Rare earth metals
Rare earths are elements found in the Earth’s crust that are vital to many modern technologies, including consumer electronics, computers and networks, communications, clean energy, advanced transportation, health care, environmental mitigation, national defense, and many others.
Because of their unique magnetic, luminescent, and electrochemical properties, these elements help make many technologies perform with reduced weight, reduced emissions, and energy consumption; or give them greater efficiency, performance, miniaturisation, speed, durability, and thermal stability.
There are 17 elements that are considered to be rare earth elements (REE):
- yttrium
- lanthanum
- cerium
- praseodymium
- neodymium
- promethium
- samarium
- europium
- gadolinium
- terbium
- dysprosium
- holmium
- erbium
- thulium
- ytterbium
- lutetium
- scandium - found in most rare earth element deposits and sometimes classified as a rare earth element.
Rare earth metals are classified as:
- heavy rare earth metals (yttrium, gadolinium, europium, terbium, holmium, dysprosium, thulium, erbium, ytterbium, and lutetium)
- light rare earth metals (lanthanum, praseodymium, cerium, promethium, neodymium, and samarium).
The global rare earth metal market was valued at around USD 5.0 billion in 2014 and is expected to reach USD 9.0 billion in 2020, growing at a double digit CAGR between 2015 and 2020. In terms of volume, the global rare earth metal market stood at in 185 kilo tons 2014.
Rare earth metals and alloys that contain them are used in devices such as; computer memory, DVDs, rechargeable batteries, cell phones, catalytic converters, magnets, fluorescent lighting and many more.
The global demand for automobiles, consumer electronics, energy-efficient lighting, and catalysts is expected to rise rapidly over the next decade. Rare earth magnet demand is expected to increase, as is the demand for rechargeable batteries. New developments in medical technology are expected to increase the use of surgical lasers, magnetic resonance imaging, and positron emission tomography scintillation detectors.
Cerium oxide dominated the global rare earth metal market owing to strong demand from the catalyst market. Cerium oxide accounted for around 40% of the total rare earth metal market in 2014. Lanthanum is expected to be the fastest growing segment of rare earth metal market due to the rapidly growing demand for rare earth metal in car batteries and electronics appliances. However, other products of rare earth metals like neodymium, samarium, promethium, europium, dysprosium etc., are also expected to see robust growth.
On the basis of applications rare earth metal market can be segmented as magnets, catalyst, metallurgy, ceramics, phosphors, glass, and polishing.
Magnets were the largest application market for rare earth metals and accounted for around 21% of the total rare earth metal volume consumed in 2014. Strong economical growth in emerging economies and support from governments has resulted in a rapid growth in manufacturing of high technology products like tablet computers, TVs, advanced military technology, nuclear batteries, laser repeaters, miniature, superconductors, numerous medical devices, and rechargeable batteries. This in turn is expected to drive the demand for rare earth metals, especially in Asia Pacific region, and in particular in China.
Rare earth metal market was dominated by Asia Pacific with over 75% share in total volume consumption in 2014. Asia Pacific was followed by North America and Europe. China dominated the production and consumption of rare earth metals. Strong demand from China, India, Japan and South Korea is expected to fuel growth of this industry in the years to come. The rare earth metals market in North America is mainly driven by strong demand from the defence industry, including; night-vision goggles, precision-guided weapons, communications equipment, GPS equipment, batteries and other electronic devices. Rare earth metals are key ingredients for making the very hard alloys used in armored vehicles and projectiles that shatter on impact.
Wind turbines are an important application rare earth metals in Europe.
The global rare earth metal market is highly competitive, with the presence of well-established global market participants. Arafura Resources, Alkane Resources Ltd., Avalon Rare Metals Inc., Quest Rare Minerals Limited, China Rare Earth Holdings Limited, Indian Rare Earths Limited, Lynas Corporation Limited, Great Western Minerals Group Ltd., Greenland Minerals & Energy Ltd., Rare Element Resources Ltd., Molycorp, Inner Mongolia Baotou Steel Rare Earth Hi-Tech Co, Frontier Rare Earths Limited are some of the key vendors in the market.
Featured articles and news
ECA Blueprint for Electrification
The 'mosaic of interconnected challenges' and how to deliver the UK’s Transition to Clean Power.
Grenfell Tower Principal Contractor Award notice
Tower repair and maintenance contractor announced as demolition contractor.
Passivhaus social homes benefit from heat pump service
Sixteen new homes designed and built to achieve Passivhaus constructed in Dumfries & Galloway.
CABE Publishes Results of 2025 Building Control Survey
Concern over lack of understanding of how roles have changed since the introduction of the BSA 2022.
British Architectural Sculpture 1851-1951
A rich heritage of decorative and figurative sculpture. Book review.
A programme to tackle the lack of diversity.
Independent Building Control review panel
Five members of the newly established, Grenfell Tower Inquiry recommended, panel appointed.
Welsh Recharging Electrical Skills Charter progresses
ECA progressing on the ‘asks’ of the Recharging Electrical Skills Charter at the Senedd in Wales.
A brief history from 1890s to 2020s.
CIOB and CORBON combine forces
To elevate professional standards in Nigeria’s construction industry.
Amendment to the GB Energy Bill welcomed by ECA
Move prevents nationally-owned energy company from investing in solar panels produced by modern slavery.
Gregor Harvie argues that AI is state-sanctioned theft of IP.
Heat pumps, vehicle chargers and heating appliances must be sold with smart functionality.
Experimental AI housing target help for councils
Experimental AI could help councils meet housing targets by digitising records.
New-style degrees set for reformed ARB accreditation
Following the ARB Tomorrow's Architects competency outcomes for Architects.
BSRIA Occupant Wellbeing survey BOW
Occupant satisfaction and wellbeing tool inc. physical environment, indoor facilities, functionality and accessibility.