Global Rare Earth Metals Market to Reach $8.19 Billion
October 27, 2014
The global rare earth metals market will grow at a compound annual growth rate (CAGR) of 13.0% from 2012-2018, according to a recent report by Transparency Market Research. This market was valued at $3.93 billion in 2012, and is expected to reach $8.19 billion by 2018. In addition, the volumes of global rare earth metals are expected to go beyond 290 kilotons by 2018.
The rare earth metals market is expected to grow at a steady rate in the coming five years. The factors driving its growth are demand for rechargeable batteries that are preferred for being recyclable, portable equipment, electronics, permanent magnets and computers. Increasing demand for clean energy, and action taken by the government to ensure the same, is another factor driving this market. Clean technology is yet another reason for growth in the rare earth metals market. However, in the same period, the rare earth metals market is likely to witness a few challenges, such as fluctuating costs and the dominance of China in the market.
One of the biggest market shareholders among the rare earth metals is cerium oxide. Due to its application in significant quantities, it held 40% of the total demand in 2013. This material was followed by lanthanum oxide at 23.8% in the same period. Lanthanum oxide is largely used in industries such as green technology, automotive, electronics and construction.
For more information, visit www.transparencymarketresearch.com.