Summary

この調査レポートは世界のレアアース（希土類元素）市場を詳細に調査し、主要サプライヤ、材料のサプライチェーンにおける課題/動向、サプライヤの市場シェア評価、材料セグメントでの予測などを掲載しています。

このレポートは経験豊富なテクセットのシニアアナリストによって執筆されており、特にサプライチェーンの管理者、プロセス統合、R&D部長、事業開発、金融アナリストに有用となる情報を提供しています。

• Contains data and analysis from TECHCET’s database and Sr. Analyst experience, as well as that developed from primary and secondary market research
• Provides focused information for supply-chain managers, process integration and R&D directors, as well as business development and financial analysts
• Covers information about key suppliers, issues/trends in the material supply chain, estimates on supplier market share, and forecast for the material segments

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Table of Contents

Table of Contents

ANALYST BIOGRAPHY .................... 3

1 EXECUTIVE SUMMARY ................ 10

1.1 MATERIAL SEGMENT BUSINESS GROWTH OVERVIEW ........... 10
1.2 MATERIAL SEGMENT MARKET TRENDS ................ 10
1.3 HIGHLIGHT MATERIAL SEGMENT TECHNOLOGY TRENDS ............ 12
1.4 COMPETITIVE LANDSCAPE ................ 13
1.5 EHS ISSUES/CONCERNS ................... 16
1.6 ANALYST ASSESSMENT .................. 16

2 SCOPE, PURPOSE AND METHODOLOGY .............. 17

2.1 SCOPE ...................... 17
2.2 PURPOSE ...................... 17
2.3 METHODOLOGY ..................... 17
2.4 OVERVIEW OF OTHER TECHCET CMR? REPORTS ............ 18

3 REE APPLICATIONS AND CATEGORIZATIONS ............ 19

3.1 CATEGORIZATION .................. 19
3.2 CLASSIFICATION OF RARE EARTHS ................. 19
3.3 REE VS. REO VS. REM .................. 21
3.3.1 CHINA CAPITALIZATION AND CONSOLIDATION INTO SIX GROUPS ........ 21
3.4 ELECTRONIC AND CONSUMER APPLICATIONS OF RARE EARTHS .......... 22
3.4.1 AUTOMOBILE APPLICATION ................. 23
3.4.2 SOLAR AND WIND TURBINES ................ 23
3.4.3 ELECTRONICS ..................... 24
3.4.4 ELECTRONICS ..................... 25
3.4.5 SEMICONDUCTOR DEVICE SPECIFIC REE ............. 26
3.4.6 OVERVIEW ...................... 27

4 RARE EARTH PRODUCTION .................. 28

4.1 OVERVIEW OF MINES (LOCATION, PRODUCTION, RESERVES) .......... 28
4.2 REE RESOURCES OUTSIDE OF CHINA .............. 30

5 GLOBAL GOVERNMENTAL RESPONSE/POLICIES ........... 40

5.1 JAPAN ...................... 40
5.1.1 JAPAN - CORPORATE AND GOVERNMENT SUPPORTED PROGRAMS ....... 40
5.1.2 JAPAN STRATEGY ................... 40
5.2 US ...................... 41
5.2.1 ORE ACT 2020 .................. 41
5.2.2 NATIONAL DEFENSE AUTHORIZATION ACT FOR FISCAL YEAR 2019 .... 43
5.2.3 CHINA - US TRADE AND RARE EARTH PRODUCTS ........... 43
5.3 EUROPE ..................... 44
5.3.1 EUROPEAN REES RESOURCES ................. 44
5.3.2 EU ACTIONS ON CRITICAL RAW MATERIALS ............. 45

6 CHINA RARE EARTHS DOMINANCE ................ 46

6.1 CHINA AMID COVID AND TARIFFS ................. 46
6.2 CHINA’S NEW RARE EARTH POLICY & IMPACT ON THE WORLDWIDE RARE EARTH INDUSTRY .. 47
6.3 ANALYST ASSESSMENT US TARIFF STRATEGIES .............. 49

7 RECYCLE OR SUBSTITUTION ................. 51

7.1 RARE EARTHS RECYCLED FROM FLUORESCENT LAMPS ............ 52
7.2 APPLE RECYCLE OF SMART PHONES ............... 54
7.3 CONCENTRATION OF RARE EARTH ELEMENTS DURING HIGH TEMPERATURE PYROLYSIS OF WASTE
PRINTED CIRCUIT BOARDS .................... 54

8 POTENTIAL NEW NON-CHINA SOURCES OF RARE EARTH METALS ....... 55

8.1 LOCATION .................... 55

9 PRICE TRENDS 2020 .................. 57

9.1 REE PRICE TREND PROJECTIONS. ................ 57
9.1.1 CERIUM .................... 58
9.1.2 DYSPROSIUM (DP) .................... 59
9.1.3 NEODYMIUM AND PRASEODYMIUM (ND & PR) ............. 59
9.1.4 LANTHANUM (LA) .................. 61
9.1.5 YTTRIUM AND SAMARIUM OXIDES .............. 61
9.1.6 SCANDIUM (SC) .................... 62
9.1.7 HOLMIUM, ERBIUM, EUROPEAN, GADOLINIUM, AND YTTERBIUM (HO, ER, EU, GD, Y) ... 63
9.1.8 TERBIUM .................... 65
9.1.9 CAGR SUMMARY .................... 65

10 RARE EARTH OXIDE REVIEW AND FORECAST ............. 67

10.1 RARE EARTH OXIDE FORECAST ................ 68
10.2 NDPR REVIEW ..................... 71

11 SUMMARY, STRATEGY AND RECOMMENDATION ............ 74

12 APPENDIX A .................... 75

12.1 CHINA’S CONSOLIDATED RARE EARTH INDUSTRY INFRASTRUCTURE ........ 75
12.1.1 BUSINESS ETHICS .................... 76
12.1.2 CHINA REE INVESTMENT ARM ............... 76
12.1.3 CHINA’S NEW RESOURCE LAW IMPACT ON THE RARE EARTH PRICE TRENDS ..... 79
12.1.4 CHINA RESEARCH ADVANTAGE ................ 80
12.1.5 WTO .................... 81

13 APPENDIX B ..................... 83

13.1 CHINA’S PREVIOUS TAX LAW FOR THEIR RARE EARTH EXPORT ......... 83
13.2 RECENT CHINA’S IMPORT TARIFFS - 2018 ............ 83

14 APPENDIX C .................... 85

14.1 OVERVIEW OF APPLICATION .................. 85
14.2 RARE EARTH ELEMENT DESCRIPTIONS ................ 85
14.3 RARE EARTH PROCESS FROM ORE TO CONSUMER PRODUCTS. APPENDIX ....... 96

15 SUPPLIER PROFILES ................... 99

TABLE OF FIGURES

Figure 1: Global Production Forecast Segmented by REE ............ 11
Figure 2: REE Elements by Application .................. 13
Figure 3: Market Caps of REE Companies .................. 14
Figure 4: Global Rare Earth Mine Production 1998-2019 ............. 15
Figure 5: Light versus Heavy REE .................... 19
Figure 6: REE to end user product process flow ............... 21
Figure 7: Market Cap of Leading REE companies .............. 22
Figure 8: REE in Automobile ..................... 23
Figure 9: REE in Solar and Wind Turbines .................. 24
Figure 10: Consumer Applications of Rare Earth Materials ............ 25
Figure 11: REE Minerals .................... 28
Figure 12: Mine Production is Dominated by China .............. 29
Figure 13: Global Distribution of Rare Earth Deposits ............ 30
Figure 14: Rare Mineralogy relation to Production ................ 31
Figure 15: Rare Earth Production by Country (as a % of WW total) .......... 32
Figure 16: Rare Earth Reserves by Country (as a % of WW total) ........... 32
Figure 17: Non-China Mining Capability by Region (as a % of total WW Volumes) .... 35
Figure 18: Non-China Production Capability by company as a Percent of Total Volume .... 36
Figure 19: REO Production Share for Non-China Based REO Companies for Select REOs ..... 38
Figure 20: REE Mining Share as a Percent of WW Mining Output 2019 .......... 47
Figure 21: Input Data for the Primary Supply Analysis (1/2) ........... 53
Figure 22: Cerium Oxide Price Trends ................. 58
Figure 23: Dysprosium Oxide Price Trends ................ 59
Figure 24: Neodymium and Praseodymium Oxide Price Trends ............ 60
Figure 25: Lanthanum Oxide Price Trends .................. 61
Figure 26: Yttrium and Samarium Price Trends ................ 62
Figure 27: Scandium Price Trends .................... 63
Figure 28: Ho, ER, Eu, Gd, Yb Price Trends. .................. 64
Figure 29: Various REO Average Annual Price Changes 2020-2023 ......... 64
Figure 30: Terbium Oxide Price Trends ................ 65
Figure 31: Global Demand for Magnet and Related Applications .......... 68
Figure 32: WW REO Production Volume History & Forecast Estimates (stacked bar chart) .... 69
Figure 33: WW Volume History and Forecast of Rare Earth Oxide Production and Consumption . 70
Figure 34:WW Electric Vehicles driving NdPr Demand (2020) .......... 72
Figure 35: NdPr Oxide Supply & Demand ................ 73
Figure 36: REE-Bearing Mineral Mining China ................ 75
Figure 37: R&D Programs-China .................... 81
Figure 38 Rare Earth Applications. ................... 85
Figure 39: La High K ...................... 87
Figure 40 Ceria Application CMP ................... 89
Figure 41: Pr Capacitor ...................... 90
Figure 42: Toyota Nd Reduction ................... 91
Figure 43: Development of Magnetic Material Technology ............ 92
Figure 44: Rare Earth Process from Ore to Consumer Products ............ 96
Figure 45: Rare Earths Separation in China ................ 98

TABLES

Table 1: Average Annual Price Change Estimated (2020-2023) ........... 12
Table 2: 2019 TECHCET Critical Materials Reports ............... 18
Table 3: Comparison Classification of Rare Earths ................ 20
Table 4 : Overview of REE Market Applications ............... 27
Table 5: Top 10 Non-China Rare Earth Mines, Ranked by Total Potential REO Value ...... 33
Table 6: Top 35 Rare Earth Mines External to China .............. 34
Table 7: Rare Earth Mining Outside of China ................ 37
Table 8: REO Content in Various Lamps ................ 52
Table 9: End of Life Recycling Rates For Lamps ............... 52
Table 10: Australia Resource Location .................. 55
Table 11: Canada and Greenland Resource Location .............. 55
Table 12: Africa Resource Location ................... 56
Table 13: US Resource Location .................... 56
Table 14: Price Trends for REO (Price Change Per Year Estimates (2020-2023) ...... 66
Table 15: REO Production Growth Rates, 5-year CAGRs (2020-2025) ......... 69
Table 16 China Big 6 Rare Earth Groups .................. 78
Table 17 Chine New Resource Table 18Tas (May 2015) ............. 83
Table 19 China Import Tariffs( September 2019) .............. 84
Table 20: Supplier Profiles ...................... 99