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At a compound annual growth rate (CAGR) of 11.23% from 2023 to 2030, the size of the global rare earth metals market is expected to increase from its 2022 valuation of $3.49 billion to $8.11 billion.
They're commonly utilized in displays and screens due to their ability to create a wide range of colors. Rare earth elements are commonly found together in minerals due to their high electrical conductivity. It is believed that these metals make the best magnets available today. Estimates show that by 2022, demand for rare earth minerals in automobiles would increase by 25%, largely due to the widespread usage of neodymium-containing permanent magnet motors by almost 85% of automakers. The growing demand for renewable energy around the world is driving the expansion of the rare earth metals industry. As the global community works to cut carbon emissions, the demand for these materials rises. They are extensively used in the creation of batteries for electric vehicles and magnets for internal combustion engines. According to the OICA, China and India manufactured 26.08 million and 4.39 million automobiles, respectively. Vehicle production rose by 30% in India and by 3% in China as a result. The market also benefits from R&D efforts, the growth of end-use industries, urbanization, and industrialization, and the attention various organizations and businesses give to improving technology. Since rare-earth metals may be recycled and reused, the market has promising prospects between 2021 and 2028.
Market Segmentation and Analysis of Rare Earth Elements
In terms of volume, cerium had a 44.87% share of the market in 2022. The growth of the automobile industry is anticipated to boost demand for cerium and the cerium market. Cerium is used as a catalyst in catalytic converters in vehicle exhaust systems to reduce emissions. Also, it finds application in nickel-metal hydride batteries. The increasing demand for hybrid vehicles throughout the forecast period is expected to boost rare earth consumption.
Gadolinium demand is expected to be led by the need for use in nuclear reactors. It is used as a neutron absorber in the new fuel to control and monitor the reactivity of the nuclear reactor's core. Increased spending in the nuclear energy sector is driving up demand for gadolinium. The Department of Energy's Oak Ridge National Laboratory (ORNL) recently announced plans to cooperate with six new business ventures to improve commercial nuclear energy technology. The Department of Energy (DOE) has committed USD 14 million to fusion energy research and USD 18 million to disruptive energy ideas, both of which will be supported through these partnerships.
Market Segmentation of Rare Earth Elements Based on Use
The magnet application market was the most lucrative and largest in 2022. Sensors, audio playback equipment, headphones, linear actuators, and servo motors all make use of them. The increased demand for magnets in automobiles, turbines, and consumer electronics is predicted to increase demand for rare earth elements over the forecast period.
The market for ceramics is projected to grow at a CAGR of 7.3% during the next several years. Tiles, electronics, and engineering are just a few of the many ceramics industries that benefit greatly from the use of yttrium, lanthanum, cerium, neodymium, and praseodymium. The ceramic tiles are glazed with cerium oxide, which also serves as an opacifier. According to data compiled by Ceramic World Web, production of ceramic tiles is up 2.2%. Over the forecast period, higher ceramic output due to expanding construction activity in developing nations is predicted to have a positive effect on rising rare earth use.
Trends in the Rare Earth Metals Industry
Sales Projected to Rise Due to Rising Demand from High-Tech Sectors
Modern technologies including cellphones, computers, electric vehicles, renewable energy systems, and aircraft machinery all rely heavily on rare earth metals. Rare earth metals are in high demand because they provide the special magnetic, luminescent, and catalytic qualities essential to the operation of these technologies. Rare earth metals are crucial to the worldwide shift toward clean and renewable energy sources like wind turbines and electric automobiles. Rare earth metals are used in the motors and batteries of electric cars, and they are also used in the permanent magnets of wind turbines. The demand for rare earth metals is anticipated to be driven by the drive for sustainable energy solutions.
Market Constraints on Rare Earth Elements
Slower market expansion due to diminishing resources.
Rare earth metals are depletable resources, therefore continued mining could eventually deplete known supplies. Rising demand for rare earth metals could eventually deplete commercially viable reserves, making sustainable mining more difficult and expensive in the future. This will act as a drag on the market's future expansion.
Report Coverage
Global Rare Earth Metals research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Rare Earth Metals report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Rare Earth Metals competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Rare Earth Metals market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Rare Earth Metals market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Rare Earth Metals market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
China Northern Rare Earth Group High-Tech Co., Ltd. (China), China Minmetals Corporation (China), Lynas Corporation Ltd. (Australia), MP Materials Corp. (United States), Jiangxi Copper Corporation (China), Iluka Resources Limited (Australia), Shenghe Resources Holding Co., Ltd. (China), Alkane Resources Ltd. (Australia), Neo Performance Materials Inc. (Canada), Arafura Resources Limited (Australia), Greenland Minerals Ltd. (Australia), Northern Minerals Limited (Australia), Avalon Advanced Materials Inc. (Canada), Medallion Resources Ltd. (Canada), Norsk Hydro ASA (Norway), Texas Mineral Resources Corp. (United States), Ucore Rare Metals Inc. (Canada), Hastings Technology Metals Ltd. (Australia), Great Western Minerals Group Ltd. (Canada), Arafura Resources Ltd. (Australia)
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Rare Earth Metals market based on the below-mentioned segments:
Global Rare Earth Metals Market, By Product
Cerium
Dysprosium
Erbium
Europium
Gadolinium
Holmium
Lanthanum
Global Rare Earth Metals market, By Application
Magnets
Catalysts
Metallurgy
Polishing
Glass
Phosphors
Ceramics
Global Rare Earth Metals market, Regional Analysis
They're commonly utilized in displays and screens due to their ability to create a wide range of colors. Rare earth elements are commonly found together in minerals due to their high electrical conductivity. It is believed that these metals make the best magnets available today. Estimates show that by 2022, demand for rare earth minerals in automobiles would increase by 25%, largely due to the widespread usage of neodymium-containing permanent magnet motors by almost 85% of automakers. The growing demand for renewable energy around the world is driving the expansion of the rare earth metals industry. As the global community works to cut carbon emissions, the demand for these materials rises. They are extensively used in the creation of batteries for electric vehicles and magnets for internal combustion engines. According to the OICA, China and India manufactured 26.08 million and 4.39 million automobiles, respectively. Vehicle production rose by 30% in India and by 3% in China as a result. The market also benefits from R&D efforts, the growth of end-use industries, urbanization, and industrialization, and the attention various organizations and businesses give to improving technology. Since rare-earth metals may be recycled and reused, the market has promising prospects between 2021 and 2028.
Market Segmentation and Analysis of Rare Earth Elements
In terms of volume, cerium had a 44.87% share of the market in 2022. The growth of the automobile industry is anticipated to boost demand for cerium and the cerium market. Cerium is used as a catalyst in catalytic converters in vehicle exhaust systems to reduce emissions. Also, it finds application in nickel-metal hydride batteries. The increasing demand for hybrid vehicles throughout the forecast period is expected to boost rare earth consumption.
Gadolinium demand is expected to be led by the need for use in nuclear reactors. It is used as a neutron absorber in the new fuel to control and monitor the reactivity of the nuclear reactor's core. Increased spending in the nuclear energy sector is driving up demand for gadolinium. The Department of Energy's Oak Ridge National Laboratory (ORNL) recently announced plans to cooperate with six new business ventures to improve commercial nuclear energy technology. The Department of Energy (DOE) has committed USD 14 million to fusion energy research and USD 18 million to disruptive energy ideas, both of which will be supported through these partnerships.
Market Segmentation of Rare Earth Elements Based on Use
The magnet application market was the most lucrative and largest in 2022. Sensors, audio playback equipment, headphones, linear actuators, and servo motors all make use of them. The increased demand for magnets in automobiles, turbines, and consumer electronics is predicted to increase demand for rare earth elements over the forecast period.
The market for ceramics is projected to grow at a CAGR of 7.3% during the next several years. Tiles, electronics, and engineering are just a few of the many ceramics industries that benefit greatly from the use of yttrium, lanthanum, cerium, neodymium, and praseodymium. The ceramic tiles are glazed with cerium oxide, which also serves as an opacifier. According to data compiled by Ceramic World Web, production of ceramic tiles is up 2.2%. Over the forecast period, higher ceramic output due to expanding construction activity in developing nations is predicted to have a positive effect on rising rare earth use.
Trends in the Rare Earth Metals Industry
Sales Projected to Rise Due to Rising Demand from High-Tech Sectors
Modern technologies including cellphones, computers, electric vehicles, renewable energy systems, and aircraft machinery all rely heavily on rare earth metals. Rare earth metals are in high demand because they provide the special magnetic, luminescent, and catalytic qualities essential to the operation of these technologies. Rare earth metals are crucial to the worldwide shift toward clean and renewable energy sources like wind turbines and electric automobiles. Rare earth metals are used in the motors and batteries of electric cars, and they are also used in the permanent magnets of wind turbines. The demand for rare earth metals is anticipated to be driven by the drive for sustainable energy solutions.
Market Constraints on Rare Earth Elements
Slower market expansion due to diminishing resources.
Rare earth metals are depletable resources, therefore continued mining could eventually deplete known supplies. Rising demand for rare earth metals could eventually deplete commercially viable reserves, making sustainable mining more difficult and expensive in the future. This will act as a drag on the market's future expansion.
Report Coverage
Global Rare Earth Metals research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Rare Earth Metals report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Rare Earth Metals competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Rare Earth Metals market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | China Northern Rare Earth Group High-Tech Co., Ltd. (China), China Minmetals Corporation (China), Lynas Corporation Ltd. (Australia), MP Materials Corp. (United States), Jiangxi Copper Corporation (China), Iluka Resources Limited (Australia), Shenghe Resources Holding Co., Ltd. (China), Alkane Resources Ltd. (Australia), Neo Performance Materials Inc. (Canada), Arafura Resources Limited (Australia), Greenland Minerals Ltd. (Australia), Northern Minerals Limited (Australia), Avalon Advanced Materials Inc. (Canada), Medallion Resources Ltd. (Canada), Norsk Hydro ASA (Norway), Texas Mineral Resources Corp. (United States), Ucore Rare Metals Inc. (Canada), Hastings Technology Metals Ltd. (Australia), Great Western Minerals Group Ltd. (Canada), Arafura Resources Ltd. (Australia) |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Rare Earth Metals Market from 2021 to 2030.
- Market Forecast for Rare Earth Metals Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Rare Earth Metals competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Rare Earth Metals
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Rare Earth Metals market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Rare Earth Metals market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
China Northern Rare Earth Group High-Tech Co., Ltd. (China), China Minmetals Corporation (China), Lynas Corporation Ltd. (Australia), MP Materials Corp. (United States), Jiangxi Copper Corporation (China), Iluka Resources Limited (Australia), Shenghe Resources Holding Co., Ltd. (China), Alkane Resources Ltd. (Australia), Neo Performance Materials Inc. (Canada), Arafura Resources Limited (Australia), Greenland Minerals Ltd. (Australia), Northern Minerals Limited (Australia), Avalon Advanced Materials Inc. (Canada), Medallion Resources Ltd. (Canada), Norsk Hydro ASA (Norway), Texas Mineral Resources Corp. (United States), Ucore Rare Metals Inc. (Canada), Hastings Technology Metals Ltd. (Australia), Great Western Minerals Group Ltd. (Canada), Arafura Resources Ltd. (Australia)
Primary Target Market
- Market Players of Rare Earth Metals
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Rare Earth Metals market based on the below-mentioned segments:
Global Rare Earth Metals Market, By Product
Cerium
Dysprosium
Erbium
Europium
Gadolinium
Holmium
Lanthanum
Global Rare Earth Metals market, By Application
Magnets
Catalysts
Metallurgy
Polishing
Glass
Phosphors
Ceramics
Global Rare Earth Metals market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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