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Rise in disposable incomes, technology breakthroughs, and falling microprocessor prices are among factors propelling the demand for personal gadgets such as laptops, mobile phones, and tablets across the world. Rapidly expanding mobile networks and internet penetration in India, Bangladesh, Indonesia, Thailand, and other countries in Southeast Asia are further aiding the demand for mobile gadgets and personal equipment. There is a significant untapped market in these regions, which presents an immense growth opportunity for the sale of personal electronic equipment. Rare earth compounds of yttrium, terbium, cerium, and gadolinium are used as phosphors in various electronic appliances such as LCDs and smartphones. These rare earth metal compounds exhibit electro phosphorescence wherein an electric discharge in the compound results in color variations. Thus, the growing demand for electronic appliances and personal equipment will drive the growth of the market.
China has remained the key producer and supplier of rare earth metals for the previous three decades. However, the country's practice of restricting export quotas and raising duties is forcing various countries to evaluate alternative sourcing agreements. In order to capitalize on the same and on the growing demand from end-users, various countries have embarked upon the exploration of their untouched and underutilized reserves. This increase in production capacities outside China is greatly supporting the growing demand for rare earth metals. Some notable exploration and development assessments in the US include Bear Lodge, Bokan Mountain, Elk Creek, Lemhi Pass, Diamond Creek, La Paz, Thor, Pea Ridge, and Round Top. Similarly, large numbers of projects are underway in Australia, Brazil, China, Greenland, India, Madagascar, Mozambique, South Africa, Sweden, Tanzania, and Vietnam. The rise of new production capacities across the world will lead to the growth of the market.
“Factors such as the growing popularity of green mining and environment-friendly refining, and surge in demand from APAC will have a significant impact on the growth of the rare earth metal market value during the forecast period,” says a senior analyst at Technavio.
