- The rare earth metal market is growing steadily as demand rises across advanced electronics, green technologies, and permanent magnets used in modern applications
- Industries are actively seeking secure and diversified supply chains to meet rising needs, prompting exploration and recycling initiatives globally
- North America dominated the rare earth metal market with a revenue share of 38.5% in 2024, driven by strong investments in domestic mining and processing capabilities. The region is focused on securing its supply chains to reduce dependency on imports, especially for critical clean energy and defense applications
- The Asia-Pacific region is expected to witness the highest growth rate in the global rare earth metal market, driven by rapid industrialization, expanding electric vehicle production, and government initiatives promoting clean energy technologies
- The neodymium segment dominated the market with the largest revenue share in 2024, driven by its critical role in manufacturing high-performance permanent magnets used in electric vehicles and wind turbines. Its magnetic strength and efficiency make it a preferred choice for industries focused on clean energy and advanced electronics. Demand for neodymium is further bolstered by increasing investments in renewable energy projects and the growing adoption of electric mobility worldwide
