.Of the key rare earth metal types studied in the report, the market segment of cerium oxide held the largest share in the global market, an estimated 40%, in 2013. This can be credited to the vast set of applications of cerium oxide across a number of end-use industries. Demand for lanthanum oxide followed that for cerium oxide and held a 23.8% share in the market. Lanthanum oxide also finds application in a wide range of industries such as electronics, green technology, construction, and automotive. However, it is the segment of scandium that earned the market the largest revenue in 2013.
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On the basis of application, the report segments the market into magnets, catalyst, ceramics, metallurgy, polishing, glass, and phosphors. Of these, the market segment of magnets is the dominant segment.
The report segments the global market into AsiaPacific, North America, Europe, and Rest of the World on the basis of geography. The report also gives the market for rare earth metals in China special attention,as China accounts for as much as 95% of the total global production of rare earth metals.
Rare Earth Elements Market: http://www.transparencymarketresearch.com/rare-earth-elements-market.html
Some of the key companies operating in the global rare earth metals market are Arafura Resources, Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co,Avalon Rare Metals, Alkane Resources, Rare Elements Resources Ltd, Great Western Minerals Group, Greenland Rare Earth and Energy Ltd, Indian Rare Earths, China Rare Earth Holdings, Lynas Corporation Ltd., Chinalco Yunnan Copper Resources Ltd., and Molycorp.
The Market is segmented as:
Rare Earth Metals Market by Type:
Rare Earth Metals Market by Application:
Rare-earth Metals Market by Geography:
- North America
- Rest of the World (RoW)
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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Source:Transparency Market Research