A new research study by Transparency Market Research offers a detailed analysis of the global market for rare earth elements. The market report, titled “Rare Earth Elements Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023”, is available for sale on the research firm’s website.
According to the market report, the widespread usage of rare earth elements among various end-use industries has fueled the worldwide rare earth elements market to a significant level. Analysts at TMR expect the worldwide market for rare earth elements to expand at a healthy growth rate during the forecast period.
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Rare earth elements include scandium, yttrium, and fifteen lanthanide elements, i.e., lanthanum, thulium, cerium, ytterbium, gadolinium, praseodymium, terbium, neodymium, dysprosium, promethium, europium, samarium, holmium, lutetium, and erbium.
Among these, cerium and lanthanum are the most demanded rare earth elements in the global arena, whereas Yttrium, dysprosium, praseodymium, neodymium, and terbium enjoy the maximum exposure due to their application into a wide range of products, states the research study.
The key application of cerium and lanthanum is in the production of catalytic converters, which helps in converting the pollutants in the engine exhaust system into non-toxic composites. These elements are also utilized in manufacturing camera lenses as cerium decreases the transmission of UV rays and lanthanum raises the refractive indices of glass lenses.
Along with praseodymium and neodymium, both the elements play a pivotal role in the production of rechargeable batteries, installed in electronic devices, hybrid electric vehicles, and power tools. Dysprosium and neodymium are used in the manufacturing of electric traction motors while terbium, europium, and yttrium are employed in making LCDs and color TVs.
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China has emerged as the leading consumer as well as one of the major producer of rare earth elements. The nation accounts for almost 60% of the overall consumption and around 94% of the overall production of rare earth elements in the global arena. However, it is anticipated that the China will slowly lose its monopoly in the global market for rare elements in coming years.
The permanent magnet market is the biggest end user of rare earth elements, states the research report.
Avalon Rare Metals Inc., Alkane Resources Ltd., Arafura Resources, Greenland Minerals and Energy Ltd., Quest Rare Minerals Ltd., China Rare Earth Holdings Ltd., Great Western Minerals Group Ltd., Lynas Corp., Molycorp Inc., Rare Element Resources Ltd., and Frontier Rare Earths Ltd. are some of the major players operating in the global market for rare earth elements, says the market study.
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