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The Rare-Earth Metals Market size was estimated at USD 11.34 billion in 2023, USD 12.43 billion in 2024, and is expected to grow at a CAGR of 10.57% to reach USD 22.94 billion by 2030. Speak directly to the analyst to clarify any post sales queries you may have.
The rare-earth metals market consists of a global network of stakeholders engaged in the exploration, mining, refining, and sale of a group of seventeen metallic elements. These elements are critical in the manufacture of a wide range of high-technology devices, renewable energy systems, and military applications due to their unique magnetic, luminescent, and electrochemical properties.
Rare-earth metals find extensive use in various sectors. Key applications include the production of permanent magnets for wind turbines and electric vehicle motors, catalysts in the petrochemical industry, phosphors in color television and flat panel displays, and various military applications, including jet fighter engines and missile guidance systems.
End-users span across numerous industries, such as electronics, automotive, renewable energy, and defense. The market growth is influenced by the escalating demand for advanced electronic products, the burgeoning electric vehicle market, and the rising adoption of clean energy systems. However, the challenges including the complex extraction process, environmental concerns, and the geopolitically concentrated reserves, heighten supply risk. Recent advancements present opportunities in the market for rare-earth metals. These advancements include the development of sustainable extraction technologies, recycling techniques to recover rare earths from electronic waste, and exploration efforts in untapped regions to diversify the supply chain and reduce geopolitical risks.
Regional Insights
The Asia-Pacific region includes abundant mineral resources, which subsequently presents opportunities for rare-earth metal market vendors to extract and separate valuable minerals from complex ore deposits efficiently. China is the largest producer of rare-earth metals, accounting for the majority of global output, which gives it significant influence over the market. Japan and India have a noteworthy demand for rare-earth elements due to their advanced technological and industrial sectors. Consumers in Asia-Pacific primarily utilize rare-earth metals for electronics, renewable energy technologies, and automotive industries.Additionally, market vendors from Europe and the Americas are continuously making efforts to adopt technologies to develop rare earth metals from electronic waste, reduce the environmental impact of operations, and optimize resource utilization, creating a platform for the rare-earth elements market. The U.S. Geological Survey reported that domestic production of rare-earth elements increased by 44% from 2020 to 2021. The presence of rare-earth metals and native regional players contributes to the market growth in the Americas.
Market Trends by Segment
- Type: Growing use of cerium oxide in semiconductor production
- Application: Higher consumption of metal alloys with expansion of manufacturing sector
Industry Insights
- Market Dynamics
- Market Disruption Analysis
- Porter’s Five Forces Analysis
- Value Chain & Critical Path Analysis
- Pricing Analysis
- Technology Analysis
- Patent Analysis
- Trade Analysis
- Regulatory Framework Analysis
- FPNV Positioning Matrix
- Market Share Analysis
- Strategy Analysis and Recommendations
Recent Developments
American Rare Earths Announces New U.S. Headquarters
American Rare Earths has officially inaugurated its new U.S. headquarters in Lakewood, Colorado, solidifying its commitment to expanding its presence in the U.S. market. The company has established the office strategically for operational oversight and easy accessibility of its mining project in the Denver region.USA Rare Earth Signs Supply Agreement with Australian Strategic Materials
USA Rare Earth, LLC (USARE) has established a strategic multi-year supply partnership with Australian Strategic Materials Ltd. (ASM), a developer of critical metals vital for high-tech and clean energy solutions. This pivotal agreement ensures a steady provision of rare earth metals essential for USARE's scaling up of rare earth magnet manufacturing.ABx Group Eyes Further Resource Growth at Deep Leads and Rubble Mounds Rare Earth Project, Tasmania
ABx Group, a significant miner, has introduced an ambitious drilling program to expand its rare earth element (REE) resources at its Deep Leads and Rubble Mound REE Project in Tasmania. The company’s adeptness in setting and accomplishing priorities to bolster the project's value revealed ongoing dialogues with potential customers while managing their operations in a lean, efficient, and cost-effective manner.Key Company Profiles
The report delves into recent significant developments in the Rare-Earth Metals Market, highlighting leading vendors and their innovative profiles. These include ABx Limited, Alkane Resources Ltd., Aluminium Corporation of China Limited, American Elements, American Rare Earths Limited, Arafura Resources Ltd., Australian Rare Earths Limited, Avalon Advanced Materials Inc., Canada Rare Earth Corporation, China Non-ferrous Metal Industry’s Foreign Engineering and Construction Co., Ltd., China Northern Rare Earth (Group) High-Tech Co., Ltd., China Rare Earth Group Resources Technology Co., Ltd., China Rare Earth Holdings Limited, Encounter Resources Limited, Energy Fuels Inc., Energy Transition Minerals Ltd., Enova Mining Limited, Eutectix, LLC, Frontier Rare Earths, Fujian Changting Golden Dragon Rare-Earth Co., Ltd., GTS German Trading Service GmbH, Hebei Suoyi New Material Technology Co., Ltd., HEFA Rare Earth Canada Ltd., Iluka Resources Limited, JL MAG Rare-Earth Co., Ltd., Krakatoa Resources Ltd., Lynas Malaysia Sdn Bhd, Medallion Resources Ltd., Mitsubishi Corporation RtM Japan Ltd., MP Materials Corp., Neo Performance Materials, NioCorp Development Ltd., Norwegian company REEtec, Otto Chemie Pvt. Ltd., Rare Element Resources Ltd., Shin-Etsu Chemical Co., Ltd., Solvay SA, Texas Mineral Resources Corp., and Ucore Rare Metals Inc.This research report offers invaluable insights into various crucial aspects of the Rare-Earth Metals Market:
- Market Penetration: This section thoroughly overviews the current market landscape, incorporating detailed data from key industry players.
- Market Development: The report examines potential growth prospects in emerging markets and assesses expansion opportunities in mature segments.
- Market Diversification: This includes detailed information on recent product launches, untapped geographic regions, recent industry developments, and strategic investments.
- Competitive Assessment & Intelligence: An in-depth analysis of the competitive landscape is conducted, covering market share, strategic approaches, product range, certifications, regulatory approvals, patent analysis, technology developments, and advancements in the manufacturing capabilities of leading market players.
- Product Development & Innovation: This section offers insights into upcoming technologies, research and development efforts, and notable advancements in product innovation.
Additionally, the report addresses key questions to assist stakeholders in making informed decisions:
- What is the current market size and projected growth?
- Which products, segments, applications, and regions offer promising investment opportunities?
- What are the prevailing technology trends and regulatory frameworks?
- What is the market share and positioning of the leading vendors?
- What revenue sources and strategic opportunities do vendors in the market consider when deciding to enter or exit?
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Table of Contents
1. Preface
2. Research Methodology
5. Market Insights
6. Rare-Earth Metals Market, by Type
7. Rare-Earth Metals Market, by Application
8. Americas Rare-Earth Metals Market
9. Asia-Pacific Rare-Earth Metals Market
10. Europe, Middle East & Africa Rare-Earth Metals Market
11. Competitive Landscape
12. Competitive Portfolio
List of Figures
List of Tables
Companies Mentioned
- ABx Limited
- Alkane Resources Ltd.
- Aluminium Corporation of China Limited
- American Elements
- American Rare Earths Limited
- Arafura Resources Ltd.
- Australian Rare Earths Limited
- Avalon Advanced Materials Inc.
- Canada Rare Earth Corporation
- China Non-ferrous Metal Industry’s Foreign Engineering and Construction Co., Ltd.
- China Northern Rare Earth (Group) High-Tech Co., Ltd.
- China Rare Earth Group Resources Technology Co., Ltd.
- China Rare Earth Holdings Limited
- Encounter Resources Limited
- Energy Fuels Inc.
- Energy Transition Minerals Ltd.
- Enova Mining Limited
- Eutectix, LLC
- Frontier Rare Earths
- Fujian Changting Golden Dragon Rare-Earth Co., Ltd.
- GTS German Trading Service GmbH
- Hebei Suoyi New Material Technology Co., Ltd.
- HEFA Rare Earth Canada Ltd.
- Iluka Resources Limited
- JL MAG Rare-Earth Co., Ltd.
- Krakatoa Resources Ltd.
- Lynas Malaysia Sdn Bhd
- Medallion Resources Ltd.
- Mitsubishi Corporation RtM Japan Ltd.
- MP Materials Corp.
- Neo Performance Materials
- NioCorp Development Ltd.
- Norwegian company REEtec
- Otto Chemie Pvt. Ltd.
- Rare Element Resources Ltd.
- Shin-Etsu Chemical Co., Ltd.
- Solvay SA
- Texas Mineral Resources Corp.
- Ucore Rare Metals Inc.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 187 |
| Published | May 2024 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value ( USD | $ 12.43 Billion |
| Forecasted Market Value ( USD | $ 22.94 Billion |
| Compound Annual Growth Rate | 10.5% |
| Regions Covered | Global |
| No. of Companies Mentioned | 39 |
