OCT 01, 2019: The global rare earth elements
market is anticipated to reach USD 5.62 billion by 2025, according to a new
report by Radiant Insights, Inc. The growing use of permanent magnets in
the production of batteries for electric vehicles is expected to propel the
demand for rare earth elements including neodymium, praseodymium, dysprosium,
gadolinium, and terbium over the forecast period. Neodymium and praseodymium
based rare earth permanent magnets are majorly used in the manufacturing of
batteries.
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The growing demand for
electric vehicles coupled with the government initiatives on reducing the CO2
emissions is expected to boost the demand for permanent magnets. In March 2019, the Chinese government reduced subsidies
for electric vehicles in order to promote innovation amongst local
manufacturers on account of declining costs. The incentives for electric cars
with less than 400 km range decreased from 50,000 yuan to 25,000 yuan, while
the incentives for vehicles ranging less than 250 km have been eliminated.
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According to USGS, China
holds the largest amount of reserves with 44 million tons and Malaysia holds
the least amount of reserves with 30 thousand tons. It also stated that the
U.S. has USD 6.2 trillion worth of mineral reserves. However, the stringent regulatory
policies towards mining in the U.S. has forced the companies to import the raw
materials from China. Hence, the production of raw material has been a major
challenge for the U.S companies.
The increasing prices of
rare earth elements and high investments to open new mines have given rise to
recycling of the product. Japan is one of the major producer of recycled rare
earth elements. In 2010, Hitachi developed a new technology for recycling
rare-earth magnets from air conditioners and hard disk drives. It can separate
recycle magnets approximately eight times more efficiently than conventional
methods. In 2012, The Honda
Corporation opened the first rare earth recycling plant. The company utilized
used automotive parts containing metals to produce rare earth elements.
The key players in the
rare earth elements market are involved in acquisitions, expansions, and long
term binding agreements with their customers. In Nov 2017, Hitachi Metals Ltd acquired Santoku Corporation,
a Japanese manufacturer of alloys. This strategy was aimed at accelerating the
production of neodymium magnet alloys in order to achieve sustainable growth in
the global market.
Further key findings from the
report suggest:
• Neodymium is
anticipated to register a CAGR of 8.3%, in terms of volume, from 2019 to 2025
owing to growing demand for permanent magnets
• Catalyst application
accounted for a revenue share of 18.7% in 2018 owing to increasing demand from
automotive and petroleum refining industries.
• Middle East &
Africa is expected to grow at a CAGR of 6.9%, in terms of volume, over the
forecast period owing to rising investment in expansion of refinery capacities
• In 2016, Hitachi Metals
Ltd entered into a joint venture with Zhong Ke San Huan Hi-Tech Co., Ltd. to
manufacture Neodymium-Iron-Boron magnets
• The major players are
adopting strategies like capacity expansion and agreements with the end-use
industries to cater to growing demand for rare earth elements. For instance, in
January 2018, Lynas Corporation signed an agreement with Bosch, an automotive
component supplier. This agreement was aimed at ensuring continuous supply of
rare earth materials to Bosch.
Table of Contents
Chapter 1 Methodology and
Scope
1.1 Research methodology
1.2 Research scope and
assumptions
1.3 List of data sources
Chapter 2 Rare Earth
Elements: Executive Summary
2.1 Market summary
Chapter 3 Rare Earth
Elements Market Variables, Trends & Scope
3.1 Global rare earth
elements market outlook
3.2 Rare earth elements:
Value chain analysis
3.2.1 Mining
3.2.2 Refining
3.2.3 Rare earths –
suppliers/distributors
3.2.4 Rare earth based
product manufacturers
3.2.5 Rare earths based
products – suppliers/distributors
3.2.6 End-use industries
3.3 Technology overview
3.3.1 Exploration of rare
earth elements
3.3.2 Mining of rare
earth elements
3.3.3 Refining of rare
earth elements
3.3.4 Challenges in
production of rare earth elements
3.3.4.1 Difficult mining
process
3.3.4.2 Environmental
impact
3.4 Regulatory framework
3.4.1 European Commission
3.4.1.1 Directive
2006/21/EC
3.4.1.2 Directive
(2008/98/EC)
3.4.1.3 Directive
2013/59/Euratom
3.4.2 United States
Environmental Protection Agency)
3.5 Market Dynamics
3.5.1 Market drivers
3.5.2 Growing demand for
electric and hybrid vehicles
3.5.3 Growing demand for
catalysts
3.5.4 Market restraint
analysis
3.5.5 Supply-demand
imbalance
3.6 Mine production of
rare earth elements [data in metric tons of rare-earth oxide (reo)]
3.7 Trade analysis
3.7.1 HS CODE :280530
(Rare-earth metals, scandium, and yttrium, whether or not intermixed or
interalloyed)
3.7.2 HS CODE :284610
(Cerium compound)
3.7.3 HS CODE :284690
(Compounds, inorganic or organic, of rare-earth metals, of yttrium or of
scandium or of mixtures of these metals)
3.7.4 HS CODE :360690
(Ferro-cerium and other pyrophoric alloys in all forms; articles of combustible
materials)
3.8 Business environment
analysis tools
3.8.1 PESTEL analysis
3.8.2 Porter’s five
forces analysis
3.9 Major deals &
strategic alliances analysis
3.9.1 Restart of mining
operations at the mountain pass
3.9.2 A strategic
alliance agreement between lynas and sojitz
3.10 Case study
Continued…
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