Rising demand for wind turbines, electronics, and electric vehicles is straining supplies of some rare earth elements. The world has become dependent on imports for rare earth minerals from China, a vast resource for rare earth elements. Rare earth elements -REEs- are used in the integrated circuits found in most electronics and smartphones, radar technologies and missile guidance systems. Though REE resources are distributed across the world with 36 per cent located in China and 13 per cent in the United States - their production is dominated by China which produces 97 per cent of all REEs. In an effort to control the global market for rare earth elements, China recently instituted production and export quotas to monopolize the market, and is practicing price control by limiting the supply available for export to other countries. This report examines the Global Rare Earth Elements market, how skyrocketing demand will affect supplies, and alternatives to rare earths.
These elements are critical to civilian and military high technology applications. Although reserves are abundant, it is difficult to find them in sufficient concentrations where they can be profitably mined and processed. The process of extracting and processing rare earth elements into alloys and permanent magnets is labor and capital intensive. Over the next decade, demand for rare earths is expected to be driven largely by a continued shift to energy efficient green products, increased use of mobile electronics, and electric vehicles. Outside of China, the rest of the world continues to work toward securing rare earths production capacity but still experiences delays and high capital costs. In United States, the rare earths sector is likely to remain very volatile. Exploration of non-China-based REEs is growing. Companies such as Molycorp and Lynas are expected to commence their production in 2012 which could potentially have a significant effect on the overall REE market.
Original URL: https://www.researchandmarkets.com/reports/2488199/global_rare_earth_elements_market
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