Rare Earth Elements Market Report by Application (Magnets, NiMH Batteries, Auto Catalysts, Diesel Engines, Fluid Cracking Catalyst, Phosphers, Glass, Polishing Powders, and Others), and Region 2024-2032

Rare Earth Elements Market Report by Application (Magnets, NiMH Batteries, Auto Catalysts, Diesel Engines, Fluid Cracking Catalyst, Phosphers, Glass, Polishing Powders, and Others), and Region 2024-2032

Report Format: PDF+Excel | Report ID: SR112024A398
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Global Rare Earth Elements Market:

The global rare earth elements market size reached US$ 11.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 34.3 Billion by 2032, exhibiting a growth rate (CAGR) of 13.1% during 2024-2032. The rising inclination among individuals towards sustainable and clean energy solutions, along with the widespread usage of consumer electronics across the globe, is primarily propelling the rare earth elements market demand.

Report Attribute
Key Statistics
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023 US$ 11.0 Billion
Market Forecast in 2032 US$ 34.3 Billion
Market Growth Rate 2024-2032 13.1%


Global Rare Earth Elements Market Analysis:

  • Major Market Drivers: The increasing focus of key players on green energy is one of the primary factors bolstering the rare earth elements market business opportunities. Additionally, extensive applications of these elements in the defense industry, as they are essential in producing high-performance materials used in jet engines, missile guidance systems, radar systems, etc., are also positively influencing the rare earth elements market outlook.
  • Key Market Trends: Government bodies across countries are launching various policies, such as providing subsidies for novel technologies that involve the adoption of strategic stockpiling and rare earth elements, which is driving the rare earth element market growth. Apart from this, the increasing sustainability goals to minimize carbon emissions levels are further bolstering the rare earth metals industry.
  • Geographical Trends: According to the rare earth element market report overview, China accounted for the largest market share, owing to the expanding electronics manufacturing sector that extensively relies on rare earth elements. Besides this, the increasing investments in renewable energy technologies, such as electric vehicles and wind turbines, are propelling the rare earth element market report in China.
  • Competitive Landscape: Some of the major players in the global rare earth elements market include Lynas Corporation Ltd., Arafura Resources Limited, Great Western Minerals Group Ltd., Avalon Advanced Materials Inc., Greenland Minerals Ltd, Alkane Resources Ltd, Neo Performance Materials, Iluka Resource Limited, IREL (India) Limited, and Canada Rare Earths Corporation, among many others.
  • Challenges and Opportunities: According to the rare earth elements industry research, geopolitical tensions and trade disputes are some of the primary challenges negatively affecting the market growth. However, regulatory authorities play a vital role in supporting the rare earth elements industry value through investment incentives, research funding, and policy frameworks that promote responsible development and innovation. Furthermore, collaborations between industry stakeholders and research institutions will continue to present significant opportunities for the rare earth elements market over the forecasted period.
     

Global Rare Earth Elements Market


Global Rare Earth Elements Market Trends:

Rising Adoption in Numerous Industries

The widespread usage of rare earth elements, including neodymium, lanthanum, cerium, praseodymium, yttrium, dysprosium, etc., in the manufacturing of magnets and catalysts across the automotive industry is one of the primary factors stimulating the rare earth element industry growth analysis. Moreover, according to the International Energy Agency, the global stock of electric cars was over five million in 2018, which was more than a 63% increase from 2017. The escalating demand for electric vehicles to minimize CO2 emissions levels is driving the usage of permanent magnets in battery production, acting as another significant growth-inducing factor. Besides this, the elevating usage of rare earth elements, such as gadolinium, on account of the rising production of nuclear reactors, is further fueling the global market. For example, in December 2018, the Department of Energy's Oak Ridge National Laboratory (ORNL) announced the collaborations for six new industry projects to advance commercial nuclear energy technologies. These collaborations were supported by the Department of Energy (DOE), which provided the funding of US$ 14 Million for research in fusion energy and US$ 18 Million for transformative energy technologies. Apart from this, praseodymium is gaining extensive traction as an alloying agent with magnesium to manufacture high-strength metals for aircraft engines. The rising number of travelers is propelling the need for aircraft, which, in turn, is bolstering the global rare earth element market production. For instance, GE Aviation, a subsidiary of General Electric invested US$ 4.3 Billion to increase the production capabilities of aircraft engines. In line with this, the elevating adoption of consumer electronics, particularly in regions, including the Asia-Pacific, is further strengthening the rare earth element market share. According to the India Brand Equity Foundation, the production of LED and LCD TVs across the country reached 16 million units in 2018 from 8.75 million units in 2015. The rising usage of rare earth elements, such as lanthanum, cerium, praseodymium, etc., in the consumer electronics industry is expected to bolster the rare earth element industry price over the forecasted period.

Continuous Technological Advancements

Prominent key players across countries are focusing on strategic approaches and exploring collaborations and partnerships, not just with other mining and chemical firms but also with end-users, such as defense contractors, technology companies, renewable energy providers, etc., which is driving the global market for rare earth elements. In addition to this, some of them are working closely with government bodies to ensure stable supply chains, especially given the geopolitical sensitivities surrounding rare earth elements. In August 2022, Lynas Rare Earths Ltd in Australia announced the plan to expand capacity at its Western Australia-based Mt Weld mine having deposits of praseodymium (Pr) and neodymium (Nd). The company began to work by early 2023, with full operation planned for 2024. In line with this, in April 2022, Iluka Resources Ltd announced an investment worth US$ 1.2 Billion for developing the Eneabba Phase 3 rare earth refinery in Western Australia for the dedicated production of rare earth oxides. The investment aimed to make Iluka a strategic hub for the downstream processing of rare earth resources in Australia. Additionally, Arafura Resources Ltd planned to develop a separation plant for its Nolans Neodymium-Praseodymium (NdPr) Project.

Favorable Government Initiatives

Government authorities and organizations across the globe are emphasizing on environmental sustainability, thereby positively influencing the demand for clean energy technologies. Rare earth elements play an important role in this sector. Elements, such as dysprosium and neodymium, are used in the manufacturing of permanent magnets that are integral to the function of wind turbines. For instance, in 2021, nearly 85% of the auto manufacturers were utilizing neodymium-incorporated permanent magnet motors. As countries and companies around the world increasingly invest in renewable energy infrastructure to reduce reliance on fossil fuels and mitigate climate change, the demand for rare earth elements necessary for these technologies is expected to grow substantially. For example, to counter India’s reliance on China for imports of critical rare earth minerals, key players have urged government bodies to encourage private-sector mining and diversify sources of supply for these strategic raw materials. Furthermore, in May 2023, government authorities in India initiated a plan to auction newly discovered lithium and other rare earth minerals. The mines ministry across the country proposed an amendment to mineral concession rules 2016 to determine the methodology for fixing the value of the estimated resources.

Global Rare Earth Elements Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on the application. 

Breakup by Application:

Rare Earth Elements Market Report

  • Magnets
  • NiMH Batteries
  • Auto Catalysts
  • Diesel Engines
  • Fluid Cracking Catalyst
  • Phosphers
  • Glass
  • Polishing Powders
  • Others
     

Magnets dominate the market

The report has provided a detailed breakup and analysis of the market based on the application. This includes magnets, NiMH batteries, auto catalysts, diesel engines, fluid cracking catalyst, phosphers, glass, polishing powders, and others. According to the report, the magnets accounted for the largest market share.

Rare earth elements, such as dysprosium, neodymium, samarium, etc., find extensive applications in the manufacturing of magnets. These magnets are essential components in wind turbine generators. Moreover, their high magnetic force allows for more efficient energy conversion, thereby maximizing the electrical output. Additionally, in the automotive industry, they are widely adopted in hybrid and electric vehicle motors, contributing to both efficiency and power. For example, in 2021, approximately 85% of automakers were utilizing neodymium-incorporated permanent magnet motors. In line with this, magnets also find extensive applications in medical technologies, including MRI machines, which generally rely on strong magnetic fields for imaging. They are further prevalent in consumer electronics production, such as smartphones, headphones, hard disk drives, etc., where their high magnetic strength and small size are particularly beneficial.

Breakup by Region:

  • China
  • Japan & Northeast Asia
  • United States
     

China represents the largest market segment

The market research report has also provided a comprehensive analysis of all the major regional markets, which include China, Japan & Northeast Asia, and the United States. According to the report, China accounted for the largest market share.

Most of the world's supply of high-value rare earth elements originates from China. For example, in 2021, as per the data from the U.S. Geological Survey, 78% of the worldwide production of rare earth elements came from China. To maintain self-sufficiency and to meet future demand, China is elevating the export tariffs on rare earth elements shipped to several countries, including Japan, India, the U.S., Brazil, etc. Moreover, the escalating demand for consumer electronics across the country is also acting as another significant growth-inducing factor. Besides this, the expanding electronics manufacturing sector that extensively relies on rare earth elements is further bolstering the rare earth elements market across China. Regulatory authorities are implementing strategic policies. These include strategic stockpiling, export quotas, and subsidies to encourage domestic production. Furthermore, government bodies in the country also classified REEs as 'protected and strategic minerals.' The foreign companies were excluded from mining these elements and could only process them in joint ventures with enterprises in China, subject to government approval. Apart from this, extensive investments by key players to make the processing and extraction of rare earth elements more environmentally sustainable and efficient are projected to augment the global market over the forecasted period.

Competitive Landscape:

In the rare earth elements market, key players are engaging in a range of strategic initiatives to strengthen their position and capitalize on growing demand. This includes investments in research and development to enhance extraction technologies and improve the efficiency of refining processes. Companies are also exploring partnerships and collaborations, not just with other mining and chemical firms but also with end-users like technology companies, defense contractors, and renewable energy providers. Some leading players are working closely with governments to ensure stable supply chains, especially given the geopolitical sensitivities surrounding rare earth elements. Strategic stockpiling and long-term contracts are becoming more common as both companies and nations aim to mitigate supply risks. Additionally, market leaders are expanding their geographical footprint to tap into emerging markets where demand is rising due to technological adoption and industrial growth. Diversification of supply sources is also a key strategy aimed at reducing dependence on specific regions.

The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

  • Lynas Corporation Ltd.
  • Arafura Resources Limited
  • Great Western Minerals Group Ltd.
  • Avalon Advanced Materials Inc.
  • Greenland Minerals Ltd
  • Alkane Resources Ltd
  • Neo Performance Materials
  • Iluka Resource Limited
  • IREL (India) Limited
  • Canada Rare Earths Corporation
     

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Global Rare Earth Elements Market News:

  • April 2024: The Saskatchewan Research Council signed a five-year agreement in principle with the Vietnam-based Hung Thinh Group to import 3,000 tons of rare earth carbonate each year.
  • January 2024: Kazakhstan, with its 15 rare earth deposits, aims to cooperate with international partners to harness the ample opportunities in these strategically important components of electronics and clean energy technology.


Rare Earth Elements Market Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units 000’ Metric Tons, US$ Billion
Scope of the Report Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
  • Application
  • Region
Applications Covered Magnets, NiMH Batteries, Auto Catalysts, Diesel Engines, Fluid Cracking Catalyst, Phosphers, Glass, Polishing Powders, Others
Regions Covered China, Japan & Northeast Asia, United States
Companies Covered Lynas Corporation Ltd., Arafura Resources Limited, Great Western Minerals Group Ltd., Avalon Advanced Materials Inc., Greenland Minerals Ltd, Alkane Resources Ltd, Neo Performance Materials, Iluka Resource Limited, IREL (India) Limited, Canada Rare Earths Corporation, etc.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)


Key Benefits for Stakeholders:

  • IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the rare earth elements market from 2018-2032.
  • The research study provides the latest information on the market drivers, challenges, and opportunities in the global rare earth elements market.
  • The study maps the leading, as well as the fastest-growing, regional markets.
  • Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the rare earth elements industry and its attractiveness.
  • Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.

Key Questions Answered in This Report

The global rare earth elements market was valued at US$ 11.0 Billion in 2023.

We expect the global rare earth elements market to exhibit a CAGR of 13.1% during 2024-2032.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary halt in numerous production activities for rare earth elements.

The rising adoption of rare earth elements across the automotive industry for manufacturing catalysts and magnets for motor vehicles is primarily driving the global rare earth elements market

Based on the application, the global rare earth elements market can be bifurcated into magnets, NiMH batteries, auto catalysts, diesel engines, fluid cracking catalyst, phosphors, glass, polishing powders, and others. Currently, magnets hold the largest market share.

On a regional level, the market has been classified into China, Japan & Northeast Asia, and United States, where China currently dominates the global market.

Some of the major players in the global rare earth elements market include Lynas Corporation Ltd., Arafura Resources Limited, Great Western Minerals Group Ltd., Avalon Advanced Materials Inc., Greenland Minerals Ltd, Alkane Resources Ltd, Neo Performance Materials, Iluka Resource Limited, IREL (India) Limited, and Canada Rare Earths Corporation.

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Rare Earth Elements Market Report by Application (Magnets, NiMH Batteries, Auto Catalysts, Diesel Engines, Fluid Cracking Catalyst, Phosphers, Glass, Polishing Powders, and Others), and Region 2024-2032
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