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Factors like limited reserves , strict regulatory guidelines , complicated extraction process and heavy capital deployment are likely to adversely affect market growth . Creation of elements from recycled waste is an area of opportunity for future .
China , with more than 93 % of the global production , was the largest producer of neodymium in 2012 . The country ’ s potential as a key supplier of Rare Earth Elements is likely to be hampered by stringent regulatory stipulations on indiscriminate mining activities .
Hexa Research observed that Cerium was the largest consumed Rare Earth Element in 2013 . It accounted for more than 40 % of the total market that year . Main applications of cerium included petroleum refining and metallurgy . Application categories of Rare Earth Elements as determined by the research are catalysts , magnets , metallurgy , glass and polishing . Permanent magnets grabbed highest market share in 2013 followed by catalysts and metallurgy . Hexa Research expects permanent magnets to experience fastest growth in the coming years .
Growing end-use industries in developing Asia Pacific regions like China , India , Malaysia and South Korea will accelerate demand for the Rare Earth Elements market in the near future . Asia Pacific fetched revenues close to $ 3.8 billion in 2013 . China was both , the largest consumer and producer of Rare Earth Elements in 2013 . This will contribute to Asia Pacific experiencing the fastest growth at a CAGR of 11.5 % from 2014 to 2020 . Growth in automotive sector in ROW countries will also contribute to market growth . Molycorp and Inner Mongolia Baotou Steel Rare Earth HI-Tech Co . were the dominant players of the Rare Earth Elements industry in 2013 .
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