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Rare Earth Metals Market Expected to Reach 192,000 Tons by 2018
Joint venture is the most popular growth strategy adopted by leading companies in the rare earth metals market. The top players in the rare earth metals market are keen on this strategy for better penetration and expansion of their business into new regions. The new ventures would aid the companies to cater the growing demand for rare earth metals.
The rare earth metals market is becoming aggressive with more and more developments happening in the field of rare earth applications. In terms of the global market, the industry comprises few market participants with some significant market leaders globally. In the rare earth metals market, there are established players such as Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co. Ltd.(China), Molycorp Inc. (U.S.), China Minmetals Rare Earth Co. Ltd. (China), and Great Western Minerals Group Ltd. (Canada). These top players have a significant controlling share in the market.
One major factor that is holding back the development of the market is the illegal mining of rare earth elements in China. Illegal mining of rare earth ores causes two major problems. Firstly, it poses a great environmental problem for the industry with natural water supplies being exposed to radioactive wastes from the mines. Secondly, illegal mining poses a serious economic problem as it is very difficult to track and monitor. It is estimated that illegal mining and smuggling in the recent past possibly might have accounted for about 20% of the total exported rare earths market from China.
Rare Earth Metals Market by Type (Lanthanum, Cerium, Neodymium, Praseodymium, Samarium, Europium, & Others), and Application (Magnets, Metals Alloys, Polishing, Additives, Catalysts, Phosphors, & Others) - Global Trends & Forecast to 2018
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