Rare Earth Metals Global Market Report 2024

The rare earth metals market size has grown strongly in recent years. It will grow from $7.05 billion in 2023 to $7.62 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The historic growth in the specified period can be attributed to various factors, including the emergence of new applications, concerns related to supply chain management, geopolitical factors, the development of medical and healthcare applications, and advancements in green technologies.

The rare earth metals market size is expected to see strong growth in the next few years. It will grow to $9.38 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The anticipated growth in the forecast period can be attributed to several factors, including emerging market demand, the development of new applications, a focus on recycling and circular economy practices, increased investment in exploration and mining activities, and advancements in electronics and technology. These elements collectively contribute to the expansion of various industries.

The rare earth metals market is anticipated to experience significant growth in the forecast period, driven by an increase in the demand for electronics. These metals play a crucial role in the manufacturing of electronic products such as cellular telephones, computer hard drives, flat-screen monitors, and televisions. Global consumer spending in electronics is projected to reach $1.06 trillion in 2021, according to data from StockApps.com, a UK-based brokerage firm. This surge in consumer spending is expected to boost the rare earth metals market.

The growth of the rare earth metals market is expected to be propelled by the increasing number of electric vehicles (EVs). Electric vehicles rely on stored electricity in batteries, eliminating the need for internal combustion engines. Rare earth metals, particularly neodymium and dysprosium, are crucial in manufacturing high-performance magnets used in electric motors, given their magnetic properties. According to the International Energy Agency, electric vehicle sales nearly doubled to 6.6 million in 2021 from 3 million in 2020, constituting almost 9% of total sales. This increase in electric vehicle adoption is contributing to the growth of the rare earth metals market, as these metals play a key role in the development of electric vehicle technologies.

The rare earth metals market is being influenced by the development of ultrathin 2D magnets, opening up new possibilities in computing and electronics applications. These ultrathin 2D magnets exhibit stability under ambient conditions and can operate at room temperature, making them suitable for deployment in high-density, compact spintronic memory devices. A notable example is the ultrathin 2D magnet developed by scientists at the Department of Energy's Lawrence Berkeley National Laboratory in July 2021.

Major companies in the rare earth metals industry are adopting strategic partnership approaches. Strategic partnerships involve companies leveraging each other's strengths and resources to achieve mutual benefits. For instance, in August 2023, USA Rare Earth LLC, a US-based integrated magnet technology company, entered into a partnership with Hatch, a Canada-based professional services firm. This collaboration aims to ensure a consistent supply chain and develop innovative solutions for high-tech applications, emphasizing excellence in engineering and construction of rare earth magnet


In April 2023, Neo Performance Materials Inc., a Canada-based manufacturer of advanced industrial materials, acquired SG Technologies Group Limited, a UK-based manufacturer of rare-earth-based magnets. This acquisition positions Neo Performance Materials to launch production in 2025 of sintered rare earth magnets in Estonia, catering to markets such as electric vehicles, electronics, and energy-saving specialized motor applications. These developments underscore the industry's commitment to meeting the demands of emerging technologies critical to the global energy transition.

Major companies operating in the rare earth metals market report are Hastings Technology Metals Limited, Shin-Etsu Chemical Co. Ltd., Showa Denko K.K., Hitachi Metals Ltd., Materion Corporation, Iluka Resources Limited, Neo Performance Materials Inc., Lynas Rare Earths Limited, MP Materials Corp., Alkane Resources Limited, Peak Resources Limited, Pensana Rare Earths PLC, Energy Fuels Inc., Arafura Resources Limited, Northern Minerals Limited, RareX Limited, Australian Strategic Materials Limited, Greenland Minerals Limited, Texas Mineral Resources Corp., Rare Elements Resources Ltd., Ucore Rare Metals Inc., Rainbow Rare Earths Limited, Leading Edge Materials Corp., Ionic Rare Earths Limited, Medallion Resources Ltd., Commerce Resources Corp., Vital Metals Limited, Quest Rare Minerals Ltd., Alces Lake Ltd., Appia Energy Corp.

Asia-Pacific was the largest region in the rare earth metals market in 2023. The regions covered in the rare earth metals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the rare earth metals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Rare earth metals are categorized into light rare earth metals, heavy rare earth metals, and others. Light rare earth metals include praseodymium, cerium, samarium, lanthanum, scandium, and neodymium. Various types of metals within this category include neodymium, yttrium, dysprosium, terbium, europium, cerium, lanthanum, and others. These metals find applications in magnets, catalysts, metallurgy, polishing, glass, phosphors, ceramics, and other industries.

The rare earth metals market research report is one of a series of new reports that provides rare earth metals market statistics, including rare earth metals industry global market size, regional shares, competitors with a rare earth metals market share, detailed rare earth metals market segments, market trends and opportunities, and any further data you may need to thrive in the rare earth metals industry. This rare earth metals market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The rare earth metals market consists of sales of lanthanides, scandium, yttrium, and trivalent earth metals. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.