2014-04-04 14:49:01 - Global Rare Earth Metals Market 2012-2016 - a new market research report on companiesandmarkets.com
The Global Rare Earth Metals market is to grow at a CAGR of 13.06 percent over the period 2012-2016. One of the key factors contributing to this market growth is the increasing demand from the Wind Energy sector. The Global Rare Earth Metals market has also been witnessing an increase in the production capacities of the major manufacturers in the market. However, the gap in the demand and supply of rare earth metals could pose a challenge to the growth of this market.
The increase in production capacities is a major trend witnessed in the Global Rare Earth Metals market. As a result of the growing demand for rare earth metals in applications such as manufacturing catalytic converters, magnets for wind
energy generators, compact fluorescent lamps, and flat panel displays, large producers of rare earth metals are investing heavily in new production facilities to tap the surge in demand. Moreover, many vendors are increasingly adopting new mining, extraction, and refining technologies which can help them to improve their production capabilities and manufacture products for new emerging applications.
One of the major drivers in this market is the increasing use of rare earth metals in the Wind Energy sector. Magnets made of rare earth metals find their usage in large quantities in wind turbine generators. Further, the increase in the demand for electric vehicles is increasing the demand for NiMH batteries. The materials used in these batteries are made of rare earth metals. Thus, the increase in the demand for electric vehicles is contributing to the growing demand for rare earth metals during the forecast period.
One of the major challenges in this market is the demand and supply gap. As rare earth metals are used in a large number of applications, the demand for them is high. However, as they are obtained through natural resources, their supply is limited. In 2012, the demand for rare earth metals was 145 thousand metric tons and the supply was only 113 thousand metric tons. This deficit will affect the revenues of the Global Rare Earth Metals market.
The key vendors dominating this space include China Rare Earth Holdings Ltd., Inner Mongolia Baotou Steel Rare-Earth Group Hi-Tech Co. Ltd., Lynas Corp. Ltd., and Molycorp Inc.
The other vendors mentioned are Alkane Resources Ltd., Arafura Resources Ltd., Avalon Rare Metals Inc., Great Western Minerals Group, Indian Rare Earths Ltd., Jiangxi Copper Co. Ltd., Neo Material Technologies Inc., Rare Element Resources Ltd., Showa Denko K.K., and VMS Ventures Inc.
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