Global rare earth demand growth will exceed 7%

180,000 tons in 2015, the fastest growth rate


According to the latest research report from the US-based Friedonia Group, global demand for rare earths is expected to increase rapidly at an average annual rate of 7.1% due to the increase in output of batteries, electronic products, automobiles, and permanent magnets. 180,000 tons. If dollar-denominated, sales of rare earths will increase from $3 billion in 2010 to $9.2 billion in 2015.


According to Friedonia, the strong growth in sales of high-temperature durable NdFeB permanent magnets will make Strontium and Tellurium the fastest growing demand among all types of rare earths. However, osmium will still be the most widely used rare earth species and will account for nearly one-third of global rare earth demand by 2015. The research report points out that permanent magnets are the world's largest consumer market for rare earths, regardless of sales or sales. Its demand will be stimulated by increased production of consumer electronics, electric motors, hybrid electric vehicles and other motor vehicles. NdFeB permanent magnets will occupy the major share. From 2011 to 2015, the demand for rare earths in global metal processing applications will increase at an average annual rate of 7.8%. By 2015, the demand will reach 19,350 tons. This is mainly driven by the increase in global steel production, especially high-strength steels and oxidation-resistant steels.


Since the beginning of this century, China has occupied an absolute monopoly in the global rare earth production. In 2010, China produced 111,000 tons of rare earth, accounting for about 90% of the world's total output. Major Chinese rare earth producers include Inner Mongolia Baotou Steel Rare Earth High-Tech Co., Ltd., China Minmetals Group and Jiangxi Copper. However, with the advent of non-Chinese suppliers including Molycorp, Australia's Linas, and Canada’s Great Western Mining Company, as well as the research and development of rare earth refining technologies, rare earth supply capacity will increase, which will eventually ease the price of rare earths. Soaring pressure.


In addition to China, the world’s largest rare earth miner, Molycorp, may double its original planned production of rare earths to cope with the rapid growth in global rare earth demand. Mark Smith, Molycorp’s chief executive, said in an interview with Bloomberg Radio in January this year that the board of directors of Molycorp had requested the management of the company to make every effort to increase the production of rare earths in 2012 from 20,000 tons to 40,000 tons. It is expected that this year’s The output will be between 3,000 tons and 5,000 tons.

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