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Overview
Rare Earth Metals Market is forecast to reach $XX billion by 2024, by growing at a CAGR of X% in the period 2019-2024. With the rise in the usage of rare earth metals in computers and cell phones, the overall market demand for rare earth metals during the forecast period is increasing.
Report Coverage
The report: “Rare Earth Metals Market – Forecast (2019-2024)”, by IndustryARC covers an in-depth analysis of the following segments of the Fuel Additives Market.
Key Takeaways
The APAC region dominated the global market share in 2018. With rising automotive production, increasing investments into the healthcare industry, and rising ceramic demand and production, the consumption of rare earth elements are also expected to increase noticeably in the region, during the forecast period.
· Permanent magnets segment is boosted by expanding production of advanced neodymium magnets for applications such as wind turbines and hybrid and electric vehicles (H/EVs).
Type of Rare Earth Metal - Segment Analysis
Cerium segment held the largest share in the rare earth metals market in 2018. Cerium is used in the manufacture of catalytic converters which convert the pollutants in engine exhaust into nontoxic compounds. Rechargeable car batteries are made with cerium, which is used in electronic devices, hybrid electric vehicles, and power tools. With the use of cerium in LCDs and color TVs, the transmission of UV light will be decreased. Despite a recent uptick, prices of cerium remain low as the element is an insignificant supply surplus.
Application - Segment Analysis
The Permanent Magnets sector has been the primary market for rare earth metals for many years. For the production of high performance, lightweight SmCo and NdFeB permanent magnets, rare earth metals like samarium, dysprosium, and neodymium are highly essential. Rare earth metals contain cobalt and iron, which intensify the coercive force and magnetization, which are the key elements determining the performance of permanent magnets.
Geography - Segment Analysis
Asia-Pacific (APAC) dominated the rare earth metals market. APAC’s economy is largely influenced by the dynamics of countries like China and Japan. China dominated the rare earth metals market in APAC. Growth in the Chinese market will be driven by healthy increases in output of neodymium magnets, Ni-MH batteries, and refinery products in the country. According to the US Geological Survey (USGS), China has accounted for than 90% of the global production and supply of rare earth metals during the past decade. The US relies on China for 80% of its rare earth imports.
Drivers – Fuel Additives Market
· Growing Electronics demand
Rare Earths are well suited for use in a variety of products, including cellphones, batteries, loudspeakers, lights, magnets, and even wind turbines. In addition, they are often key elements used in the creation of components used in everyday objects, such as light-emitting diodes (LEDs), fiber optics, compact fluorescent lights, and are used as catalysts, phosphors, and polishing compounds for air pollution control, illuminated screens on electronic devices, and the polishing of optical-quality glass.
· Oil & gas production growth
In oil markets, the depths of the post-2014 downturn seem to be left behind. Oil prices have recovered from the $40 2016 annual average WTI price low. It breached $50 in 2017, and through September 2018 it averaged just shy of $67, though many producers in Canada and the Permian saw lower prices due to widening differentials. Therefore, crude oil and natural gas liquids (NGL) production enjoy another impressive growth year, particularly in the US which added an estimated 2 million b/d in 2018, led by the prolific Permian Basin. Upgrades to oil refining sectors in emerging countries are projected to fuel global catalytic cracking capacity, supporting the production of fluid cracking catalysts and the associated demand for lanthanum and cerium
Challenges – Fuel Additives Market
· Growing Trade Tension
Amid the ongoing trade war with the US, the Chinese development and reform commission is currently developing new state policies on rare earth metals and intends to make them public as soon as possible. These metals are used in everything from electric car motors and electronics to oil refining. They are also vital for US national security, as they are used in many major weapons systems.
Market Landscape
Technology Launches, acquisitions, and R&D activities are the key strategies of the players in the fuel additives market. As of 2018, the market for the fuel additives is consolidated with the top 5 players accounting for xx% of the market share. The major players in the Rare Earth Metals Market include Arafura Resources, Alkane Resources Ltd., Avalon Rare Metals Inc., Quest Rare Minerals Ltd, Greenland Minerals and Energy Limited, China Rare Earth Holdings Limited, Lynas Corporation, Great Western Minerals Group Ltd. and Molycorp Inc are among others.
Agreement
Ø In June 2019, Avalon Advanced Materials Inc., agreed with Cheetah Resources Pty Ltd. to collaborate in the development of the rare earth resources on its mining leases collectively comprising the Nechalacho Project at Thor Lake near Yellowknife, NWT, Canada.