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Rare Earth Metals Market

The Global Rare Earth Metals Market is estimated to be valued at US$ 5317.05 Mn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Rare earth metals include seventeen chemical elements which occur in earth's crust and are important for manufacturing various products like magnets, rechargeable batteries, mobile phones, electric vehicles etc. Due to uniqueness of their magnetic, luminescence and electrochemical properties, rare earth metals are widely used across industries for development of new technologies.

Market key trends:

Rare earth metals find extensive usage in manufacturing permanent magnets used in various industrial applications such as wind turbines, electric vehicles and consumer electronics. Strong demand from renewable energy and electric vehicles segment has been a major growth driver for rare earth metals market. According to research, usage of rare earth elements in permanent magnets is projected to grow at over 7% annually during the forecast period. Growth in global clean energy infrastructure is expected to boost demand for neodymium and dysprosium which are key components of high-performance permanent magnets. Increasing investments by governments worldwide in developing sustainable energy sources will further fuel consumption of rare earth metals in the coming years.

Segment Analysis

The global rare earth metals market is segmented on the basis of type into light rare earth metals, which includes lanthanum, cerium, praseodymium, neodymium, promethium, samarium, and europium, and heavy rare earth metals such as gadolinium, terbium, dysprosium, holmium, erbium, thulium, ytterbium, lutetium and scandium. The light rare earth metals segment dominates the market and accounted for over 70% share in 2023. This is because light rare earth metals find wide applications in catalysts, glass polishing, petroleum refining, and phosphors among others.

Key Takeaways

The Global Rare Earth Metals Market is expected to witness high growth, exhibiting CAGR of 6.2% over the forecast period, due to increasing demand for rare earth metals from applications such as glass polishing, petroleum refining, automotive, electronics and catalysts.

Regional analysis

China dominates the global rare earth metals market with over 50% share in 2023. This is because China is a major supplier of rare earth metals with largest reserves and production facilities. Meanwhile, Asia Pacific excluding China is the fastest growing market owing to presence of emerging economies like India coupled with rapid industrialization and urbanization.

Key players analysis

Key players operating in the rare earth metals market are China Northern Rare Earth (Group) High-Tech Co., Ltd, RISING NONFERROUS METALS CO., LTD, China Minmetals Rare Earth Co., Ltd, Aluminum Corporation of China Limited, Lynas Corporation, Ltd., Beijing Zhongke Sanhuan High-tech Co. Ltd., Jiangxi Tungsten Industry Group Co. Ltd., Arafura Resources Ltd., and Alkane Resources Ltd. China Northern Rare Earth (Group) High-Tech Co., Ltd is the largest player with significant market share of over 15% in 2023.

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