Certain rare earth elements such as terbium, europium and yttrium find applications in the phosphor industry. Phosphor is a vital component in the manufacturing of LCD screens and CRT displays, the growing electronic industry; particularly in Asia Pacific is expected to increase the demand for these elements. Depleting reserves, stringent regulatory framework, complex extraction and capital Intensive nature of the extraction process are expected to be key challenges for market participants over the next SIX years.
Recycling of these elements from waste could prove to be a key opportunity for the market In the near future. The report “Rare Earth Elements Market Analysis And Segment Forecasts To 2020,” is available now to Grand View Research customers and can also be purchased directly at http://www. Schwarzenegger. Com/industry-analysis/rare-earth-elements-market Further Key findings from the study suggest: ; Cerium dominated the global market and accounted for nearly 40% of rare earth element consumption In 201 3, finding a surge In demand as a catalyst.
Other redundantly consumed elements include Lanthanum, Neodymium, Praseodymium and Yttrium among others. ; Key applications of rare earth elements Include metallurgy, polishing, catalyst and magnets. Magnets and metallurgy was the largest application segment for the market and together accounted for over 40% of consumption in 2013. Metallurgy is expected to witness fastest growth over the forecast period due to the use of elements such as cerium, lanthanum, neodymium and yttrium, which are primarily added to improve physical properties of the metal. Asia Pacific was the largest consumer of rare earth elements in 2013, with estimated market revenue of over USED 3. 74 billion. The region is also expected to witness fastest growth in terms of consumption, at an estimated CARR of 1 1. 9 % from 2014 to 2020. Growing industrialization and extraction activities In China are the primary factors responsible for high growth in Asia Pacific. ; North America was the second largest consumer of rare earth elements In 2013 and consumed over 14 kilo tons.
However, the region Is expected to lose market share to the high growth regions of Latin America, Middle East and Asia Pacific over the forecast period. ; Inner Mongolia Button Steel Rare Earth Hi;Tech Co and China Rare Earth Holdings were the largest market revenue. Other key companies in the market include Indian Rare Earths Ltd, Employer, Great Western Mineral Group and Lynda Corporation Limited among others.