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Advanced Materials
Rare Earths: Worldwide Markets, Applications, Technologies
REPORT HIGHLIGHTS
- The global market for rare earths consumed 126,682 metric tons of materials in 2008 and an estimated 113,610 metric tons in 2009. This is expected to increase to 175,618 metric tons in 2014, for a compound annual growth rate (CAGR) of 9.1%.
- Mechanical and metallurgical applications have the largest share of the market and used 42,765 metric tons of materials in 2008. This is expected to decrease to 36,770 metric tons in 2009 and increase to 56,410 metric tons in 2014, for a CAGR of 8.9%.
- Glass and ceramics applications have the second-largest market share, and used 34,730 metric tons in 2008 and an estimated 32,500 metric tons in 2009. This is expected to increase at a CAGR of 8.5% to reach 48,890 metric tons in 2014.
SUMMARY FIGURE
GLOBAL MARKET FOR RARE EARTHS, 2006-2014
METRIC TONS–REO EQUIVALENT
Source: BCC Research
REPORT SCOPE
INTRODUCTION
STUDY GOALS AND OBJECTIVES
Rare earths are a group of 17 metallic elements that have similar chemical structures that confer upon them unique properties. Consumption of rare earths has experienced remarkable growth during the last few decades due to the increasing availability of these materials and the development of new applications that take advantage of their unique properties.
BCC has been tracking the rare earths market for over 10 years and published its last report related to this subject in 2006. During the period 2006 through 2008, the market for these materials has continued to expand, new technological developments have occurred in the field, and industry changes have taken place.
With this study, BCC continues to fulfill its objective of keeping readers updated on the various technological advances and innovations occurring in the rare earths industry, including their effect on markets for these materials.
The main goal of this report is to provide new insights into current and potential applications for rare earth elements, outline technological trends, illustrate the status of sources and mining activities around the world, provide an update on unit prices and future price issues, and supply a market analysis for various rare earth elements.
Specifically, the major objectives of this study are:
- Provide an updated review of rare earths technology, focusing on materials, sources, and applications.
- Highlight new technological developments, during the past 3 years, related to rare earths.
- Review existing fields of application for rare earths and investigate emerging applications.
- Supply an updated worldwide overview of resources and rare earths production.
- Describe the market evolution since 2006 and estimate 2009 global markets by application and rare earth element, with growth forecasts through 2014 for each market segment.
- Identify important technological and market trends within each market segment.
- Provide an updated review of current producers of rare earth materials and other relevant industry players.
- Determine trends in global patents issued during the past 3 years.
REASONS FOR DOING THIS STUDY
Although the first rare earths were discovered in the late 1700s, the applications for these materials were very limited until the 1960s. However, during the last 40 years, research activities related to rare earths have increased rapidly, leading to the growing use of these materials in many industrial sectors.
Today many technologically advanced products (such as electronic components, advanced displays, rechargeable batteries, hybrid vehicles, high–performance alloys, high–efficiency catalysts, and high–strength ceramics) depend on rare earths.
Beginning in the mid–1980s, China surpassed the United States as the leading supplier of rare earths. With very large reserves of rare earths, representing approximately 44% of the worldwide total, China’s overwhelming price advantage through economies of scale made most mining operations in other parts of the world unprofitable, strengthening China’s position as the leading producer of these elements (China currently accounts for 96.8% of global rare earths production).
During the last few years, China has established various regulations to control the mining and export of rare earths. Additionally, before the onset of the current worldwide recession, demand for rare earths was growing at a healthy pace, due in part to the introduction of new applications.
As a result, the outlook for the rare earths market is constantly evolving, in particular as it relates to pricing, the need of alternative sources, and growth in demand for products containing these materials.
The principal reason for doing this study is to evaluate all these factors (materials, applications, sources, producers, prices, supply, and demand) to provide a current and comprehensive assessment of the rare earth industry.
There is also a need to evaluate the current status and future trends of the rare earth industry from a global standpoint. As use of these materials expand, information on regional production, sales, and type of suppliers becomes more valuable.
An equally important reason for performing this study is to provide insights regarding rare earth technology by:
- Identifying production and consumption of the 17 elements.
- Providing an updated summary on material properties.
- Supplying a review of current and emerging applications.
- Illustrating the latest technological developments.
- Providing a detailed patent analysis.
INTENDED AUDIENCE
This study will be of primary interest to all companies that:
- Manufacture, sell, and distribute rare earths and rare earths–based products.
- Are involved in the exploration and mining of rare earth elements.
- Develop technologies utilizing rare earths.
- Produce special alloys.
- Fabricate advanced ceramics.
- Manufacture glass for optical applications.
- Offer technical and/or marketing services to firms producing high–performance materials.
Overall, this study applies to industry sectors such as metallurgical/mechanical, glass and ceramics, electronics, chemical, optical, energy, life sciences, sensors and instrumentation, and consumer products.
The study is mainly directed towards executives, directors, operations managers, sales and marketing managers, and strategic planners working within the above industries. Universities and research facilities may also find this study to be a good source of technical information regarding rare earth materials, sources, technology, and applications, which can be used as a baseline for new or expanded R&D activities.
SCOPE OF REPORT
This study provides a current review of rare earth materials, properties, and technology, and identifies current and emerging applications for these materials.
BCC Research determines the current market status of rare earths, defines trends, and presents growth forecasts for the next 5 years. Supply and sourcing issues, including the latest developments, are also discussed.
BCC Research analyzes the rare earth industry on a worldwide basis from the standpoint of both production and consumption, and supplies profiles of leading industry players.
SCOPE of report (Continued)
A detailed U.S. patent analysis provides further insight regarding market and technological developments.
More specifically, BCC’s market analysis is divided into seven parts.
In the first part, a historical review of rare earths is provided, including an outline of recent events. In this section, current and emerging applications for these materials are also identified and divided by sector (e.g., metallurgical/mechanical, chemical, and electronics).
In the second part, sources, production, and applications for each of the 17 rare earth elements are described, followed by a summary of global production (by element and by country) and a presentation of the latest technological developments.
The third part of the report provides a detailed analysis of the geographical distribution of rare earth sources, discussing the major rare earth mining activities in each country and supplying an updated assessment of world reserves.
Historical, recent, and future price trends are presented and discussed in the fourth chapter.
The fifth part of the report entails a global market analysis of rare earths. Global consumption (data in metric tons) for rare earths are presented by industry/application, element, and country, with actual data referring to the years 2006, 2007, 2008, and estimated data for the year 2009. Global rare earth revenues (data in millions of dollars) by industry are also provided.
This section is completed by a presentation of market growth trends based on industry growth and technological trends. Projected consumption for rare earths is reported with forecast compound annual growth rates (CAGRs) for the period 2009 through 2014.
In the sixth part, covering global industry structure, the report provides a complete list of rare earth suppliers with a description of their products. The analysis includes a description of the geographical distribution of these firms and an evaluation of production versus consumption for rare earths, always from a geographical standpoint. Detailed company profiles of the top industry players are also provided.
The seventh and final section includes an extensive analysis of U.S. patents, with a summary of patents related to rare earth materials, processes, and applications, issued during the period 2006 through 2009. Patent analysis is performed by region, country, assignee, patent category, application, and material type.
METHODOLOGY AND INFORMATION SOURCES
Both primary and secondary research methodologies were used to obtain market data and analyze the overall market and all possible market segments.
The technology section of this report is based on information derived from technical literature, related BCC reports, professional journals, the author’s field experience, and online sources.
Global market analysis was performed by analyzing 67 suppliers of rare earths, accounting for at least 90% of the global market. Data for each company were obtained by thoroughly analyzing Security and Exchange Commission (SEC) filings, Internet web sites, annual reports, industry directories, industry magazines and catalogs, government sources, and other public sources.
Additional data were obtained from the direct contribution of primary sources, including company executives, managers, engineers and other technical personnel representing suppliers of rare earths and rare earth based products; representatives of academia and trade associations; and industry market analysts.
Secondary sources of information include:
- U.S. Geological Survey (USGS)
- EDGAR – U.S. Securities and Exchange Commissions Filings
- U.S. Patent and Trademark Office
- European Patent Office
- Company web sites
- Company annual reports
- Thomas Registers
- Moody’s Directory
- S & P Industry Survey
- Dun & Bradstreet Business Directory
- American Ceramic Society Publications
- Foreign Chamber of Commerce Directories
- Foreign Stock Exchange Listings
In addition to utilizing the above primary and secondary sources, market growth trends and forecasts were compiled by gaining additional insights from relevant financial and market information, relevant BCC reports, and the author’s own in–depth and comprehensive analysis of the collected information.
ANALYST CREDENTIALS
Margareth Gagliardi, BCC’s chief research analyst in Advanced Materials, has over 25 years of experience in the field of advanced materials, specializing in ceramic formulations, materials processing, and new product development. She has held management positions in both manufacturing and R&D within U.S. and European firms producing electronic, mechanical, chemical, and structural components. She holds a B.S. in Chemical Engineering and an M.S. in Ceramic Engineering.
She has authored several BCC Research studies, including the following, which are related to advanced materials and materials for electronic applications:
- AVM052B Aerogels, 2009
- AVM065A Smart Glass: Technologies and Global Markets, 2009
- SMC037D Sputtering Targets and Sputtered Films: Technology and Markets, 2008
- PLS046A Polymer Absorbents & Adsorbents, Including SAPs and Polymer Gels, 2008
- NAN043A Nanofibers: Technologies and Developing Markets, 2007
- AVM054A Bioactive Glasses, Ceramics, Composites, Other Advanced Materials, 2006
- SMC061A Atomic Layer Deposition, 2006
- SMC057A Thin Films: Raw Materials, Technology and Applications, 2005
- AVM046A Thick Film Devices, Processes, and Applications, 2004
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DISCLAIMER
The information developed in this report is intended to be as reliable as possible at the time of publication and of a professional nature. This information does not constitute managerial, legal, or accounting advice; nor should it serve as a corporate policy guide, laboratory manual, or an endorsement of any product, as much of the information is speculative in nature. The author assumes no responsibility for any loss or damage that might result from reliance on the reported information or from its use.
RELATED REPORTS
Since it was founded in 1971, BCC has been a leader in market research and consulting to the electronics and materials industries. In particular, over the years BCC has published numerous market analyses covering advanced technologies, materials, and applications. The following is a comprehensive list of reports published during the past 3 years related to rare earths:
- AVM068A The Global Market for Metals, Precious Metals, and Recycled Metals, 2009
- FCB005J Hybrid & Electric Vehicle Progress Review, 2009
- AVM047B Chemical Mechanical Polishing (CMP) Equipment and Materials, 2008
- AVM066A Superconductors: Technologies and Global Markets, 2008
- AVM011C Technical and Advanced Structural Ceramics, 2008
- AVM061A Advanced Materials Market in China, 2008
- FCB024D Advanced Battery Technology and Markets, 2008
- HLC027B Cancer Therapies: Technologies and Global Markets, 2008
- CHM020C Catalysts for Environmental and Energy Applications, 2007
- AVM058A Advanced Materials for Sensors, 2007
- AVM055A Magnets and Magnet Materials, 2006
- AVM009D Advanced Glasses and Glass Ceramics: Materials, Processing, New Developments, 2006
- AVM053A Materials and Devices for High–Performance Sports Products, 2006
- CHM027C Petrochemical (Petroleum and Chemical) Catalysts, 2006
- FCB034A Components for Hybrid Electric Vehicles, 2006
- CHM046A Global Market for Catalyst Regeneration, 2006
REPORT TOC
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