Saudi Arabia Rare Earth Elements Market

Saudi Arabia Rare Earth Elements Market Overview:

The Saudi Arabia rare earth elements market size reached USD 111.96 Million in 2024. Looking forward, IMARC Group expects the market to reach USD 360.35 Million by 2033, exhibiting a growth rate (CAGR) of 12.40% during 2025-2033. The market is being driven by the nation's strategic push for economic diversification under Vision 2030, significant investments in mining infrastructure, elevating demand for clean energy technologies, and the country’s untapped mineral resources.

Saudi Arabia Rare Earth Elements Market Trends:

Industrial Diversification and Economic Vision 2030

One of the key drivers of Saudi Arabia's rare earth elements (REE) market is its industrial diversification, especially under Vision 2030. Saudi Arabia has been traditionally reliant on oil exports, but with the Vision 2030 program, there has been a significant impetus to establish sectors like mining, manufacturing, and technology. Rare earths, essential for high-tech markets such as electronics, automotive, and defense industries, are also a prime concern for the government. REEs are being viewed by Saudi Arabia as a chance to diversify the country away from its reliance on oil exports by creating an independent, diversified economy. Growth in local mines, along with more investment in research and development, is the direct response to this initiative. Through developing a stronger REE industry, Saudi Arabia is poised to become an emerging global supply chain player in the future, increasing its economic resilience as it increases jobs and builds a technologically advanced economy.

Growing Demand for Renewable Energy and Electric Vehicles

Another factor driving Saudi Arabia's growing REE market is the escalating global demand for renewable energy options, specifically with regards to electric vehicles (EVs) and energy storage units. REEs are crucial building blocks in making wind turbines and solar panels as well as more particularly motors and batteries for electric vehicles. As Saudi Arabia seeks to lower its carbon footprint and move towards cleaner energy, it is in line with the world's move towards sustainability, and REEs become critical to the country's green energy ambitions. Saudi Arabia has already demonstrated its interest in renewable energy by heavily investing in solar energy initiatives, including the NEOM project, and seeks to diversify its energy mix. The need for electric cars is also increasing in the region, further propelling the demand for REEs in battery technology. The geographical location of the country in relation to major markets like Europe and Asia positions it as a strategic player in fulfilling the world's demand for REEs needed in sustainable energy solutions. This shift towards cleaner energy, combined with the escalating adoption of EVs, is a very important pillar in building Saudi Arabia's rare earth elements market.

Saudi Arabia 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 region/country level for 2025-2033. Our report has categorized the market based on application.

Application Insights:

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

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.

Regional Insights:

• Northern and Central Region 
• Western Region 
• Eastern Region 
• Southern Region 

The report has also provided a comprehensive analysis of all the major regional markets, which include Northern and Central Region, Western Region, Eastern Region, and Southern Region.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Saudi Arabia Rare Earth Elements Market News:

• February 2025: Saudi Arabia unveiled a USD 100 billion investment plan for its mining sector, aiming to position the Kingdom as a global leader in critical minerals. This initiative aligns with Saudi Arabia's Vision 2030, focusing on diversifying the economy and reducing dependence on oil revenues. The investment encompasses the development of various mineral resources, including rare earth elements, lithium, copper, gold, zinc, and phosphate.
• November 2024: Saudi Arabia signed nine metals and mining investment deals totaling over USD 9.32 billion with international firms, including India's Vedanta and China's Zijin Group, as part of its Vision 2030 economic diversification plan. Notably, Australia's Hastings Technology Metals will invest between SAR 5.6 billion to SAR 7.2 billion to develop rare earth element processing facilities. This multi-phase project encompasses a hydrometallurgical plant, solvent extraction separation, and downstream processing, sourcing REEs from Saudi mines.

Saudi Arabia Rare Earth Elements Market Report Coverage:

Key Questions Answered in This Report:

• How has the Saudi Arabia rare earth elements market performed so far and how will it perform in the coming years?
• What is the breakup of the Saudi Arabia rare earth elements market on the basis of application?
• What are the various stages in the value chain of the Saudi Arabia rare earth elements market? 
• What are the key driving factors and challenges in the Saudi Arabia rare earth elements market?
• What is the structure of the Saudi Arabia rare earth elements market and who are the key players?
• What is the degree of competition in the Saudi Arabia rare earth elements market? 

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Saudi Arabia rare earth elements market from 2019-2033.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Saudi Arabia rare earth elements market.
• Porter's five forces analysis assist 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 Saudi Arabia 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.