China to amass a huge share in APAC rare earth metals market over 2017-2024
Date: 2019-01-16   Author: Rahul Varpe  Category: #news

China to amass a huge share in APAC rare earth metals market over 2017-2024

Global Market Insights, Inc. adds a new Rare Earth Metals Market research report for the period of 2018-2024 focuses on the major drivers and restraints for the global key players providing analysis of the market share, segmentation, revenue forecasts and geographic regions of the market.

In an era that has witnessed technology reigning sovereign across myriad verticals, rare earth metals market has attained renewed prominence, on the premise of the fact that these metals play a crucial role in the fields of computer networks, consumer electronics, clean energy, environmental mitigation, and more. 

Request sample copy of this report @ https://www.gminsights.com/request-sample/detail/2303

Having identified the potential benefits provided by these metals and understood their supposed lack of demand and supply and confined availability in very few regions, numerous countries have been attempting to invest millions in order to increase their mining operations and unearth rare earth metals. Merely last year for instance, Iluka Resources, an Australian mining company with a substantial share in the regional rare earth metals industry, has invested more than USD 3 million (approximately AUD 4 million) for mining titanium-zirconium deposits in North Kazakhstan and Kostanai. Through this project, the company has officially penetrated Kazakhstan rare earth metals market and even aims to construct a rare earth metal processing plant in the next few months, post this project.

Recently, tabloids were hit with the announcement of the largest rare earth new material industrial park in China to be constructed at Baotou, the Inner Mongolia autonomous region, essentially brought to focus on account of the numerous technological innovations and a considerable deal of support from the ‘Made in China 2025’ scheme. The park would cover 0.45 square kilometers comprising purified rare earth metal materials and would have an annual output of 30,000 metric tons, and has been touted to be the biggest purified rare earth materials area in the world. 

A project of this stature depicts the extent of China’s participation in global rare earth metals market, and the level of government commitment toward augmenting the nation’s rare earth metals industry outlook. As per estimates in fact, Baotou has been the recipient of humongous developments in China rare earth metals market, having witnessed more than 70 upgrading projects with governmental funding. Furthermore, statistics claim the Baotou rare earth industrial reserve to be worth 43.5 million tons, covering more than 83.5% of the overall reserve in China. It therefore, comes as no surprise that China will continue to remain the prime producer, consumer, and exporter of rare earths. A report by Global Market Insights, Inc., states China rare earth metals market share has been forecast to grow at a CAGR of 9% over 2017-2024.

Browse Report Summery @ https://www.gminsights.com/industry-analysis/rare-earth-metals-market

In an era that has witnessed technology reigning sovereign across myriad verticals, rare earth metals market has attained renewed prominence, on the premise of the fact that these metals play a crucial role in the fields of computer networks, consumer electronics, clean energy, environmental mitigation, and more. Having identified the potential benefits provided by these metals and understood their supposed lack of demand and supply and confined availability in very few regions, numerous countries have been attempting to invest millions in order to increase their mining operations and unearth rare earth metals. Merely last year for instance, Iluka Resources, an Australian mining company with a substantial share in the regional rare earth metals industry, has invested more than USD 3 million (approximately AUD 4 million) for mining titanium-zirconium deposits in North Kazakhstan and Kostanai. Through this project, the company has officially penetrated Kazakhstan rare earth metals market and even aims to construct a rare earth metal processing plant in the next few months, post this project.

There have been major changes in the domestic policies of China recently, which have no doubt, have had transformational implications on China rare earth metals industry. The ‘Made in China 2025’ policy enacted in March 2017 listed down a catalog of regulations that targets the manufacturing of highly valued downstream goods as opposed to manufacturing products from polluting industries, that has led to technology and energy companies wanting to domestically source nearly 80% of their refined minerals by 2025. 

With increased in-house consumption, Chinese exports are likely to be affected, indirectly impacting rare earth metals market share across numerous other topographies. Furthermore, Chinese manufacturers would deploy rare earth magnets in wind turbines, EVs, etc., forcing non-Chinese companies to seek rare earths from alternative sources. Amidst the backdrop of this potentially austere scenario, Australia has been forecast to emerge as the next raw material hub for global rare earth materials industry. 

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It is prudent to mention that rare earth recovery mechanisms are receiving widespread governmental attention. In the last three years, REEcycle’s technology has apparently received a funding of USD 1.4 million. As the demand for these metals surges infinite boundaries, most of the rare earth metals market players would be willing to either invest in recovery technologies, or establish themselves as sole proprietors through innovative R&D activities that would help roll out similar such systems. With numerous companies earnestly tapping the unexplored mining areas beyond the standard regions and striving to exploit technology to the fullest, in conjunction with the establishment of a stringent regulatory framework that would terminate illegal mining activities, rare earth metals market size is certain to surpass USD 20 billion by 2024, as per a reliable forecast.
 



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Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for AlgosOnline. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. ...

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