Global Rare Earth Metal Market - Industry Trends and Forecast to 2030

Global Rare Earth Metal Market, By Element (Cerium, Neodymium, Lanthanum, Dysprosium, Terbium, Erbium, Europium, Gadolinium, Holmium, Lutetium, Praseodymium, Promethium, Samarium, Thulium, Ytterbium, Yttrium, Scandium, Others), Application (Catalysts, Ceramics, Phosphors, Glass & Polishing, Metallurgy, Magnets, Others) – Industry Trends and Forecast to 2030.

Rare Earth Metal Market Analysis and Size  

Rare earth metals, also known as rare earth elements, are a group of chemically similar elements that include metals such as lanthanum, cerium, praseodymium, neodymium, promethium, samarium, europium, gadolinium, terbium, dysprosium, holmium, erbium, thulium, ytterbium, lutetium, scandium, and yttrium. Rare earth metals have become important in modern industries because of their unique properties and applications.

Data Bridge Market Research analyzes that the global rare earth metal market, which was USD 6.82 billion in 2022, would rocket up to USD 15.88 billion by 2030, and is expected to undergo a CAGR of 11.15% during the forecast period of 2023 to 2030. “Neodymium” dominates the type segment of the market owing to its extensive usage as magnets in applications such as electric vehicle motors, wind turbines, and various electronic devices.

In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Rare Earth Metal Market Scope and Segmentation

Market Definition

Rare earth metals are similar metallic elements that have unique properties and are essential components in various technologies. They are used in different industries, including electronics, automotive, renewable energy, defense, and aerospace. The rise in demand for clean energy across the globe acts as one of the major factors driving the market growth. In addition, the increase in the demand for these products in the manufacturing of magnets and catalysts for the automotive industry and high usage in the production of batteries for electric vehicles is expected to further drive market growth.

Global Rare Earth Metal Market Dynamics

Drivers

• Growing demand for high-tech technologies

The growing demand for high-tech products such as smartphones, electric vehicles, and wind turbines drives the need for rare earth metals. These metals have unique properties that are important for the development of high-tech technologies.

• Growing renewable energy sector

The growth of the renewable energy sector in terms of wind and solar power requires rare earth metals for components such as magnets and catalysts. As stringent regulations for reducing carbon emissions are increasing, the demand for rare earth metals in the renewable energy sector is expected to rise.

Restraint

• Environmental concerns

Rare earth mining and processing have tremendous environmental impacts such as habitat destruction and contamination of air and water. Following such strict environmental regulations and the need for sustainable practices pose challenges for the industry.

Opportunity

• Recycling and recovery technologies

There are various upcoming technologies for the recovery and recycling of rare earth metals from waste products. From such products, they can be removed and used for another potential application.

Challenges

• The volatility of raw material prices

The global rare earth metal market experiences price volatility due to supply-demand imbalances, trade policies, and geopolitical factors. Fluctuating prices can pose challenges for industry players.

This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the Rare earth metal market, contact Data Bridge Market Research for an Analyst Brief. Our team will help you make an informed market decision to achieve market growth.

Recent Development

• In September 2022, Solvay, a global chemical company, announced plans to expand its rare earth metal operations in La Rochelle, France, to establish a major hub for rare earth magnets in Europe. The investment aims to serve the fast-growing markets of electric vehicles, clean energy, and electronics.

Global Rare Earth Metal Market Scope

The global rare earth metal market is segmented into two notable segments based on element and application. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Element

• Cerium
• Neodymium
• Lanthanum
• Dysprosium
• Terbium
• Erbium
• Europium
• Gadolinium
• Holmium
• Lutetium
• Praseodymium
• Promethium
• Samarium
• Thulium
• Ytterbium
• Yttrium
• Scandium
• Others

Application

• Catalysts
• Ceramics
• Phosphors
• Glass & Polishing
• Metallurgy
• Magnets
• Others

Global Rare Earth Metal Market Regional Analysis/Insights

The global rare earth metal market is analyzed and market size insights and trends are provided by element and application as referenced above. The countries covered in this market report are U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, and Rest of Middle East and Africa.  

North America dominates the global rare earth metal market due to the expansion of the automotive industry and the rise in consumer electronics and nuclear energy industries within the region.

Asia-Pacific is expected to be the fastest growing market during the forecast period of 2023 to 2030 due to an increase in the application of rare earth in magnets for manufacturing batteries in electric vehicles and the polishing of television glass in the region.

The country section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points like downstream and upstream value chain analysis, technical trends, Porter's five forces analysis, and case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Global Rare Earth Metal Market Share Analysis

The global rare earth metal market competitive landscape provides details of competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width, and breadth, and application dominance. The above data points provided are only related to the companies' focus related to the market.

Some of the major players operating in the global rare earth metal market are:

• Minmetals Rare Earth Co., Ltd. (China)
• Alkane Resources Ltd (Australia)
• ARAFURA RESOURCES (Australia)
• Lynas Corporation Ltd (Australia)
• China Rare Earth Holdings Limited (China)
• Avalon Advanced Materials Inc. (Canada)
• IREL(INDIA) LIMITED (India)
• Greenland Minerals Ltd. (Australia)
• NEO (Canada)
• Rare Element Resources Ltd. (U.S.)
• Frontier Rare Earths Limited (Canada)
• Canada Rare Earth Corporation (Canada)
• Iluka Resources Limited (Australia)
• Northern Minerals (Australia)
• Krakatoa Resources Limited (Australia)
• Ucore Rare Metals Inc. (U.S.)
• Namibia Critical Metals Inc. (Namibia)