As stated by the International Union of Pure and Applied Chemistry, rare earth elements are a group of seventeen chemical elements from the periodic table. In particular, the fifteen lanthanides and two elements, yttrium and scandium are deemed rare earth elements. The increasing demand for electronics, wind turbines and electric motor vehicles, lessens the provisions of few rare earth elements. Inspite of the name these elements possess, they are found in large quantity in the crust of the earth. They are also called rare earth metals and display the same characteristic features.
China is a huge source of rare earth elements. Integrated circuits found in mobiles and electronics, missile management systems and radar equipments make use of these elements. The worldwide rare earth elements market is estimated to reach around USD 11 billion by 2020. Increasing demand for metal catalysts, like lanthanum and cerium is estimated to push the rare earth elements market ahead (in the future).
Rare earth elements are significant to the high technology applications of civilians and military. Though, their resources are available in plenty, finding them in adequate quantity, where they can be processed and excavated usefully, is quite difficult. The energy industry is deeply impacted by growth in the requirement and decreased supply of rare earth minerals.
In the next ten years, the demand for rare earth elements is estimated to be pushed forward by a large extent.This is due to constant switch towards green products (energy valuable). More use of electric vehicles and mobile electronics would also contribute to this. Some of the latest findings also advocated a scarcity in the worldwide supply of rare earth elements.
This led to unrest among buyers and a rush among excavators. One of the recent researches states that, new quarries will begin to manufacture rare earth elements in the coming five years. The rate in which these elements will be produced will be much more than their overall requirement across the globe.
The most significant products of the rare earth elements market include Lanthanum, Cerium, Yttrium, Praseodymium, Neodymium, Gadolinium, Dysprosium and others. Cerium dominated the worldwide rare earth elements market in 2013. It made up for more than 39 percent of the consumption of these elements that year.
The other elements of the rare earth elements market that were consumed majorly were Lanthanum, Praseodymium, Neodymium, etc.
The elements of this market find their applications in polishing, metallurgy, magnets and catalysts. Magnets and metallurgy were the biggest application sector of the rare earth elements market. Both of them together made up for more than 40 percent of the consumption in 2013. Magnets had a likely income of around USD 1 billion in 2012. The metallurgy application sector of the rare earth elements market is estimated to grow most rapidly during the forecast period.
Asia Pacific dominated the regional rare earth elements market in 2013 and accounted for the biggest consumption of these elements. It consumed more than 150 kilo tons in 2012 and had a market income of more than USD 3 billion.
The link, http://www.grandviewresearch.com/industry-analysis/rare-earth-elements-market can be used further to find out more about the rare earth elements market.