In a recent market research study about the global market for rare earth metals, Transparency Market Research (TMR) states that the market will tread along an impressive growth path over the period between 2012 and 2018 and expand at a 13.0% Compound Annual Growth Rate (CAGR). If the growth figures hold true, the market, which had a valuation of US$3.9 billion in 2012, will reach US$8.2 billion by 2018. In terms of volume, the market is expected to rise to a valuation of 290 kilotons by 2018. Rare earth metals are used on a large scale in everyday devices such as DVDs, automotive catalytic converters, fluorescent lighting, cell phones, rechargeable batteries, magnets, etc. The booming market for mobile devices has led to an increased demand for rechargeable batteries in the past few years.
As a result,the demand for rare earth metals, which find great use in recyclable power backups, has also been on a constant rise in the past few years. The rising demand for clean energy and actions taken by proponents and government agencies for promoting the increased use of clean energy techniques are other key factors driving the rare earth metals market. However, the market is also expected to be restrained to a certain extent over the reported forecast period owing to price fluctuations and the dominance of China in the global market. Some of the key companies operating in the global rare earth metals market are Arafura Resources, Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co,Avalon Rare Metals, Alkane Resources, Rare Elements Resources Ltd, Great Western Minerals Group, Greenland Rare Earth and Energy Ltd, Indian Rare Earths, China Rare Earth Holdings, Lynas Corporation Ltd., Chinalco Yunnan Copper Resources Ltd., and Molycorp, of course.
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