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 Share

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

Market share positioning strategies are pivotal for companies navigating the rare earth metal market. This sector is characterized by intense competition, volatile prices, and evolving global demand. In such a landscape, companies must adopt strategic approaches to gain and maintain a significant market share. One key strategy is differentiation, where companies focus on unique characteristics or applications of their rare earth metals. This could involve highlighting specific properties like high magnetic strength or thermal conductivity that make their metals ideal for certain industries such as electronics, renewable energy, or automotive. By positioning their rare earth metals as distinct and superior in certain applications, companies can attract customers who prioritize these specific attributes.

Rare earth metals are a kind of element present in the earth's crust that has similar chemical and physical properties. These types of elements extracted could be processed and extracted in the form of their ore and includes both light and hard categories. Samarium and Praseodymium fall in the agility-based category and which is easily found than heavy metals like terbium, gadolinium, holmium, thulium, europium, dysprosium, lutetium, erbium, and ytterbium.

Cost leadership is another critical strategy employed by companies in the rare earth metal market. This strategy involves offering rare earth metals at competitive prices compared to rivals. Achieving cost leadership requires optimizing production processes, leveraging economies of scale, and strategic sourcing of raw materials. By positioning themselves as the most cost-effective option in the market, companies can appeal to price-sensitive customers and capture a larger market share. However, it's crucial to balance cost leadership with maintaining product quality and reliability to avoid undermining brand reputation in the long run.

Niche positioning strategies are also prevalent in the rare earth metal market. Companies often identify specialized applications or niche markets where their metals can offer unique value propositions. For example, a company may specialize in providing rare earth metals specifically tailored for use in medical devices, aerospace components, or high-performance magnets. By positioning themselves as experts in a particular niche, companies can differentiate their offerings and attract customers seeking specialized solutions. This targeted approach allows companies to compete effectively in smaller segments of the market and potentially command premium prices for their specialized products.

Distribution and channel strategies play a crucial role in market share positioning within the rare earth metal market. Companies must carefully select distribution channels to ensure efficient reach to target customers. This may involve partnering with distributors specializing in specific industries or regions, establishing direct sales channels, or leveraging online marketplaces. Optimizing distribution channels enables companies to enhance market coverage and accessibility for customers, ultimately contributing to increased market share.

Branding and marketing efforts are vital components of market share positioning strategies in the rare earth metal market. Establishing a strong and recognizable brand is essential for differentiation and building customer loyalty. Companies must invest in branding initiatives that communicate their unique value proposition, reliability, and commitment to sustainability. Marketing efforts should focus on educating customers about the applications and benefits of rare earth metals, as well as highlighting the company's expertise and track record in the industry. By effectively branding and marketing their products, companies can distinguish themselves from competitors and strengthen their market position.

Customer experience and service also play a significant role in market share positioning strategies within the rare earth metal market. Providing excellent customer service, technical support, and reliable supply chain management are crucial for building trust and loyalty among customers. Companies must prioritize transparency, responsiveness, and flexibility to meet the diverse needs of customers in this complex market. By positioning themselves as reliable partners who prioritize customer satisfaction, companies can differentiate themselves and gain a competitive edge in the rare earth metal market.

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.