Rare Earth Metals Market Size, Share, Growth Analysis, By Product(Cerium, Dysprosium, Erbium, Europium), By Application(Magnets, Catalysts, Metallurgy, Polishing), By Region - Industry Forecast 2024-2031


Report ID: SQMIG15M2011 | Region: Global | Published Date: March, 2024
Pages: 184 |Tables: 71 |Figures: 75

Rare Earth Metals Market Insights

Rare Earth Metals Market size was valued at USD 6.0 Billion in 2022 and is poised to grow from USD 6.0 Billion in 2024 to USD 10.9 Billion by 2031, at a CAGR of 12.6% during the forecast period (2024-2031). 

Because they can produce varied colours, they are frequently used in displays and screens. The strong electrical conductivity of rare earth elements is well known, and they coexist in minerals. These metals are thought to be the strongest magnets currently accessible. Permanent magnet motors containing neodymium were used by almost 85% of automakers, and estimates indicate that by 2022, demand for rare earth materials in automobiles will increase by 25%. One of the key reasons propelling the expansion of the market for rare earth metals is the rising need for renewable energy across the globe. Due to the growing need to reduce CO2 emissions, there is an increase in the demand for these products in the manufacturing of magnets and catalysts for the automotive industry and high usage in the production of batteries for electric vehicles, which accelerates market growth. OICA estimates that a total of 26.08 million and 4.39 million motor vehicles, respectively, were produced in China and India. As a result, output of motor vehicles increased by 30% in India and by 3% in China respectively. Research and development activities, expansion of end use industries, urbanisation and industrialization, as well as the focus of various organisations and companies on enhancing the technology, also have a positive impact on the market. The market players have lucrative prospects during the projection period of 2021 to 2028 due to the recycling and reuse of rare-earth metals.

Market snapshot - 2024-2031

Global Market Size

USD 3.85 billion

Largest Segment

Magnets

Fastest Growth

Magnets

Growth Rate

11.23% CAGR

Global Rare Earth Metals Market 2021-2030 ($ Bn)
Country Share for North America Region- 2021 (%)

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Rare Earth Metals Market Segmental Analysis

Global Rare Earth Metals Market is segmented on the basis of product, application and region. By product, the market is segmented into cerium, dysprosium, erbium, europium, gadolinium, holmium, lanthanum. By application, market is segmented into magnets, catalysts, metallurgy, polishing, glass, phosphors, ceramics. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Rare Earth Metals Market Analysis by Product

With a volume share of 44.87% in 2022, cerium was the dominant market. The demand for cerium and, consequently, the cerium market, are expected to increase due to the expansion of the automotive sector. In order to reduce emissions, catalytic converters in exhaust systems in the automotive sector employ cerium as a catalyst. It is additionally utilized in nickel-metal hydride batteries. Over the projected period, the demand for rare earth is anticipated to benefit from the rising popularity of hybrid automobiles.

Nuclear reactor demand is anticipated to be the primary driver of gadolinium. It is employed in the fresh fuel as a neutron absorber to manage and regulate the nuclear reactor core's reactivity. The demand for gadolinium is rising as a result of many investments being made in the nuclear energy business. In order to advance commercial nuclear energy technology, the Oak Ridge National Laboratory (ORNL) of the Department of Energy recently announced plans for its partnership with six new business projects. These partnerships will be backed by the Department of Energy (DOE), which has pledged financing of USD 14 million for fusion energy research and USD 18 million for disruptive energy innovations.

Rare Earth Metals Market Analysis by Application

In 2022, the magnet application segment ranked first in terms of volume and revenue. They are utilized in many different devices, including sensors, speakers, headphones, linear actuators, and servo motors. Over the projected period, it is expected that there will be a rise in the consumption of rare earth elements due to the rising need for magnets in automobiles, turbines, and consumer electronics.

Revenue for ceramics applications is anticipated to increase at a CAGR of 7.3%. Major applications for yttrium, lanthanum, cerium, neodymium, and praseodymium in the ceramics sector include tiles, electronics, and engineering. Cerium oxide is utilized to glaze the ceramic tiles and act as an opacifier. The Ceramic World Web reported that the manufacturing of ceramic tiles increased by 2.2%. Over the projection period, it is expected that increased ceramic output will have a beneficial effect on rising rare earth utilization due to the expansion of construction activities in developing nations.

Global Rare Earth Metals Market Size By Application 2021(%)

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Rare Earth Metals Market Regional Insights

By 2022, sales growth in North America is projected to register a CAGR of 8.2%. The region's developing automobile industry is to blame for the rising demand for rare earths. Neodymium, for instance, is used in Tesla's Model 3 Long Range vehicles, a major American maker of electric vehicles. Over the projected period, it is expected that this action will increase demand for neodymium. Over the projected period, it is also anticipated that expanding nuclear and consumer electronics industries will fuel demand for rare earths. With more than 30% of the world's electricity generated by nuclear energy, the United States is the largest producer in the world. According to the World Nuclear Association, there are now two nuclear reactors being built in the nation. The region's market is anticipated to grow faster than average due to the increasing need for nuclear reactors.

With a market volume share of 72.5% in 2022, the Asia Pacific region led the world in both rare earth production and consumption. In the Asia Pacific market for rare earth elements, consumer electronics and the automobile sector are important. This is because rare earth is increasingly used to make magnets for batteries in electric vehicles, and because television glass is polished to create a smooth surface and lighten the product. Businesses in India have begun to increase their capacity for producing television component parts.

Global Rare Earth Metals Market Size By Geography, 2021-2030
  • Largest
  • Fastest

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Rare Earth Metals Market Dynamics

Rare Earth Metals Market Drivers 

Growth in current and emerging application 

  • Rare earth metals are essential in various industries, including permanent magnets, catalysts, glass polishing powders, additives, batteries, metallurgy, ceramics, phosphors, and pigments. The market for rare earth permanent magnets, particularly neodymium, praseodymium, dysprosium, terbium, and yttrium, is expected to grow significantly over the next decade, driven by their high remanence and coercivity. This growth is closely tied to the automotive sector, especially with the increasing production of hybrid electric vehicles (HEVs) that use more rare earth materials compared to conventional vehicles. According to the European Institute of Innovation and Technology, the usage of rare earth permanent magnets in electric vehicles (EVs) could rise from 5,000 tons in 2019 to between 40,000 and 70,000 tons by 2030. Additionally, rare earth magnets are projected to see significant growth in wind turbines, reducing maintenance and weight by eliminating gearboxes, and are widely used in consumer electronics for their performance-to-size ratio. Rare earth metals like lanthanum and cerium are also crucial in catalytic systems for automotive catalytic converters and oil refinery catalysts, with demand bolstered by stricter emission regulations and rising global vehicle sales. 

Rare Earth Metals Market Restraints 

Fluctuation in Cost of Rare Earth Metals 

  • The volatility in the prices of raw materials compels manufacturers to either absorb additional costs or increase product prices. The demand for rare earth metals is closely linked to their applications in various end-user industries, creating a complex supply chain that adds to the final cost for manufacturers. Consequently, sudden price changes can disrupt project budgets and push manufacturers toward operating at a loss. When raw material prices spike, manufacturers often seek new suppliers to maintain revenue targets, which can involve sourcing from lower-cost economies but also carries supply chain risks. Rare earth elements are typically sold in private markets rather than on exchanges, making price tracking difficult. They are frequently sold in varying purities, such as 99% neodymium metal, with prices fluctuating based on the quantity and quality required for specific applications. 

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Rare Earth Metals Market Competitive Landscape

The competitive landscape is dynamic, and market positions may shift as companies invest in research and development, explore new mining projects, and address environmental concerns associated with rare earth metals production.

Rare Earth Metals Market Top Player’s Company Profiles

  • China Northern Rare Earth Group High-Tech Co., Ltd. (China)
  • China Minmetals Corporation (China)
  • Jiangxi Copper Corporation (China)
  • Shenghe Resources Holding Co., Ltd. (China)
  • Alkane Resources Ltd. (Australia)
  • Neo Performance Materials Inc. (Canada)
  • Arafura Resources Limited (Australia)
  • Greenland Minerals Ltd. (Australia)
  • Northern Minerals Limited (Australia)
  • Avalon Advanced Materials Inc. (Canada)
  • Medallion Resources Ltd. (Canada)
  • Norsk Hydro ASA (Norway)
  • Texas Mineral Resources Corp. (United States)
  • Ucore Rare Metals Inc. (Canada)
  • Hastings Technology Metals Ltd. (Australia)
  • Great Western Minerals Group Ltd. (Canada)
  • Arafura Resources Ltd. (Australia)

Rare Earth Metals Market Recent Developments

  • In January 2024, Energy Fuels signed a Memorandum of Understanding (MoU) to secure a significant Australian source of rare earth minerals. This move aims to start a new supply chain in the United States that can keep up with demand for decades.

  • In November 2023, India is set to launch its first-ever auction of critical mineral blocks, which incorporates the world's new fuel, starting from November 29th.

  • In October 2023, Saudi Arabia's Vision 2030 reform agenda highlighted the mining sector importance in the country's economy. It intends to make mining the third key economic pillar, alongside other sectors. The focus on mining is driven by the goal of broadening the economy and reducing reliance on oil. Minerals are crucial for various industries aligned with Vision 2030 goals, including green initiatives, digitalization, technology development, nuclear energy, and defense.

Rare Earth Metals Key Market Trends

  • The vehicle telematics industry is currently undergoing changes, influenced by notable trends that are shaping its future. One key trend is the increasing integration of driver assistance systems (ADAS), with telematics technologies. This integration allows vehicles not to collect data about their surroundings but to actively respond to it thereby improving safety and driving experiences. Modern vehicles are increasingly equipped with features such as lane keeping assistance, cruise control and collision avoidance systems.
  • Another important trend is the growing adoption of car services and applications. As consumers demand convenient driving experiences automakers are equipping vehicles with advanced infotainment systems, real time navigation capabilities and remote diagnostics features. The connectivity of vehicles further enhances these trends by enabling over the air updates and facilitating vehicle to infrastructure communication.

  • Additionally the vehicle telematics market is experiencing a surge in the utilization of data analytics and artificial intelligence (AI). The vast amount of data generated by telematics systems is now being leveraged to gain insights and predict maintenance requirements. Enhance overall vehicle performance. This data driven approach does not optimize fleet management. Also paves the way for more efficient and sustainable transportation solutions.

Rare Earth Metals Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

According to our analyses, the rare earth metals market has witnessed steady growth due to increasing demand from various industries such as electronics, renewable energy, automotive, and defence. The market size is expected to expand further as emerging technologies and clean energy initiatives continue to gain momentum. Rare earth metals find extensive applications in high-tech industries, including electronics, telecommunications, renewable energy systems, electric vehicles, and defence technologies. They are crucial components for magnets, batteries, catalysts, and phosphors, among other advanced materials. The increasing demand for these technologies drives the need for rare earth metals. The increasing demand from high-tech industries, the transition to clean energy, and the need for advanced technologies. Supply chain diversification, environmental sustainability, and technological advancements are key focus areas for industry stakeholders. The market is expected to evolve further as countries strive for supply security, sustainable practices, and technological innovation in the rare earth metals sector.

Report Metric Details
Market size value in 2023 USD 3.85 billion
Market size value in 2031 USD 10.03 billion
Growth Rate 11.23%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Product
    • Cerium, Dysprosium, Erbium, Europium, Gadolinium, Holmium, Lanthanum
  • Application
    • Magnets, Catalysts, Metallurgy, Polishing, Glass, Phosphors, Ceramics
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • China Northern Rare Earth Group High-Tech Co., Ltd. (China)
  • China Minmetals Corporation (China)
  • Jiangxi Copper Corporation (China)
  • Shenghe Resources Holding Co., Ltd. (China)
  • Alkane Resources Ltd. (Australia)
  • Neo Performance Materials Inc. (Canada)
  • Arafura Resources Limited (Australia)
  • Greenland Minerals Ltd. (Australia)
  • Northern Minerals Limited (Australia)
  • Avalon Advanced Materials Inc. (Canada)
  • Medallion Resources Ltd. (Canada)
  • Norsk Hydro ASA (Norway)
  • Texas Mineral Resources Corp. (United States)
  • Ucore Rare Metals Inc. (Canada)
  • Hastings Technology Metals Ltd. (Australia)
  • Great Western Minerals Group Ltd. (Canada)
  • Arafura Resources Ltd. (Australia)
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Rare Earth Metals Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Rare Earth Metals Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Rare Earth Metals Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Rare Earth Metals Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Rare Earth Metals Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Rare Earth Metals Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

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FAQs

Rare Earth Metals Market size was valued at USD 3.85 billion in 2022 and is poised to grow from USD 4.28 billion in 2023 to USD 10.03 billion by 2031, at a CAGR of 11.23% during the forecast period (2024-2031).

The competitive landscape is dynamic, and market positions may shift as companies invest in research and development, explore new mining projects, and address environmental concerns associated with rare earth metals production. 'China Northern Rare Earth Group High-Tech Co., Ltd. (China)', 'China Minmetals Corporation (China)', 'Lynas Corporation Ltd. (Australia)', 'MP Materials Corp. (United States)', 'Jiangxi Copper Corporation (China)', 'Iluka Resources Limited (Australia)', 'Shenghe Resources Holding Co., Ltd. (China)', 'Alkane Resources Ltd. (Australia)', 'Neo Performance Materials Inc. (Canada)', 'Arafura Resources Limited (Australia)', 'Greenland Minerals Ltd. (Australia)', 'Northern Minerals Limited (Australia)', 'Avalon Advanced Materials Inc. (Canada)', 'Medallion Resources Ltd. (Canada)', 'Norsk Hydro ASA (Norway)', 'Texas Mineral Resources Corp. (United States)', 'Ucore Rare Metals Inc. (Canada)', 'Hastings Technology Metals Ltd. (Australia)', 'Great Western Minerals Group Ltd. (Canada)', 'Arafura Resources Ltd. (Australia)'

Rare earth metals are essential components in the production of advanced technologies such as smartphones, laptops, electric vehicles, renewable energy systems, and aerospace equipment. The growing demand for these technologies drives the need for rare earth metals, as they offer unique magnetic, luminescent, and catalytic properties required for their functionality.

The vehicle telematics industry is currently undergoing changes, influenced by notable trends that are shaping its future. One key trend is the increasing integration of driver assistance systems (ADAS), with telematics technologies. This integration allows vehicles not to collect data about their surroundings but to actively respond to it thereby improving safety and driving experiences. Modern vehicles are increasingly equipped with features such as lane keeping assistance, cruise control and collision avoidance systems.

By 2022, sales growth in North America is projected to register a CAGR of 8.2%. The region's developing automobile industry is to blame for the rising demand for rare earths. Neodymium, for instance, is used in Tesla's Model 3 Long Range vehicles, a major American maker of electric vehicles. Over the projected period, it is expected that this action will increase demand for neodymium. Over the projected period, it is also anticipated that expanding nuclear and consumer electronics industries will fuel demand for rare earths. With more than 30% of the world's electricity generated by nuclear energy, the United States is the largest producer in the world. According to the World Nuclear Association, there are now two nuclear reactors being built in the nation. The region's market is anticipated to grow faster than average due to the increasing need for nuclear reactors.

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