According to Fortune Business Insights the global rare earth elements market size was USD 3.39 billion in 2023 and is projected to grow from USD 3.74 billion in 2024 to USD 8.14 billion by 2032, exhibiting a CAGR of 10.2% during the forecast period. Rising demand for consumer durables like smartphones, laptops, and tablets is driving rare earth element consumption. In developing economies, industrialization, construction, and government-led digitization are accelerating demand. Additionally, the growing adoption of electric vehicles in countries like Germany, the U.S., and the U.K., along with strict carbon regulations and a shift toward clean energy, is further boosting rare earth usage.
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Rare Earth Elements Market Segmentation:
By Type:
Neodymium led the market in 2023 due to high demand from electric and hybrid vehicle manufacturers for use in permanent magnets. Cerium saw growth from its use in automotive exhaust systems and catalytic converters. Praseodymium gained traction in aerospace for high-strength alloys. Lanthanum demand rose from battery manufacturers, especially for nickel-metal hydride batteries in electronics. Samarium also saw increased use in hybrid vehicle magnets.
By Application:
Magnets dominated the market in 2023, driven by demand in motors, electronics, and sensors. Batteries are expected to grow at the fastest rate, fueled by EV adoption and advances in energy storage. Catalysts will see notable growth due to rising use in automotive catalytic converters. Metallurgy demand is rising from automotive and aerospace sectors. Glass and ceramics growth is supported by increasing construction activity, while the polishing segment benefits from expanding electronics production.
Report Coverage-
The report aims to analyze the rare earth elements industry by considering contributions, prospects, and growth trends. It presents detailed profiles of every key player operating in the market to analyze their core competencies in each segment. Apart from that, it ensures to help our clients better understand the competitive developments, such as mergers & acquisitions, new product launches, joint ventures, and collaborations.
Regional Insights-
Surging Industrialization and Construction Activities to Favor Growth in Asia Pacific
Geographically, Asia Pacific earned USD 2,220.8 million in 2020 in terms of revenue and is likely to retain its leading position in the near future. This growth is attributable to the surging building & construction activities in China. The country is considered to be a major growth contributor on account of the rapid industrialization and the presence of numerous consumer electronics manufacturers. On the other hand, North America is anticipated to grow considerably backed by the increasing production of EVs in the U.S., which, in turn, would accelerate the demand for these earth elements.
Competitive Landscape-
Key Players Focus on Acquisitions and Signing Agreements to Intensify Competition
The global market houses numerous companies that are currently focusing on acquiring local organizations and signing new agreements with government bodies to compete with their rivals. Below is one of the latest industry developments:
- January 2021: Lynas Rare Earths Limited and the U.S. Government signed an agreement to construct a Light Rare Earths separation plant in Texas through Lynas USA LLC, a wholly owned subsidiary. The new plant is estimated to produce rare earth elements at around 5,000 tonnes per annum.
A list of renowned rare earth elements providers operating in the global market:
- Baotou Rare Earth (China)
- China Minmetal Rare Earth (China)
- Avalon Advanced Materials (Canada)
- IREL (India)
- Metall Rare Earth Limited (China)
- Arafura Resources (Australia)
- Canada Rare Earth Corporation (Canada)
- Lynas Corporation (Australia)
- Northern Minerals (Australia)
- Greenland Minerals Limited (Australia)
- Other Players
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