Rare Earth News
Rare earths demand expected to increase through 2015
World demand for rare earths is expected to increase by 7.1 percent each year to a total of 180,000 metric tons in 2015, according to a new market research report compiled by Freedonia Group.
According to the report, sales of rare earths are expected to increase more than three-fold, from 2010's level of $3 billion to $9.2 billion in 2015. The main factors contributing to this spike are likely to include increased permanent magnet output and higher demand for electric vehicles and battery alloy.
Neodymium, a large deposit of which was reportedly discovered in northern Canada recently, is expected to drive the rare earth gains, according to the report. As such, investing in rare earth metals could prove beneficial, with rare earth metal stocks expected to experience tremendous growth over the next few years.
The study did say that rare earth prices are expected to peak around 2013, due to new entrants into the market beginning to operate at near-full production levels.
Discovered by an Austrian chemist in 1885, neodymium can be used in magnets, glass coloration and even green technology such as wind turbines.