A study is pointing to a growth in global rare earth metal demand as green and renewable technologies become more prevalent.
The Global Rare Earth Metals Market 2015-2019 Report, by ReportsnReports.com, has predicted a growth of 14 per cent for the sector of over the next five years as manufacturers and governments attempt to gain greater control of the market.
Currently China controls the majority of the world’s rare earth metals, with the former managing director of rare earths junior Greenland Minerals & Energy, Rod McIllree, stating they had “caught the rest of the world sleeping”.
Geographical segmentation and analysis of China, the rest of Asia, and the US is covered in this report.
China accounted for around 63 per cent of the market share during 2014, in terms of consumption. The report predicts this region to maintain its leadership until the end of 2019.
The increased demand for rare earth from the automotive and electronic industries in the region is driving the market.
The potential entry of a new source of rare earths, North Korea, was not covered in the report.
In late 2013 Pacific Century Rare Earth Minerals (PCRE) reportedly uncovered a rare earth deposit, dubbed the Jongju ‘Super Target’.
Initially uncovered by North Korean geologists, who carried out years of drilling on site, early reports stated it had the potential of containing six times the reserves of China (which currently controls more than 90 per cent of the world's resources) and will re-transform the Global Rare Earth industry in the near future".
PCRE went on to state that it could support a 'super mine' status for more than 100 years.