Rare Earth Metals Market is predicted to reach USD 9,175.6 million at a CAGR of 6.1% during the forecast period 2023-2032

Market Research Future (MRFR) has published on the “Global Rare Earth Metals Market”.

The Rare Earth Metals market is estimated to register a CAGR of 6.1% during the forecast period of 2023 to 2030.

MRFR recognizes the following companies as the key players in the global Rare Earth Metals market— 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).

Market Highlights

The global rare earth metals market is accounted for to register a CAGR of 6.1% during the forecast period and is estimated to reach USD 9,175.6 million by 2030.

Rare earth metals, also known as rare earth elements (REEs), are a group of 17 chemical elements that are found in the Earth's crust. Despite their name, they are not particularly rare in terms of abundance in the Earth's crust, but they are often dispersed in low concentrations and are challenging to extract and refine economically.

These elements possess unique properties and are essential in various technological applications. They are used in the production of a wide range of products, including electronics, magnets, catalysts, lasers, lighting, and renewable energy technologies. Rare earth metals play a crucial role in the manufacturing of smartphones, electric vehicle motors, wind turbines, computer hard drives, and many other modern devices.

The primary force behind the growth of the rare earth metals market worldwide is the government initiatives towards rare earth metals. Besides this, surge in demand for electric vehicles is anticipated to create lucrative opportunities for the global rare earth metals market.

Segment Analysis

The global rare earth metals market has been segmented based on type, application, and region.

The global 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 type is projected to dominate the global rare earth metals market revenue through the projected period as estimated by MRFR analysts.

Cerium compounds are added to glass formulations to modify its optical properties. Cerium glass can absorb ultraviolet (UV) radiation, making it useful in the production of glass for sunglasses, camera lenses, and welding goggles. Cerium can be alloyed with other metals, such as iron, magnesium, and aluminum, to enhance their properties. These alloys find applications in the production of lighter and more durable materials for aerospace and automotive industries. While cerium does have its specific applications, other rare earth metals like neodymium, praseodymium, and dysprosium have historically had a more significant impact on the rare earth metals market. These elements are particularly sought after for their use in permanent magnets, which are essential for many high-tech devices, including electric vehicle motors, wind turbines, and various consumer electronics.

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 essential components in the direct-drive generators used in wind turbines. These magnets enable efficient power generation by converting the rotational motion of the turbine into electrical energy. Neodymium magnets are favored for their high magnetic strength, which allows for smaller and lighter generators. Rare earth magnets are found in numerous consumer electronic devices, including smartphones, laptops, headphones, and speakers. They provide compact size, high performance, and improved energy efficiency. These magnets contribute to various functions like speaker drivers, vibration motors, and hard disk drives.

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Regional Analysis

By Region, the study segments the Rare Earth Metals market into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. The APAC region, including countries such as China, India, Japan, South Korea, and Southeast Asian nations, has experienced significant economic growth over the past decades. China has implemented policies and regulations regarding the export of rare earth metals, which has further contributed to its dominance. The country has imposed export quotas and restrictions on rare earth metals, controlling the global supply and prices.

APAC, including China, has a strong manufacturing base for industries that heavily rely on rare earth metals, such as electronics, automotive, and renewable energy sectors. The close proximity of rare earth metal production to downstream manufacturing has facilitated efficient supply chains and reduced transportation costs. While China has historically dominated the market, efforts are being made by other countries to diversify their rare earth metals production and reduce dependency on a single source. For instance, countries like Australia, the United States, and Japan are exploring strategies to develop their rare earth metals industries and secure their supply chains.

Key Findings of the Study

• The global rare earth metals market is expected to reach USD 9,175.6 million by 2030, at a CAGR of 6.1% during the forecast period.


• The Asia Pacific region accounted for the fastest-growing global market.


• Based on type, the cerium segment was attributed to holding the largest market in 2022.


• Based on application, magnets segment was attributed to holding the largest market in 2022.


• 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) are the key market players.