info@marketresearchfuture.com   📞  +1 (855) 661-4441(US)   📞  +44 1720 412 167(UK)
Certified Global Research Member
Isomar fd.webp Wcrc 57.webp
Key Questions Answered
  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players’ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
Why Choose Market Research Future?
  • Vigorous research methodologies for specific market.
  • Knowledge partners across the globe
  • Large network of partner consultants.
  • Ever-increasing/ Escalating data base with quarterly monitoring of various markets
  • Trusted by fortune 500 companies/startups/ universities/organizations
  • Large database of 5000+ markets reports.
  • Effective and prompt pre- and post-sales support.

Rare Earth Metal Market Size

ID: MRFR//1662-CR | 128 Pages | Author: Anshula Mandaokar| September 2023

The rare earth metals market is subject to various factors that shape its dynamics and determine its performance. These market factors encompass a wide range of economic, geopolitical, and industrial variables that collectively impact the supply, demand, and price of rare earth metals. One of the primary market factors influencing the rare earth metals market is geopolitical tensions and trade dynamics. Rare earth metals are crucial components in various high-tech industries, including electronics, renewable energy, and defense technologies. Therefore, geopolitical tensions, trade disputes, and supply chain disruptions involving major rare earth metal-producing countries such as China can significantly impact the supply and pricing of rare earth metals.

The rare-earth elements also referred to as rare-earth metals, sometimes known as rare-earth oxides, another familiar term called lanthanides is a set of seventeen nearly-identical lustrous ivory-white ductile heavy metals.

Furthermore, technological advancements and shifts in consumer preferences also influence the demand for rare earth metals. As the global economy continues to evolve, there is an increasing demand for advanced technologies such as electric vehicles, wind turbines, and smartphones, all of which rely on rare earth metals for their functionality. Therefore, innovations in these industries and changes in consumer behavior towards eco-friendly and sustainable products can drive up the demand for rare earth metals, affecting their market dynamics and pricing.

Moreover, environmental regulations and sustainability initiatives play a crucial role in shaping the rare earth metals market. Rare earth metal mining and processing often involve environmentally damaging practices, including toxic waste disposal and habitat destruction. As environmental concerns gain prominence worldwide, governments and regulatory bodies are imposing stricter regulations on rare earth metal mining operations to mitigate environmental impacts. These regulations can affect the supply chain and production costs of rare earth metals, thereby influencing their market dynamics and pricing.

In addition to environmental regulations, the availability of substitutes and recycling technologies also impact the rare earth metals market. As concerns over rare earth metal scarcity and environmental degradation grow, researchers and industries are exploring alternative materials and recycling methods to reduce reliance on virgin rare earth metals. The development and adoption of substitute materials and recycling technologies can affect the demand for rare earth metals and their market dynamics by altering the supply-demand balance and pricing dynamics.

Furthermore, currency movements and global economic trends influence the rare earth metals market. Rare earth metals are traded in international markets, and currency fluctuations can affect their affordability and attractiveness for international buyers. Moreover, global economic trends such as economic growth, inflation, and monetary policies can influence investor sentiment and demand for rare earth metals as an investment asset or inflation hedge. Therefore, macroeconomic factors play a significant role in shaping the overall market dynamics and pricing of rare earth metals.

Additionally, supply chain disruptions and logistical challenges can impact the rare earth metals market. The rare earth metals supply chain is complex and involves various stages, including mining, processing, refining, and manufacturing. Disruptions at any stage of the supply chain, such as transportation bottlenecks, labor strikes, or natural disasters, can affect the availability and pricing of rare earth metals in the market. Moreover, geopolitical tensions and trade disputes can lead to disruptions in the global supply chain, further exacerbating supply shortages and price volatility in the rare earth metals market.

Covered Aspects:

Report Attribute/Metric Details
Market Size Value In 2023 USD 6,000 Million
Growth Rate 6.08% (2024-2032)

Global Rare Earth Metals Market Overview


Rare Earth Metals Market Size was valued at USD 6,000 million in 2023. The Rare Earth Metals industry is projected to grow from USD 6,370 million in 2024 to USD 10,210 million by 2032, exhibiting a compound annual growth rate (CAGR) of 6.08% during the forecast period (2024 - 2032). The primary force behind the growth of the rare earth metals market worldwide is the government initiatives towards rare earth metals. Rare earth metals, also known as rare earth elements (REEs), are a group of 17 chemically similar elements in the periodic table. Despite their name, rare earth metals are relatively abundant in the Earth's crust, but they are rarely found in concentrated deposits, making them economically valuable and challenging to extract.


Rare Earth Metals Market Overview


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Rare Earth Metals Market Trends




  • Government initiatives towards rare earth metals to fuel the rare earth metals market.




Due to their comprehensive qualities, such as high quality and distinctive traits, rare earth metals are in high demand across a variety of end-use sectors. The rare-earth elements (REEs) were previously only known to a very restricted group of individuals, including chemists, geologists, specialists in the field of materials science, and engineers. Because of the public's recognition of the vital, specialized qualities that REEs contribute to modern technology, China's dominance in REE production and supply, and the international reliance on China for the majority of the world's REE supply, REEs have become more visible in the 21st century through a variety of media outlets.


To overcome China’s dominance and extract rare earth metals in individual countries many government authorities planned policies for the betterment of the country. Policies such as the Multilateral Minerals Security Partnership (MSP) were launched in June 2022 with the intention of uniting nations to create the strong key mineral supply chains required for achieving climate goals. The US, Canada, Australia, the Republic of Korea, Japan, and several European nations are involved in this alliance.


Under The ONSHORE Manufacturing Act, the US government is a program for financial investments inside the US Department of Energy to offer financial support to commercial organizations primarily for the development of rare earth metallurgical/manufacturing facilities, where finished goods are created. It establishes a multilateral investment fund for the Secretary of State to work with US allies to create safe global supply chains for rare earth.  Instructs the US Department of Labor (DOL) to launch a workforce development strategy to support education and training programs for all phases of the manufacturing of rare earth.  It also directs the President to submit a plan of action for expanding domestic product production and the development of technologies under the Defense Production Act, in consultation with appropriate government agency heads and industry stakeholders. Prohibits "foreign entities of concern," such as those owned, controlled, or influenced by the DPRK, PRC, Russia, or Iran, as well as those thought to be engaging in behavior injurious to the national security or foreign policy of the US, from obtaining cash under the program. includes a clause allowing DOE to withhold payments from a recipient if they collaborate on research projects or exchange intellectual property with a problematic foreign firm.


Rare Earth Metals Market Segment Insights:


Rare Earth Metals by Type Insights


The Rare Earth Metals Market segmentation, based on type has been segmented as cerium, dysprosium, erbium, europium, neodymium, holmium, lanthanum, lutetium, and others. Among these, cerium is projected to dominate the Rare Earth Metals Market revenue through the projected period. Cerium is widely used as a catalyst in various industrial processes. It exhibits excellent redox properties, making it effective in catalytic converters used in automobiles to reduce emissions. The demand for catalytic converters has been increasing due to stricter environmental regulations worldwide, particularly in the automotive sector. As a result, the demand for cerium has also risen significantly. Cerium oxide, also known as ceria, is a key component in polishing applications. It is used for polishing glass, optics, and other precision surfaces. The rise of the electronics industry, including the production of smartphones, tablets, and display screens, has driven the demand for cerium-based polishing compounds.


January 2023, Swedish mining company LKAB discovered one million metric tons of rare earth oxides, which are used in electric vehicles and wind turbines.


Rare Earth Metals by Application Insights


The Rare Earth Metals Market segmentation, based on application, the market is segmented as metallurgy, batteries, magnets, glass & ceramics, polishing agents, and others. Out of which the magnets segment dominated base year market and is also projected to be holding a dominating share in the forecasted period as well. Rare earth magnets are critical components in electric motors used in numerous applications, including electric vehicles (EVs), hybrid vehicles, industrial machinery, and consumer electronics. These magnets provide high magnetic strength while maintaining compact size and efficiency, leading to improved motor performance and energy savings. The growing demand for EVs and other electric-powered technologies has resulted in increased demand for rare earth magnets. Rare earth magnets are utilized in the generators of wind turbines, enabling efficient power generation. The strong magnetic field created by these magnets helps convert the mechanical energy of wind into electrical energy. As the demand for renewable energy continues to grow, so does the demand for wind turbines, thereby driving the demand for rare earth magnets.


Figure 2: Rare Earth Metals Market, by Application, 2023 & 2032 (USD Million)Rare Earth Metals Market, by Application


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


February 2022, San Diego-based index development firm EQM Indexes LLC is launching a new index, the EQM Rare Earths & Critical Materials Index (CRITNTR) providing exposure to global public companies generating significant revenues from rare earth metals or critical materials mining, production, recycling, processing or refining.


Rare Earth Metals Regional Insights


By Region, the study segments the rare earth metals market into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. The rare earth metals industry in Asia-Pacific is likely to make the region the largest expanding global market for rare earth metals. APAC, particularly China, has historically been the dominant player in rare earth metal production. China possesses significant rare earth reserves and has been the largest producer and exporter of these metals. Its production dominance has contributed to shaping the global rare earth metal market dynamics. China's control over the production and supply chain of rare earth metals has influenced market dynamics. Its dominance has led to concerns about supply security and price volatility, prompting other countries to seek diversification and develop their own rare earth metal sources. APAC, specifically countries like Japan, South Korea, and Taiwan, is a major manufacturing hub for high-tech industries. These industries heavily rely on rare earth metals for applications such as electronics, automotive, renewable energy, and telecommunications. The growth and expansion of these industries in APAC have fueled the demand for rare earth metals.


Figure 3: RARE EARTH METALS MARKET SHARE BY REGION 2023 (%)RARE EARTH METALS MARKET SHARE BY REGION


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review


January, 2021, Geomega Resources Inc. had announced the successful completion of testing and optimization of its Rare Earths Pilot Plant (“Pilot Plant”), located at the National Research Council Canada facility in Boucherville, Quebec. This is the 2nd generation pilot plant after the completion of the mini-pilot in April 2019.


Rare Earth Metals Key Market Players & Competitive Insights


Major market players are spending a lot of money on R&D to increase their product lines, which will help the rare earth metals market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Rare Earth Metals Market industry must offer cost-effective products to expand and survive in an increasingly competitive and rising market environment.


One of the primary business strategies adopted by manufacturers in the global rare earth metals industry to benefit clients and expand the Decorative Laminates market sector is partnerships and acquisitions. The market for rare earth metals offers considerable potential opportunities for domestic and unorganized companies. Some of the key players operating in the Rare Earth Metals Market are Iluka Resources (Australia), Lynas Rare Earths Ltd. (Malaysia), Jiangsu Huahong Technology Co., Ltd. (China), Solvay (Belgium), Hitachi Metals Ltd. (Japan), Geomega Resources Inc. (Canada), Shenghe Resources Holdings Co., Ltd. (China), GanZhou QianDong Rare Earth Group Co. Ltd. (China), and Sigma-Aldrich (United States). To increase their global reach and client base, key firms are concentrating on acquisitions and product innovation.


Iluka Resources (Iluka): Iluka Resources (Iluka) is an Australian-based resources company, specialising in mineral sands exploration, project development, operations and marketing. Iluka has projects and operations in Australia and a globally integrated marketing network. Exploration activities are conducted internationally and Iluka is actively engaged in the rehabilitation of previous activities in the United States and Australia. Iluka holds a 20% stake in Deterra Royalties, the largest ASX-listed resources focused royalty company. The company’s key assets and operations are situated in Australia, Sierra, with a mining and processing operation in Virginia, the US. Iluka is the largest producer of zircon in the world. It also produces titanium dioxide minerals such as rutile, ilmenite, synthetic rutile, zircon and other titaniferous concentrates. The company’s products find application in a diverse range of sectors such as consumer, industrial, manufacturing, aircraft and healthcare.


Lynas Rare Earths Ltd: Lynas Rare Earths Ltd is one of the leading producers of separated Rare Earths. The rare earth deposit in Mt Weld, Western Australia, is acknowledged as one of the world's highest grade rare earth mines. The company operates the world’s largest single rare earth processing plant in Malaysia. Lynas Rare Earths Ltd rare earth oxides are mined and initially processed at Mt Weld Concentration Plant. The materials are supplied to a 100-hectare advanced materials plant in Gebeng, Malaysia, where the concentrate is separated and processed to produce high-quality rare earth materials.


Key Companies in the Rare Earth Metals Market includes



  • Iluka Resources (Australia)

  • Lynas Rare Earths Ltd. (Malaysia)

  • Jiangsu Huahong Technology Co., Ltd. (China)

  • Solvay (Belgium), Hitachi Metals Ltd. (Japan)

  • Geomega Resources Inc. (Canada)

  • Shenghe Resources Holdings Co., Ltd. (China)

  • GanZhou QianDong Rare Earth Group Co. Ltd. (China)

  • Sigma-Aldrich (United States)


Rare Earth Metals Industry Developments


February 2021: Lynas Rare Earths Ltd signed an agreement with the US Government to develop a Light Rare Earth separation facility in the United States. Production of rare earth minerals, used to make military equipment and electronics, received a push in the U.S. after the trade war with China fueled worries that Beijing may use its dominance to restrict supply.


May 2021, Geomega Resources had announced that Innord, a wholly-owned subsidiary of Geomega resources, has developed a bench-scale process that is based on environmentally friendly technology to process bauxite residues. The company has also entered into an agreement with an industrial partner to extract rare earth elements, scandium, and other critical, valuable metals from this readily available material. 


February 2021: Geomega Resources Inc. and Everwin Magnetics Co., Ltd (“Everwin”), a subsidiary of Forte Mobility Co., Ltd, had announced that they have entered into a Letter of Intent (LOI) to recycle rare earth-containing production waste from Everwin’s future production facilities in Ontario, Canada. Everwin is developing the first NdFeB magnet production facility in Canada that will go from machining to surface treatment and is targeting to start with approximately 300 tonnes of the annual production of rare earth magnets.


Rare Earth Metals Market Segmentation


Rare Earth Metals Type Outlook



  • Cerium

  • Dysprosium

  • Erbium

  • Europium

  • Neodymium

  • Holmium

  • Lanthanum

  • Lutetium

  • Others


Rare Earth Metals Application Outlook



  • Metallurgy

  • Batteries

  • Magnets

  • Glass & Ceramics

  • Polishing Agents

  • Others


Rare Earth Metals Regional Outlook



  • North America

    • US

    • Canada



  • Europe

    • Germany

    • Russia

    • Italy

    • France

    • Spain

    • UK

    • Rest of Europe



  • Asia-Pacific

    • China

    • Japan

    • India

    • South Korea

    • Rest of Asia-Pacific



  • Middle East & Africa

    • South Africa

    • GCC Countries

    • Rest of Middle East & Africa



  • Latin America

    • Brazil

    • Mexico

    • Argentina

    • Rest of Latin America



Leading companies partner with us for data-driven Insights
client_1 client_2 client_3 client_4 client_5 client_6 client_7 client_8 client_9 client_10
Kindly complete the form below to receive a free sample of this Report
Please fill in Business Email for Quick Response

We do not share your information with anyone. However, we may send you emails based on your report interest from time to time. You may contact us at any time to opt-out.

Purchase Option
Single User $ 4,950
Multiuser License $ 5,950
Enterprise User $ 7,250
Compare Licenses
Tailored for You
  • Dedicated Research on any specifics segment or region.
  • Focused Research on specific players in the market.
  • Custom Report based only on your requirements.
  • Flexibility to add or subtract any chapter in the study.
  • Historic data from 2014 and forecasts outlook till 2040.
  • Flexibility of providing data/insights in formats (PDF, PPT, Excel).
  • Provide cross segmentation in applicable scenario/markets.