ALBANY (Scrap Monster): A new study report from ReportsNReports forecasts 14% growth to rare earth metals market during the period from 2015 to 2019. The report further notes that extensive expansion in supplier base will lead to drastic change in supplier landscape. This expansion will also result in further softening of prices.
According to the report, global demand for rare earth metals is projected to grow by 3.5% per annum to 149,500 tonnes in 2019. The demand will be equivalent to USD 4.5 billion in value, the study says. China is projected to account for major part of global consumption. Incidentally, the country had accounted for 63% of the global rare earth metals consumption in 2014.
The automobile and electronic industries in China are likely to report increased demand for rare earth metals. This demand growth will drive the market, going forward. The report also predicts significant growth in techniques to recycle precious metals out of discarded electronic waste. Studies indicate that proper management of e-waste could produce more quantities of gold and silver than those obtained through mining. Recovery of rare earth metals from electronic waste will be a major contributor to market growth during the period under study.
The report notes that around 250 companies are currently involved in extraction and recovery of rare earth metals. A good majority of them are based in China. However, a few companies are present in other countries such as the USA, Australia and Canada. The demand for rare earth metals in the wind energy sector and in manufacture of Nickel-Metal Hydride (NiMH) batteries is projected to witness considerable growth. In addition, innovative recycling processes being developed in various countries are expected to contribute to market expansion.
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