The rare earth metals market size was evaluated at approximately 193.3 thousand tonnes in 2023, according to a new report by GlobalData Plc. This commodity is a crucial element for modern-day technology and is predicted to play a pivotal role in the coming decades to transit toward clean energy or a sustainable future. These factors will lead the market to witness a CAGR of more than 4% during 2020-2030.
Rare Earth Metals Market Share by Application, 2020 – 2030 (%)
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Rare Earth Metals Market FAQs
- What was the global rare earth metals market size in 2023?
The rare earth metals market size globally will be evaluated at 193.3 thousand tonnes in 2023.
- What is the rare earth metals market growth rate?
The global rare earth metals market is expected to grow at a CAGR of 4.2% over the forecast period (2023-2030).
- What is the key rare earth metals market driver?
The expansion of the electrical vehicles manufacturing, and the increasing installations of wind turbines are anticipated to remain key drivers for market growth over the forecast period.
- What are the key rare earth metals market segments?
Product Segments: Cerium, Lanthanum, Neodymium, Praseodymium, Dysprosium, Samarium, and Others.
Application Segments: Magnets, Catalysts, Polishing Powders, Batteries, and Others.
- Which are the leading rare earth metals companies globally?
The key vendors in the global rare earth metals market are MP Materials Corp, Hastings Technology Metals Ltd, Lynas Rare Earths Ltd, Alkane Resources Ltd, Arafura Rare Earths Ltd, Northern Minerals Ltd, Vital Metals Ltd, Peak Rare Earths Ltd, Shenghe Resources Holding Co Ltd, China Northern Rare Earth Group High-Tech Co Ltd, China Rare Earth Resources and Technology Co Ltd, Jiangxi Copper Co Ltd, Ucore Rare Metals Inc, NioCorp Developments Ltd, and Rare Element Resources Ltd.
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Rare Earth Metals Market Dynamics
The increasing prominence of rare earth metals and their associated downstream products are clearly visible with rising efforts by different countries to build a sustainable supply chain for these products. This trend has gained significant momentum in countries including the US, Australia, Canada, Sweden, Norway, and India, among others. These countries are making strong efforts to develop and commission new mines of rare earth and integrate their way into the extended value chain of this sector. Rare earth magnets or permanent magnets are the crucial pieces that are anticipated to play a primary role in the move towards clean energy technologies.
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Rare Earth Metals Market Report Highlights
- The global rare earth metals market is projected to reach a volumetric demand of more than 257.9 thousand tonnes by 2030, showcasing a compound annual growth rate (CAGR) of 4.2% over the forecast period. The rising popularity of rare earth magnets in electric vehicles is projected to aid market growth over the coming years.
- The product category cerium is likely to continue its dominance over the predicted timeline. The usage of this product across a wide range of sectors, including automotive, oil & gas, healthcare & medical, and electrical & electronics among others is projected to positively influence segmental growth with an estimated volumetric share of 41.8% in 2030.
- Magnets accounted for the largest volumetric share of more than 29.0% within the overall global market space of rare earth metals in 2022. The magnets made from rare earth metals are observing a tremendous rise in their demand owing to the capability to offer higher performance as compared to their counterparts like ceramic and ferrite magnets.
- China is the leading country in terms of production as well as consumption of rare earth metals in the world. The country with its vertically integrated value chain right from mining to the production of finished components or parts of rare earth metals dominates this marketspace and is likely to continue doing so over the predicted timeline.
- The US and the Europe region accounted for a combined volumetric share of more than 9.0% in 2022. The US is establishing new policies and schemes to promote the development of rare earth mines in the country as well as incentivizing the market players to establish an integrated value chain system to avoid dependence on any other country.
- The key rare earth metals market vendors analyzed as part of this report include MP Materials Corp, Hastings Technology Metals Ltd, Lynas Rare Earths Ltd, Alkane Resources Ltd, Arafura Rare Earths Ltd, Northern Minerals Ltd, Vital Metals Ltd, Peak Rare Earths Ltd, Shenghe Resources Holding Co Ltd, China Northern Rare Earth Group High-Tech Co Ltd, China Rare Earth Resources and Technology Co Ltd, Jiangxi Copper Co Ltd, Ucore Rare Metals Inc, NioCorp Developments Ltd, and Rare Element Resources Ltd.
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Rare Earth Metals Market Scope and Segmentation
GlobalData Plc has segmented the rare earth metals market report by product, application, and region:
Rare Earth Metals Product Outlook (Volume, Tonnes, 2020-2030)
Global Rare Earth Metals Application Outlook (Volume, Tonnes, 2020-2030)
- Polishing Powders
Global Rare Earth Metals Regional Outlook (Volume, Tonnes, 2020-2030)
- Japan & Other Asia
- Rest of the World
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