Published: Wednesday, 09 December 2015 11:01
Written by E&MJ News
Global demand for rare earths is forecast to increase 3.5% per year to 149,500 metric tons (mt) in 2019, valued at $4.5 billion. The largest increases are forecast for the permanent magnet segment, boosted by expanding production of advanced neodymium magnets for applications such as wind turbines and hybrid and electric vehicles (H/EVs). Rising output of nickel-metal hydride (Ni-MH) batteries is also expected to fuel rare earths demand. In addition, upgrades to oil refining sectors in emerging countries are projected to boost global catalytic cracking capacity, supporting the production of fluid cracking catalysts, and associated demand for lanthanum and cerium. Rising production of steel, motor vehicles, and electronics is also expected to drive rare earths consumption. These and other trends are presented in World Rare Earths, a new study from the Freedonia Group Inc., a Cleveland-based industry research firm.
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