Grand View Research, Inc: Global Rare Earth Elements Market Expected to Reach USD 10.96 Billion by 2020
The global market for rare earth elements is expected to reach USD 10.96 billion by 2020, according to a new study by Grand View Research, Inc. Growing demand for metal catalysts such as Cerium and Lanthanum is expected to drive the market over the next six years. These metal catalysts find applications across a host of industries including automobiles, metallurgy, phosphors and glass among others. In addition, growing market for permanent magnets is expected to particularly boost the demand for Neodymium. Certain rare earth elements such as terbium, europium and yttrium find applications in the phosphor industry. Phosphor is a vital component in the manufacturing of LCD screens and CRT displays, the growing electronic industry; particularly in Asia Pacific is expected to increase the demand for these elements. Depleting reserves, stringent regulatory framework, complex extraction and capital intensive nature of the extraction process are expected to be key challenges for market participants over the next six years. Recycling of these elements from waste could prove to be a key opportunity for the market in the near future. View summary of this report analysis/rare-earth-elements-market
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