The total global demand for rare earth oxides (REOs) is expected to increase from ******* metric tons in 2019 to a forecasted ******* metric tons by 2025. REOs are used for various applications, including in permanent magnets, in batteries, in catalysts, and more.

The Rare Earth Elements Market Report Segments the Industry by Product Type (Light Rare Earth Elements and Heavy Rare Earth Elements), Element (Cerium, Neodymium, and More), Application (Catalysts, Ceramics, and More), End-Use Industry (Clean Energy, Consumer Electronics, and More), and Geography (Asia-Pacific, North America, Europe, and More). The Market Forecasts are Provided in Terms of Volume (tons).

Magnets accounted for nearly ** percent of the global demand for rare earth oxides (REO) in 2020, in particular the REOs neodymium, praseodymium, dysprosium, and samarium. It is forecast that magnet manufacturing will account for ** percent of the worldwide REO demand in 2030.

The global rare earth metals market size is predicted to reach USD 6.2 billion in 2024. It is anticipated to grow at a CAGR of 10.1% during the forecast period to reach a value of USD 16.1 billion by 2034. The market is projected to witnesses a Y-o-Y growth of 9.1% in 2024.

Semi-annual Market Update

Country-wise Insights

Category-wise Insights

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Rare Earth Metals Market Size 2025-2029

The rare earth metals market size is forecast to increase by USD 3.78 billion at a CAGR of 9.1% between 2024 and 2029.

The market is experiencing significant growth due to the increasing demand for electronic appliances and personal equipment, driven by global consumer trends and technological advancements. This demand is further fueled by the expansion of production capacities and the emergence of alternative suppliers, which are aiming to reduce dependence on traditional sources. However, market growth is not without challenges. Demand-supply imbalances persist due to the complex and often unpredictable nature of rare earth metal mining and production. Moreover, the rise of substitutes, such as recycling and the development of new technologies, is posing a threat to market players. Companies seeking to capitalize on market opportunities must stay abreast of these trends and navigate challenges effectively by investing in research and development, exploring alternative supply chains, and collaborating with industry partners to ensure a stable and sustainable supply of rare earth metals.

What will be the Size of the Rare Earth Metals Market during the forecast period?

Request Free SampleRare earth metals, a group of 17 elements on the periodic table, play a crucial role in various industries, particularly in consumer equipment, catalyst systems, and green technology. These metals are essential for catalyst systems in industrial processes and are key components in magnets used in applications such as permanent magnets in gadolinium magnets and neodymium magnets. The demand for rare earth metals is driven by their use in electric vehicles, electronic appliances, and battery production. The supply chain for these metals is complex, with a significant portion extracted from concentrated deposits. However, resource scarcity and the environmental impact of metal extraction have led to increased focus on recycling efforts. Industrial uses of rare earth metals extend beyond magnets, with applications in battery production, wind turbines, and various other industries. The market dynamics for rare earth metals are influenced by production capacities, demand for specific metals, and the challenges of extracting them from the earth's crust. Catalyst systems, magnet applications, and green technology are just a few areas where rare earth metals contribute significantly. As the world transitions to more sustainable energy sources and electric vehicles become more prevalent, the demand for these metals is expected to grow.

How is this Rare Earth Metals Industry segmented?

The rare earth metals industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments. ApplicationPermanent magnetsMetal alloysCatalystsPolishing powderOthersTypeLight rare earth elementsHeavy rare earth elementsOthersProductCeriumDysprosiumErbiumOthersGeographyAPACChinaIndiaJapanSouth KoreaVietnamNorth AmericaUSCanadaEuropeGermanyUKMiddle East and AfricaSouth America

By Application Insights

The permanent magnets segment is estimated to witness significant growth during the forecast period.Rare earth metals, primarily including neodymium, pradymium, dysprosium, gadolinium, terbium, and samarium, are essential components for producing rare earth magnets. These magnets are integral to various high-tech technologies, such as military equipment, consumer electronics, automotive industries, and renewable energy solutions like wind turbines. Neodymium oxide, a rare earth oxide, is a significant component of Neodymium-iron-boron (NdFeB) magnets, which are widely used in applications ranging from audio and video components to automobiles and electric vehicles. China, as a leading consumer and supplier, dominates the market for NdFeB magnets and exports a substantial amount of these magnets. The environmental impacts of rare earth mining, including water contamination and habitat destruction, as well as air contamination, have raised concerns regarding the sustainability of this industry. However, the increasing demand for clean energy and renewable energy sources, such as LED lamps and wind turbines, necessitates the continued production and capacity expansion. Geopolitical factors and the concentration of rare earth deposits in specific regions contribute to supply chain complexities. Furthermore, rare earth magnets play a crucial role in catalyst systems, glass & ceramics, and various other industries. The evolving market dynamics and trends necessitate a comprehensive of the market and its implications on various industries.

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The Permanent magnets segment was valued at USD 1.36 billion in 2019 and showed a gradual inc

This statistic displays a forecast of the total latent demand for rare earth oxides globally (excluding China) from 2010 to 2025. It is expected that the demand for rare earth oxides will reach some ****** metric tons worldwide outside of China by 2025.

Northern America's rare-earth compounds market reached 2.5M tons valued at $31.1B in 2024, with the United States dominating both production and consumption. The market is forecast to grow to 3M tons and $38.4B by 2035, driven by sustained demand despite decelerating growth rates.

Rare earth elements, and their oxides (REOs), consist of ** elements, including cerium, dysprosium, erbium, and so on. They are used in many important applications, including in many technological applications. Increasing demand has put a strain on their supply, however, which comes mainly from China. In 2019, global REO demand for the production of magnets amounted to ****** metric tons, and is forecast to increase nearly double, to ****** metric tons by 2025.

The global Rare Earth Concentrate market is projected to reach an estimated USD 9,500 million in 2025, exhibiting a robust Compound Annual Growth Rate (CAGR) of 7.8% from 2019-2033. This significant expansion is primarily fueled by the escalating demand for high-performance permanent magnets, crucial components in electric vehicles (EVs), wind turbines, and advanced electronics. The application segment of Rare Earth Permanent Magnet Materials is anticipated to dominate market share due to the indispensable role of rare earth elements like Neodymium and Praseodymium in these magnet technologies. Furthermore, the increasing adoption of rare earths in catalytic converters for emission control in the automotive sector and their growing use in energy storage solutions, particularly hydrogen storage materials, are also acting as key growth drivers. Technological advancements leading to more efficient extraction and processing of rare earth concentrates, coupled with governmental initiatives supporting strategic mineral supply chains, are further bolstering market confidence and investment. Despite the promising growth trajectory, the Rare Earth Concentrate market faces certain restraints. Geopolitical factors and the concentrated nature of rare earth mining and processing in a few countries can lead to supply chain vulnerabilities and price volatility. Environmental concerns associated with mining and processing, including radioactive waste management, also pose a challenge, necessitating stringent regulatory compliance and investment in sustainable practices. However, the market is actively responding to these challenges through innovation in recycling technologies and the exploration of alternative, less environmentally impactful extraction methods. The diversification of supply chains and the development of new rare earth deposits in various regions are also underway to mitigate these risks. The market segmentation by type reveals that while Neodymium and Praseodymium are high-demand elements for magnets, Cerium and Lanthanum continue to find substantial applications in catalysts and other specialized materials, ensuring a balanced growth across all major rare earth types. This report offers an in-depth analysis of the global Rare Earth Concentrate market, spanning the historical period of 2019-2024, a base year of 2025, and a detailed forecast period extending from 2025 to 2033. The study provides granular insights into market dynamics, key players, technological advancements, and regional dominance, all presented within a projected market value of XX million USD. The report is designed to equip stakeholders with critical intelligence for strategic decision-making in this vital and rapidly evolving sector.

The size of the Rare Earth Element Market market was valued at USD 7.18 Billion in 2024 and is projected to reach USD 18.36 Billion by 2033, with an expected CAGR of 14.35% during the forecast period. Recent developments include: , The Rare Earth Element (REE) market is projected to grow from an estimated valuation of USD 7.18 billion in 2023 to approximately USD 24.0 billion by 2032, exhibiting a CAGR of 14.35%. This growth is primarily attributed to the rising demand from various industries, including electronics, automotive, and renewable energy.Recent developments in the REE market include investments in production and processing facilities, as well as research and development initiatives to enhance efficiency and reduce environmental impact. Key players in the market are focusing on expanding their operations and forming strategic partnerships to meet the increasing demand. Government regulations and environmental concerns are also shaping the market landscape, driving the adoption of sustainable practices and responsible sourcing of REEs., Rare Earth Element Market Segmentation Insights, Rare Earth Element Market Application Outlook. Key drivers for this market are: Rising demand from the Electronics industry Growth in the Electric Vehicle sector Increasing application in Renewable Energy Government support for REE exploration and production Expanding use in Biomedical and Healthcare industries . Potential restraints include: Increased demand from clean energy Growing technological advancements fluctuating raw material prices geopolitical concerns supply chain disruptions .

According to Cognitive Market Research, the global rare earth metals market size will be USD 6324.8 million in 2025. It will expand at a compound annual growth rate (CAGR) of 13.50% from 2025 to 2033.

North America held the major market share for more than 37% of the global revenue with a market size of USD 2340.18 million in 2025 and will grow at a compound annual growth rate (CAGR) of 11.3% from 2025 to 2033.
Europe accounted for a market share of over 29% of the global revenue with a market size of USD 1834.19 million.
APAC held a market share of around 24% of the global revenue with a market size of USD 1517.95 million in 2025 and will grow at a compound annual growth rate (CAGR) of 15.5% from 2025 to 2033.
South America has a market share of more than 3.8% of the global revenue with a market size of USD 240.34 million in 2025 and will grow at a compound annual growth rate (CAGR) of 12.5% from 2025 to 2033.
Middle East had a market share of around 4% of the global revenue and was estimated at a market size of USD 252.99 million in 2025 and will grow at a compound annual growth rate (CAGR) of 12.8% from 2025 to 2033.
Africa had a market share of around 2.2% of the global revenue and was estimated at a market size of USD 139.15 million in 2025 and will grow at a compound annual growth rate (CAGR) of 13.2% from 2025 to 2033.
Neodymium oxide is the fastest growing segment of the rare earth metals market industry

Market Dynamics of Rare Earth Metals Market

Key Drivers for Rare Earth Metals Market

Government Initiatives for Resource Independence is Expected to Boost Market Growth

The rare earth metals market is increasingly driven by government initiatives aimed at achieving resource independence. Many countries, particularly the US, EU nations, India, and Japan are implementing policies to reduce reliance on Chinese exports, which dominate the global supply. These initiatives include funding domestic mining projects, investing in refining and recycling technologies, and forming strategic alliances for rare earth exploration. Governments are also supporting R&D in developing alternatives and more sustainable extraction methods. Such policies are strengthening local supply chains and stimulating demand for rare earth elements critical to clean energy, defence, and electronics sectors, thereby propelling market growth and fostering technological self-reliance in strategic industries. In March 2024, Australian Strategic Materials (ASM) formed a strategic partnership with global engineering company Bechtel Mining and Metals, Inc. (Bechtel) for its Dubbo Project in New South Wales (NSW). Bechtel will provide Front-End Engineering Design (FEED) services, a crucial step toward the final investment decision. This partnership strengthens ASM's position for new funding opportunities, including with a US government entity.

https://asm-au.com/strategic-partnership-delivers-benefits-for-dubbo-project/”

Advancements in Consumer Electronics to Boost Market Growth

The rare earth metals market is significantly driven by advancements in consumer electronics, which increasingly rely on these elements for performance and miniaturization. Rare earth metals such as neodymium, dysprosium, and terbium are critical components in high-performance magnets, speakers, vibration motors, and batteries used in smartphones, laptops, tablets, and wearables. As consumer demand grows for smarter, faster, and more compact devices, manufacturers are integrating rare-earth-based components to meet functional and design needs. Additionally, the shift toward energy-efficient electronics and high-resolution displays further boosts the demand for these materials. The constant innovation cycle in electronics ensures sustained growth in the rare earth metals market.

Restraint Factor for the Rare Earth Metals Market

Fluctuating Raw Material Prices Will Limit Market Growth

Fluctuating raw material prices act as a significant restraint in the rare earth metals market due to their impact on cost predictability and supply chain stability. These metals are often sourced from a limited number of countries, with China being the dominant supplier. Geopolitical tensions, export restrictions, and environmental regulations can disrupt supply and cause sharp price variations. Such volatility discourages investment in downstream applications and technologies relying on rare earth elements, such as magnets...

The size of the Rare Earth market was valued at USD 5769 million in 2024 and is projected to reach USD 11170.80 million by 2033, with an expected CAGR of 9.9% during the forecast period.

The global rare earth metals market, valued at $299 million in 2025, is poised for significant growth. While the provided CAGR is missing, considering the increasing demand driven by the burgeoning electric vehicle (EV) sector, renewable energy technologies (wind turbines and solar panels), and advancements in permanent magnet applications, a conservative estimate of a 7-8% CAGR over the forecast period (2025-2033) appears reasonable. This growth trajectory suggests the market could reach approximately $500 million by 2033. Key drivers include the expanding EV market, the global push for renewable energy, and ongoing technological advancements in various sectors requiring high-performance magnets and materials. This necessitates the development of efficient and sustainable rare earth metal extraction and processing techniques. Despite strong growth, the market faces certain restraints, primarily geopolitical instability related to the concentration of rare earth element reserves in specific regions, leading to supply chain vulnerabilities. Furthermore, environmental concerns surrounding mining and processing remain a significant challenge. Segmentation by type (Pr-Nd, La-Ce, etc.) and application (metallurgy, permanent magnets, hydrogen storage) reveals diverse growth opportunities within the market. The Pr-Nd segment is expected to remain dominant, driven by its critical role in high-performance magnets used in EVs and wind turbines. The competitive landscape is characterized by both established players and emerging companies. Major players such as Beifang Rare Earth, Shenghe Resources, and Ganzhou Rare Earth Metals are leveraging their existing infrastructure and expertise to capitalize on the rising demand. However, increased competition and the rise of new technologies might lead to consolidation and strategic partnerships in the coming years. Geographic distribution reveals that Asia-Pacific, especially China, holds a significant market share, reflecting its dominance in rare earth element mining and processing. North America and Europe are also witnessing substantial growth, fueled by their robust renewable energy sectors and EV adoption rates. However, the future market share may shift slightly as other regions develop their rare earth processing capabilities to reduce reliance on a limited number of suppliers.

Learn about the expected growth in the rare earth metals market over the next decade driven by increasing global demand. Market performance is forecasted to rise steadily, with market volume estimated to reach 343K tons and market value projected to hit $11.4B by 2035.

Discover the booming rare earth metal market forecast to 2033! This in-depth analysis reveals key trends, drivers, restraints, and regional market shares for neodymium, cerium, dysprosium, and other crucial elements. Explore the competitive landscape and future growth potential. Recent developments include: August 2022: Australia's Lynas Rare Earths Ltd unveiled a plan to expand capacity at its Western Australia-based Mt Weld mine having deposits of neodymium (Nd) and praseodymium (Pr). The company anticipates expansion work to begin by early 2023, with full operation planned for 2024., April 2022: Iluka Resources Ltd announced an investment worth USD 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 aims to make Iluka a strategic hub for the downstream processing of Australia's rare earth resources.. Key drivers for this market are: High Demand from Emerging Economies, Dependency of 'Green Technology' on Rare Earth Elements. Potential restraints include: High Demand from Emerging Economies, Dependency of 'Green Technology' on Rare Earth Elements. Notable trends are: Increasing Demand for Magnets.

According to Cognitive Market Research, the global rare earths market size will be USD 14280 million in 2025. It will expand at a compound annual growth rate (CAGR) of 7.80% from 2025 to 2033.

North America held the major market share for more than 40% of the global revenue with a market size of USD 5283.60 million in 2025 and will grow at a compound annual growth rate (CAGR) of 6.3% from 2025 to 2033.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 4141.20 million.
APAC held a market share of around 23% of the global revenue with a market size of USD 3427.20 million in 2025 and will grow at a compound annual growth rate (CAGR) of 10.5% from 2025 to 2033.
South America has a market share of more than 5% of the global revenue with a market size of USD 542.64 million in 2025 and will grow at a compound annual growth rate (CAGR) of 8.5% from 2025 to 2033.
Middle East had a market share of around 2% of the global revenue and was estimated at a market size of USD 571.20 million in 2025 and will grow at a compound annual growth rate (CAGR) of 9.1% from 2025 to 2033.
Africa had a market share of around 1% of the global revenue and was estimated at a market size of USD 314.16 million in 2025 and will grow at a compound annual growth rate (CAGR) of 8.1% from 2025 to 2033.
Glass is the fastest growing segment of the rare earths industry

Market Dynamics of Rare Earths Market

Key Drivers for Rare Earths Market

Increasing Proportion of Electric Automobiles to Boost Market Growth

The market for rare earth is expanding due in large part to the increasing number of electric automobiles. Mechanical combustion engines are no longer required since electric vehicles (EVs) use power that has been preserved in batteries or other energy storage devices. Rare earth metals, particularly magnets, and dysprosium, are employed in motors for electricity because of their outstanding durability, magnets, and magnetic qualities. For this reason, the demand for rare earth metals is expanding due to the increasing number of electrically powered automobiles. For instance, in October 2024, MP Materials and General Motors established an alliance to create an entirely managed rare earth magnet distribution system in the United States. With a steady manufacturing ramp, MP Materials will use GM's Ultium Services to provide rare earth elements, metal, and completed magnets made in the United States for the electric motors found in the GMC Hummer electric vehicles, Chevrolet Silverado EV, and over a dozen other models.

https://mpmaterials.com/articles/general-motors-and-mp-materials-enter-long-term-supply-agreement-to-scale-rare-earth-magnet-sourcing-and-production-in-the-us//

Technological Development to Boost Market Growth

The market for rare earth is driven by ongoing advancements in technologies and design. Because of the development of civilization and the expanding use of technology for commercial and industrial purposes, technological developments have been increasing. Thanks to the latest developments, rare earth elements may now be extracted from unusual sources such phosphate deposits, mining ash, and digital recyclables. Large undiscovered rare earth sources that were previously thought to be too costly or impossible to harvest can now be accessed thanks to these novel extraction techniques. Businesses are concentrating on creating these substitute extraction methods in order to lessen their effect on the environment and cut down on the price of obtaining rare earth metals. A more varied and reliable supply of rare earths might be made possible by these technologies as they develop and grow, which would spur market growth and lessen the need for conventional mining methods.

Restraint Factor for the Rare Earths Market

Negative Effects of Rare Earth Extraction on the Environment, Will Limit Market Growth

The market faces major ecological challenges as a result of rare earth extraction and manufacturing. Chemical evaporation, chemical treatment, and open-pit mining are some of the activities that frequently lead to contamination, habitat damage, and health hazards for the populations who surround them. The quality of the land, water, and air is threatened by the toxic byproducts they produce, such as radioactive debris and metallic pollutants. Furthermore, the energy-intensive process of producing rare earth metals increases greenhouse gas e...

This statistic shows the current and projected demand scenario for dysprosium used for electric traction motors in the European Union (EU), broken down by vehicle type. By 2030, demand for the rare earth element used in plug-in hybrid electric vehicles was forecast to amount to *** metric tons.Other rare earth elements like neodymium and praseodymiumused for electric traction motors would also see dramatic increases in demand.

The Rare Earth Elements Marketsize was valued at USD 2,607.4 Kiloton in 2023 and is projected to reach USD XXX Kiloton by 2032, exhibiting a CAGR of 5.1 % during the forecast period. Key drivers for this market are: Increasing Adoption of Industrial Fabrics in the Auto Sector to Propel Market Growth. Potential restraints include: Fluctuating Prices of Rare Earth Elements to Hinder Growth.

The size of the Rare Earth Magnet Market market was valued at USD 24.31 Billion in 2024 and is projected to reach USD 38.83 Billion by 2033, with an expected CAGR of 6.92% during the forecast period. Recent developments include: , The global Rare Earth Magnet market is expected to grow from USD 24.31 billion in 2023 to USD 44.4 billion by 2032, at a CAGR of 6.92%. This growth is attributed to increasing demand from various end-use industries, such as automotive, consumer electronics, and healthcare. The automotive industry is the largest consumer of rare earth magnets, accounting for over 50% of the market share., Growing demand for electric vehicles is expected to further drive the growth of the rare earth magnet market. China is the dominant player in the global rare earth magnet market, accounting for over 90% of the global production. However, other countries, such as the United States, Canada, and Australia, are investing in rare earth mining and processing to reduce their dependence on China., Recent news developments in the rare earth magnet market include the discovery of new rare earth deposits in Greenland and the development of new technologies for extracting and processing rare earth elements., Rare Earth Magnet Market Segmentation Insights, Rare Earth Magnet Market Product Type Outlook. Key drivers for this market are: Electric vehicle growth Renewable energy expansion medical device advancements Aerospace amp defense advancements Consumer electronics miniaturization. Potential restraints include: Increasing adoption of electric vehicles Growing demand for renewable energy Favorable government policies High material costs Supply chain disruptions.

The size of the Rare Earth Materials market was valued at USD XXX million in 2024 and is projected to reach USD XXX million by 2033, with an expected CAGR of XX% during the forecast period.