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Rare earth elements
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Emergence of global significant rare earth projec
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Rare earth elements Industry Benchmarks
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The average annual savings achieved in Rare earth elements category is 6.70%
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(in days)
The industry average payment terms in Rare earth elements category for the current quarter is 72.7 days
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Rare earth elements market frequently asked questions
The bargaining potential of buyers is medium to high, based on the end-use sector, as the demand scale differs across the verticals. Case in point, the present magnet industry downswing and the fragile commodity market offer the upper hand to the buyers in terms of price negotiation. On the other hand, since the global rare earth elements market is highly competitive, the bargaining potential of suppliers is medium to high.
Rare earth metal producers continue to view China as their target geography as the developing region captures over 3/5 of the global mine production. Moreover, six state-funded local miners hold a significant chunk of the rare earth mining market.
Due to the COVID-19 pandemic and its ripple effects, the worldwide mine output took a hard hit in 2020. In addition, market players began engaging in short-term contracts due to the high degree of fluctuation amidst the public-health crisis.
The global rare earth elements market is consolidated, with leading players taking the bigger slice of the overall revenue. Further, the price competition in the market echoes the cut-throat rivalry between participants to boost their bottom lines and gain an edge over others.
For new entrants, the yardstick to enter the global competitive landscape of the rare earth elements market is high as the extraction process, and subsequent treatment is a complicated process and involves high expenses. In addition, the competitive landscape is subject to increased compliance costs and high exit barriers.
Rare earth elements market report transcript
Rare Earth Metals Global Market Outlook:
Market Overview
China continues to hold the dominance in rare earths metal market and accounts for nearly 63 percent of the global mine production in 2019. In 2020, the global mine output is expected to decline due to Covid-19 outbreak.
Sourcing practices
Short term contracts due to high degree of volatility caused due to Covid-19 outbreak.
Porter's Analysis on Rare Earth Metals
Supplier Power
- The global rare earth elements market is highly consolidated and hence, the bargaining power of suppliers is medium to high. Six state-owned miners of China are holding a major share of the rare earths mining industry, thereby allowing China to keep a strong handle on production
Barriers to New Entrants
- The barriers to new entrants is considered high for rare earths market. The process of extracting and subsequent treatment is a complex process and involves high costs
- The extraction process involves huge environmental cost. Some of the processes use acids for separation and the combustion with high temperatures emit carbon dioxides
Intensity of Rivalry
- Intensity of rivalry is medium, due to consolidation in the industry amongst the major players. There is high investment cost for entry, regulations, and high exit barriers
- The struggle for market share and increased profitability is reflected in price competition
Threat of Substitutes
- Rare earth elements have very low substitute threat. Though substitutes are available, they are always considered less effective in many applications
Buyer Power
- Buyer power is medium to high, depending on the end-use industry, as the level of demand varies across the industries
- For instance, the current magnet industry downturn and the weak commodity market provide added advantage to the buyers, in terms of price negotiation