World Rare Earths to 2019

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Date: 20-Nov-2015
No. of pages: 318
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World demand to rise 3.5% annually through 2019

Worldwide demand for rare earths is pro-jected to increase 3.5 percent per annum to 149,500 metric tons in 2019, valued at $4.5 billion. The best prospects are fore-cast for the permanent magnets segment, boosted by expanding production of ad-vanced neodymium magnets for applications such as wind turbines and hybrid and electric vehicles (H/EVs). Growing output of nickel-metal hydride (Ni-MH) batteries is also expected to boost rare earths consumption, although strong competition from sales of lithium-ion batteries will prevent faster market expansion. In addition, upgrades to oil refining sectors in emerging countries are projected to fuel global catalytic cracking capacity, supporting the production of fluid cracking catalysts and associated de-mand for lanthanum and cerium. Among other major markets, rising production of steel, motor vehicles, and electronics is expected to stimulate the consumption of rare earths. Ongoing weakness in rare earth prices is also expected to bolster demand volumes, promoting a shift back to rare earth-based catalysts, polishing powders, and other products that manufacturers abandoned amid the 2010-2012 price spike. Nevertheless, lingering wariness of price volatility will support the continued usage of alternative low- and zero-rare earth products, limiting stronger market advances through 2019.

China to remain dominant, India to post fastest gains

China is expected to remain the leading consumer of rare earths, accounting for two-thirds of global demand in 2019. Growth in the Chinese market will be stimulated by healthy increases in the country’s output of neodymium magnets, Ni-MH batteries, and refinery products. Japan will represent the second largest global market, benefiting from a large domestic electronics manufacturing sector, and robust demand for rare earths in the production of batteries, magnets, and polishing powders. The fastest gains of any major market worldwide are projected for India, where heightened domestic shipments of motor vehicles and metal alloys, as well as ex-panding catalytic cracking capacity, are expected to boost rare earths consumption. India is also developing local pro-duction of rare earth magnets, although this market will remain small in the near term.

Global supply to rebound despite weak prices

China will continue to account for the majority of rare earths mining output through 2019, although its share of total production is expected to drop as a num-ber of new projects in Canada, Tanzania, South Africa, and other countries begin commercial production. Major output increases are also expected in Australia as Lynas continues to ramp up production following capacity expansions. However, junior mining companies will struggle to obtain investments for new ventures as rare earth prices remain depressed. Prices are expected to remain weak, due in part to rampant illegal mining in China.

Company Profiles

Profiles 28 global competitors such as China Northern Rare Earth Group High-Tech, Lynas, Molycorp, Indian Rare Earths & China Minmetals

Additional Information

This study analyzes supply of and demand for world rare earths. Major product categories include cerium, lanthanum, neodymium, praseodymium, yttrium, and other rare earth oxides and oxide equivalents (dysprosium, gadolinium, samarium, etc.). Rare earths markets include permanent magnets; glass, polishing, and ceramics; fluid cracking catalysts; metal processing; battery alloys; autocatalysts; and phosphors. Other smaller markets include agricultural chemicals, fuel cells, lasers, and optical fibers. Although rare earths are typically sold in varying combinations of elements, oxides, and metals, demand statistics in this study are displayed in terms of individual rare earth oxides and oxide equivalents for purposes of clarity, consistency, and comparability.

Historical data for 2004, 2009, and 2014 and forecasts for 2019 and 2024 are provided on a country-by-country basis for rare earths mine production and for demand by product type and market, measured in metric tons. At the world level, historical data and forecasts are also provided for rare earths demand by product and market, measured in millions of current US dollars, including inflation. The term “demand” is used interchangeably with the terms “market,” “sales,” and “consumption.”

World Rare Earths to 2019

Table of Contents

Introduction XI

I. Executive Summary 1

II. Market Environment 4
General 4
World Economic Overview 5
Recent Historical Trends 5
World Economic Outlook 6
World Demographic Outlook 9
World Manufacturing Outlook 11
World Permanent Magnets Trends 14
World Petroleum Refining Outlook 16
World Rechargeable Battery Outlook 19
World Crude Steel Production Trends 21
World Electronic Equipment Outlook 23
World Motor Vehicle Outlook 25
World Motor Vehicle Production Trends 26
Hybrid & Electric Vehicles 29
Technology 30
Production & Processing Technologies 32
Emerging Technologies 35
Recycling 36
Competitive Materials 37
Pricing Trends 39
Environmental & Regulatory Considerations 45

III. World Rare Earths Supply & Demand 48
General 48
Regional Overview 49
Demand 49
Production 53
China 56
Rest of World 57
United States 58
India 59
Australia 59
Russia 60
Other Countries 61
Reserves 62
International Trade 64
Demand by Product 65
Cerium 68
Lanthanum 71
Neodymium 73
Praseodymium 75
Yttrium 77
Other Rare Earths 79
Dysprosium 81
Gadolinium 81
Samarium 82
Terbium 82
Europium 82
All Other 83
Demand by Market 83
Permanent Magnets 86
Glass, Polishing, & Ceramics 90
Fluid Cracking Catalysts 92
Metal Processing 94
Battery Alloys 96
Autocatalysts 98
Phosphors 100
Other Markets 103

IV. North America 107
Economic Overview 107
Rare Earths Products & Suppliers 108
Rare Earths Markets 111
United States 112
Canada 118
Mexico 123

V. Western Europe 129
Economic Overview 129
Rare Earths Products & Suppliers 130
Rare Earths Markets 133
France 134
Germany 140
United Kingdom 145
Italy 150
Other Western Europe 156

VI. Asia/Pacific 163
Economic Overview 163
Rare Earths Products & Suppliers 164
Rare Earths Markets 167
China 168
Japan 175
South Korea 182
India 187
Taiwan 193
Other Asia/Pacific 198

VII. Other Regions 204
Central & South America 204
Economic Overview 204
Rare Earths Products & Suppliers 205
Rare Earths Markets 208
Eastern Europe 209
Economic Overview 209
Rare Earths Products & Suppliers 211
Rare Earths Markets 213
Russia 214
Other Eastern Europe 219
Africa/Mideast 224
Economic Overview 224
Rare Earths Products & Suppliers 226
Rare Earths Markets 228

VIII. Industry Structure 230
General 230
Industry Composition 230
Market Share 233
Marketing & Distribution 237
Mergers, Acquisitions, & Divestitures 238
Cooperative Agreements 241
Company Profiles 246
Alkane Resources Limited 247
Aluminum Corporation of China Limited 248
Arafura Resources Limited 249
Avalon Rare Metals Incorporated 251
Baotou Huamei Rare Earth Hi-Tech, see China Northern Rare Earth Group High-Tech Baotou Ruixin Rare Earth Metal Materials, see China Northern Rare Earth Group High-Tech Baotou Showa Rare Earth Hi-Tech New Materials, see China Northern Rare Earth Group High-Tech Baotou Tianjiao Kiyomi Rare Earth Polishing Powder, see China Northern Rare Earth Group High-Tech Changting Jinlong Rare Earth, see Xiamen Tungsten China Minmetals Corporation 253
China Nonferrous Metal Industry’s Foreign Engineering and Construction Company Limited 255
China Northern Rare Earth Group High-Tech Company Limited 257
China Rare Earth Holdings Limited 261
China Rare Rare-Earth, see Aluminum Corporation of China China Southern Rare Earth Group, see Ganzhou Rare Earth Group, Jiangxi Copper, and Jiangxi Rare Earth and Rare Metals Tungsten Group Frontier Rare Earths Limited 263
Ganoderma Zibo Baotou Rare Earth Hi-Tech, see China Northern Rare Earth Group High-Tech Ganzhou Chenguang Rare Earths New Material, see China Northern Rare Earth Group High-Tech Ganzhou Qiandong Rare Earth Group Company Limited 265
Ganzhou Rare Earth Group Company Limited 267
Great Western GQD Rare Earth Materials Proprietary, see Ganzhou Qiandong Rare Earth Group and Great Western Minerals Group Great Western Minerals Group Limited 268
Greenland Minerals and Energy Limited 271
GRINM Advanced Materials Company Limited 273
Grirem Advanced Materials, see GRINM Advanced Materials Guangdong Zhujiang Rare Earth, see China Nonferrous Metal Industry’s Foreign Engineering and Construction Guangzhou Jiangfeng Minmetals Rare Earth, see China Minmetals Iluka Resources Limited 276
Indian Rare Earths Limited 277
Inner Mongolia Baotou Steel Rare-Earth Group Hi-Tech, see China Northern Rare Earth Group High-Tech Inner Mongolia Baotou Steel Rare Earth Magnetic Material, see China Northern Rare Earth Group High- Tech Jiangsu Guosheng Rare-earth, see GRINM Advanced Materials Jiangxi Copper Corporation 279
Jiangxi Golden Century Advanced Materials, see Jiangxi Rare Earth and Rare Metals Tungsten Group Jiangxi Rare Earth and Rare Metals Tungsten Group Corporation 280
Jiangxi Tungsten Industry Group, see China Minmetals and Jiangxi Rare Earth and Rare Metals Tungsten Group Jiangyin Jiahua Advanced Material Resources, see Molycorp Langfang GANS Magnetic Material, see GRINM Advanced Materials Leshan Grirem Advanced Materials, see GRINM Advanced Materials Less Common Metals, see Great Western Minerals Group Lynas Corporation Limited 283
Medallion Resources Limited 285
Molycorp Incorporated 287
Pele Mountain Resources Incorporated 291
Quest Rare Minerals Limited 293
Rare Earth Extraction, see Great Western Minerals Group Rare Element Resources Limited 294
Rising Nonferrous Metals Company Limited 297
Shin-Etsu Chemical Company Limited 298
Sichuan Jiangxi Copper Rare Earth, see Jiangxi Copper Solvay SA 301
Treibacher Industrie AG 305
Ucore Rare Metals Incorporated 306
Xiamen Tungsten Company Limited 308
Other Companies Involved in the Rare Earths Industry 310

List of Tables

Section I -- Executive Summary
Summary Table 3

Section II -- Market Environment
1 World Gross Domestic Product by Region 9
2 World Population by Region 11
3 World Manufacturing Value Added by Region 14
4 World Permanent Magnet Shipments by Type & Region 16
5 World Refined Petroleum Liquids Production by Region 19
6 World Rechargeable Battery Shipments by Region 21
7 World Crude Steel Production by Region 23
8 World Electronic Equipment Manufacturing Value Added by Region 25
9 World Motor Vehicle Production by Type & Region 28
10 World Hybrid & Electric Vehicle Production by Type & Region 30
11 The Rare Earth Elements 32
12 China’s Rare Earth Export Quotas, 2004-2014 41
13 World Rare Earth Prices 43

Section III -- World Rare Earths Supply & Demand
1 World Rare Earths Demand by Region 52
2 World Rare Earths Mine Production by Region 54
3 Selected Rare Earths Mine Projects 58
4 World Rare Earths Reserves by Country, 2014 64
5 World Rare Earths Demand by Product 66
6 World Cerium Demand by Market & Region 70
7 World Lanthanum Demand by Market & Region 72
8 World Neodymium Demand by Market & Region 74
9 World Praseodymium Demand by Market & Region 76
10 World Yttrium Demand by Market & Region 78
11 World Demand for Other Rare Earths by Product, Market & Region 80
12 World Rare Earths Demand by Market 84
13 World Permanent Magnet Market for Rare Earths by Region 89
14 World Glass, Polishing, & Ceramics Market for Rare Earths by Region 92
15 World Fluid Cracking Catalyst Market for Rare Earths by Region 94
16 World Metal Processing Market for Rare Earths by Region 96
17 World Battery Alloy Market for Rare Earths by Region 98
18 World Autocatalyst Market for Rare Earths by Region 100
19 World Phosphors Market for Rare Earths by Region 103
20 World Demand for Rare Earths in Other Markets by Region 106

Section IV -- North America
1 North America: Rare Earths Demand by Product 110
2 North America: Rare Earths Demand by Market 112
3 United States: Rare Earths Demand by Product 115
4 United States: Rare Earths Demand by Market 117
5 Canada: Rare Earths Demand by Product 121
6 Canada: Rare Earths Demand by Market 123
7 Mexico: Rare Earths Demand by Product 126
8 Mexico: Rare Earths Demand by Market 128

Section V -- Western Europe
1 Western Europe: Rare Earths Demand by Product 132
2 Western Europe: Rare Earths Demand by Market 134
3 France: Rare Earths Demand by Product 138
4 France: Rare Earths Demand by Market 140
5 Germany: Rare Earths Demand by Product 143
6 Germany: Rare Earths Demand by Market 145
7 United Kingdom: Rare Earths Demand by Product 148
8 United Kingdom: Rare Earths Demand by Market 150
9 Italy: Rare Earths Demand by Product 154
10 Italy: Rare Earths Demand by Market 156
11 Other Western Europe: Rare Earths Demand by Product & Country 160
12 Other Western Europe: Rare Earths Demand by Market 162

Section VI -- Asia/Pacific
1 Asia/Pacific: Rare Earths Demand by Product 166
2 Asia/Pacific: Rare Earths Demand by Market 168
3 China: Rare Earths Demand by Product 172
4 China: Rare Earths Demand by Market 175
5 Japan: Rare Earths Demand by Product 179
6 Japan: Rare Earths Demand by Market 181
7 South Korea: Rare Earths Demand by Product 185
8 South Korea: Rare Earths Demand by Market 187
9 India: Rare Earths Demand by Product 191
10 India: Rare Earths Demand by Market 193
11 Taiwan: Rare Earths Demand by Product 196
12 Taiwan: Rare Earths Demand by Market 198
13 Other Asia/Pacific: Rare Earths Demand by Product 201
14 Other Asia/Pacific: Rare Earths Demand by Market 203

Section VII -- Other Regions
1 Central & South America: Rare Earths Demand by Product 207
2 Central & South America: Rare Earths Demand by Market 209
3 Eastern Europe: Rare Earths Demand by Product 212
4 Eastern Europe: Rare Earths Demand by Market 214
5 Russia: Rare Earths Demand by Product 217
6 Russia: Rare Earths Demand by Market 219
7 Other Eastern Europe: Rare Earths Demand by Product 222
8 Other Eastern Europe: Rare Earths Demand by Market 224
9 Africa/Mideast: Rare Earths Demand by Product 227
10 Africa/Mideast: Rare Earths Demand by Market 229

Section VIII -- Industry Structure
1 World Rare Earth Sales by Company, 2014 232
2 Selected Consolidation Activities in China’s Rare Earths Industry 239
3 Selected Acquisitions & Divestitures 241
4 Selected Cooperative Agreements 243
5 Memorandums of Understanding & Other Agreements 245

List of Charts

Section II -- Market Environment
1 World Rare Earth Prices, 2004-2024 44

Section III -- World Rare Earths Supply & Demand
1 World Rare Earths Demand, 2004-2014 53
2 World Rare Earths Mine Production by Country, 2014 & 2024 55
3 World Rare Earths Demand by Product, 2014 67
4 World Rare Earths Demand by Market, 2014 85

Section IV -- North America
1 North America: Rare Earths Demand by Country, 2014 111

SECTION V -- Western Europe
1 Western Europe: Rare Earths Demand by Country, 2014 133

Section VI -- Asia/Pacific
1 Asia/Pacific: Rare Earths Demand by Country, 2014 167

Section VIII -- Industry Structure
1 World Rare Earths Market Share, 2014 233

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