India Rare Earth Metals Market, By Element (Light Rare Earth Elements ), Heavy Rare Earth Elements; By Application; By End Use Industry; By Region, Trend Analysis, Competitive Landscape & Forecast, 2019-2032

List of Tables

India Rare Earth Metals Market Zooming 2.1X to Cross USD 105 Million by 2032

India Rare Earth Metals Market is flourishing primarily due to a surging demand for rare earth elements from thriving end use industries including electric vehicles (EVs), renewable energy, and strategically critical defense & aerospace, and a heightened focus on addressing national rare earth metals security.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated India Rare Earth Metals Market size by value at USD 50.93 million in 2025. During the forecast period between 2026 and 2032, BlueWeave expects India Rare Earth Metals Market to more than double its size at a significant CAGR of 10.94%, reaching a value of USD 105.33 million by 2032. The significant expansion of India Rare Earth Metals Market is primarily driven by the country's increasing focus on strengthening its strategic self-reliance and a surging demand for rare earth elements from the nation's thriving electric vehicles (EVs) and renewable energy sector. The Indian government's favorable policies and incentives, such as National Critical Mineral Mission (NCMM) approved in January 2025 and the INR 7,280 crore worth Production-Linked Incentive (PLI) scheme for Rare Earth Magnets announced in November 2025 are projected to further boost the boost the growth of India Rare Earth Metals Market. As part of the global supply chain diversification to thwart China's dominance in the global market, India is also forming partnerships with rare earth metals exporting countries, including Australia and Zambia.

Opportunity - Favorable Policies to Secure Rare Earth Metals

The government's increasingly significant support through favorable critical mineral policies are projected to boost the growth of India Rare Earth Metals Market in the coming years. For instance, approved in January 2025 with the budget of INR 16,330 crore, the National Critical Mineral Mission (NCMM) aims to build end-to-end self-reliance in the value chain from exploration to processing. The PLI Scheme for Rare Earth Magnets, on the other hand, is the INR 7,280 crore incentive scheme approved in November 2025 to build a 6,000-million tons per annum (MTPA) domestic manufacturing capacity by 2032. The PLI scheme aims to set up a domestic ecosystem for Sintered Rare Earth Permanent Magnets (REPM). Also during 2025, India granted approval for a INR 1,500 crore recycling scheme to recover rare earth metals from the rapidly accumulating voluminous electronic waste across the country.

Impact of Escalating Geopolitical Tensions on India Rare Earth Metals Market

Escalating geopolitical tensions could impact the growth of India Rare Earth Metals Market. Increasing volatilities in political, military, trade, and economic conditions could significantly destabilize trade flows, supply chains, and investors' confidence. Tariffs, sanctions, and regional conflicts, especially involving China and United States, increase costs and limit access to rare earth metals. During these uncertain times, the government looks for securing the supply chain of rare earth metals for its mission critical sectors. The import-dependent countries, like India, could be vulnerable to global shifts, while retaliatory measures threaten export competitiveness. Geopolitical, military, trade, and trade tensions force manufacturers to diversify sourcing and adopt risk-mitigation strategies, reshaping production dynamics.

South India Dominates India Rare Earth Metals Market

South India, particularly Tamil Nadu and Andhra Pradesh, accounts for the major market share of India Rare Earth Metals Market. The state governments in the southern part of India have established new manufacturing hubs to attract investments. For instance, Andhra Pradesh has an industry cluster for heavy rare earth elements (REEs) and Tamil Nadu has established a magnet manufacturing region. In May 2025, NLC India, headquartered in Tamil Nadu, signed a MoU with IREL Limited, based in Andhra Pradesh, to jointly explore and process critical minerals.

Competitive Landscape

India Rare Earth Metals Market is highly fragmented, with numerous players serving the market. Major companies dominating the market include Coal India Limited, Gujarat Mineral Development Corporation (GMDC), Hindustan Copper Limited (HCL), Hindustan Zinc, IREL (India) Limited, JSW Rare Earths, Kerala Minerals & Metals Ltd (KMML), Khanij Bidesh India Limited (KABIL), Midwest Advanced Materials (MAM), NLC India Limited (NLCIL), NMDC Limited, Toyotsu Rare Earths India, Trimex Sands, and V.V. Mineral. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge over their competitors in India Rare Earth Metals Market.

The report's in-depth analysis provides information about growth potential, upcoming trends, and India Rare Earth Metals Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in India Rare Earth Metals Market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

Product Code: BWC25566

1. Research Framework

1.1. Research Objective
1.2. Product Overview
1.3. Market Segmentation

2. Executive Summary

3. India Rare Earth Metals Market Insights

3.1. Industry Value Chain Analysis
3.2. DROC Analysis
- 3.2.1. Growth Drivers
  - 3.2.1.1. Surge in Demand for Rare Earth Metals
  - 3.2.1.2. Growing Adoption of Electric Vehicles
  - 3.2.1.3. Government's Supportive Policies
- 3.2.2. Restraints
  - 3.2.2.1. High Costs
  - 3.2.2.2. Highly Fragmented Rare Earth Metals Market
- 3.2.3. Opportunities
  - 3.2.3.1. Growing Use of Rare Earth Metals
  - 3.2.3.2. Rising Demand for Rare Earth Elements in Industrial Applications
- 3.2.4. Challenges
  - 3.2.4.1. Lack of Processing Capacity
  - 3.2.4.2. Stringent Regulations
3.3. Technological Advancements/Recent Developments
3.4. Regulatory Framework
3.5. Porter's Five Forces Analysis
- 3.5.1. Bargaining Power of Suppliers
- 3.5.2. Bargaining Power of Buyers
- 3.5.3. Threat of New Entrants
- 3.5.4. Threat of Substitutes
- 3.5.5. Intensity of Rivalry

4. India Rare Earth Metals Market: Marketing Strategies

5. India Rare Earth Metals Market: Pricing Analysis

6. India Rare Earth Metals Market Overview

6.1. Market Size & Forecast, 2019-2032
- 6.1.1. By Value (USD Million)
6.2. Market Share & Forecast
- 6.2.1. By Element
  - 6.2.1.1. Light Rare Earth Elements (LREE)
  - 6.2.1.1.1. Neodymium
  - 6.2.1.1.2. Cerium
  - 6.2.1.1.3. Lanthanum
  - 6.2.1.1.4. Praseodymium
  - 6.2.1.1.5. Samarium
  - 6.2.1.1.6. Others
  - 6.2.1.2. Heavy Rare Earth Elements (HREE)
  - 6.2.1.2.1. Dysprosium
  - 6.2.1.2.2. Terbium
  - 6.2.1.2.3. Yttrium
  - 6.2.1.2.4. Europium
  - 6.2.1.2.5. Lutetium
  - 6.2.1.2.6. Gadolinium
  - 6.2.1.2.7. Others
- 6.2.2. By Application
  - 6.2.2.1. Permanent Magnets
  - 6.2.2.2. Catalysts
  - 6.2.2.3. Others
- 6.2.3. By End Use Industry
  - 6.2.3.1. Automotive
  - 6.2.3.2. Renewable Energy
  - 6.2.3.3. Defense & Aerospace
  - 6.2.3.4. Consumer Electronics
- 6.2.4. By Region
  - 6.2.4.1. East India
  - 6.2.4.2. West India
  - 6.2.4.3. South India
  - 6.2.4.4. North India

7. Competitive Landscape

7.1. List of Key Players and Their Offerings
7.2. India Rare Earth Metals Market Company Market Share Analysis, 2025
7.3. Competitive Benchmarking, By Operating Parameters
7.4. Key Strategic Developments (Mergers, Acquisitions, Partnerships)

8. Impact of Escalating Geopolitical Tensions on India Rare Earth Metals Market

9. Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)

9.1. Coal India Limited
9.2. Gujarat Mineral Development Corporation (GMDC)
9.3. Hindustan Copper Limited (HCL)
9.4. Hindustan Zinc
9.5. IREL (India) Limited
9.6. JSW Rare Earths
9.7. Kerala Minerals & Metals Ltd (KMML)
9.8. Khanij Bidesh India Limited (KABIL)
9.9. Midwest Advanced Materials (MAM)
9.10. NLC India
9.11. NMDC Limited
9.12. Toyotsu Rare Earths India
9.13. Trimex Sands
9.14. V.V. Mineral
9.15. Other Prominent Players

10. Key Strategic Recommendations

11. Research Methodology

11.1. Qualitative Research
- 11.1.1. Primary & Secondary Research
11.2. Quantitative Research
11.3. Market Breakdown & Data Triangulation
- 11.3.1. Secondary Research
- 11.3.2. Primary Research
11.4. Breakdown of Primary Research Respondents, By Region
11.5. Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.

Product Code: BWC25566

List of Figures

Figure 1 India Rare Earth Metals Segmentation
Figure 2 India Rare Earth Metals Market Value Chain Analysis
Figure 3 Company Market Share Analysis, 2025
Figure 4 India Rare Earth Metals Market Size, By Value (USD Million), 2019-2032
Figure 5 India Rare Earth Metals Market Share, By Element, By Value, 2019-2032
Figure 6 India Rare Earth Metals Market Share, By Application, By Value, 2019-2032
Figure 7 India Rare Earth Metals Market Share, By End Use Industry, By Value, 2019-2032
Figure 7 India Rare Earth Metals Market Share, By Region, 2019-2032
Figure 8 North India Rare Earth Metals Market Share, By Element, By Value, 2019-2032
Figure 9 North India Rare Earth Metals Market Share, By Application, By Value, 2019-2032
Figure 10 North India Rare Earth Metals Market Share, By End Use Industry, By Value, 2019-2032
Figure 11 South India Rare Earth Metals Market Share, By Element, By Value, 2019-2032
Figure 12 South India Rare Earth Metals Market Share, By Application, By Value, 2019-2032
Figure 13 South India Rare Earth Metals Market Share, By End Use Industry, By Value, 2019-2032
Figure 14 East India Rare Earth Metals Market Share, By Element, By Value, 2019-2032
Figure 15 East India Rare Earth Metals Market Share, By Application, By Value, 2019-2032
Figure 16 East India Rare Earth Metals Market Share, By End Use Industry, By Value, 2019-2032
Figure 17 West India Rare Earth Metals Market Share, By Element, By Value, 2019-2032
Figure 18 West India Rare Earth Metals Market Share, By Application, By Value, 2019-2032
Figure 19 West India Rare Earth Metals Market Share, By End Use Industry, By Value, 2019-2032

List of Tables

Table 1 India Rare Earth Metals Market Size, By Value (USD Million), 2019-2032
Table 2 India Rare Earth Metals Market Size, By Element, By Value, 2019-2032
Table 3 India Rare Earth Metals Market Size, By Application, By Value, 2019-2032
Table 4 India Rare Earth Metals Market Size, By End Use Industry, By Value, 2019-2032
Table 5 India Rare Earth Metals Market Size, By Region, By Value, 2019-2032
Table 6 North India Rare Earth Metals Market Size, By Element, By Value, 2019-2032
Table 7 North India Rare Earth Metals Market Size, By Application, By Value, 2019-2032
Table 8 North India Rare Earth Metals Market Size, By End Use Industry, By Value, 2019-2032
Table 9 South India Rare Earth Metals Market Size, By Element, By Value, 2019-2032
Table 10 South India Rare Earth Metals Market Size, By Application, By Value, 2019-2032
Table 11 South India Rare Earth Metals Market Size, By End Use Industry, By Value, 2019-2032
Table 12 East India Rare Earth Metals Market Size, By Element, By Value, 2019-2032
Table 13 East India Rare Earth Metals Market Size, By Application, By Value, 2019-2032
Table 14 East India Rare Earth Metals Market Size, By End Use Industry, By Value, 2019-2032
Table 15 West India Rare Earth Metals Market Size, By Element, By Value, 2019-2032
Table 16 West India Rare Earth Metals Market Size, By Application, By Value, 2019-2032
Table 17 West India Rare Earth Metals Market Size, By End Use Industry, By Value, 2019-2032
Table 18 Coal India Limited Company Overview
Table 19 Coal India Limited Financial Overview
Table 20 Gujarat Mineral Development Corporation (GMDC) Company Overview
Table 21 Gujarat Mineral Development Corporation (GMDC) Financial Overview
Table 22 Hindustan Copper Limited (HCL) Company Overview
Table 23 Hindustan Copper Limited (HCL) Financial Overview
Table 24 Hindustan Zinc Ltd Company Overview
Table 25 Hindustan Zinc Ltd Financial Overview
Table 26 IREL (India) Limited Company Overview
Table 27 IREL (India) Limited Financial Overview
Table 28 JSW Rare Earths Company Overview
Table 29 JSW Rare Earths Financial Overview
Table 30 Kerala Minerals & Metals Ltd (KMML) Company Overview
Table 31 Kerala Minerals & Metals Ltd (KMML) Financial Overview
Table 32 Khanij Bidesh India Limited (KABIL) Company Overview
Table 33 Khanij Bidesh India Limited (KABIL) Financial Overview
Table 34 Midwest Advanced Materials (MAM) Company Overview
Table 35 Midwest Advanced Materials (MAM) Financial Overview
Table 36 NLC India Company Overview
Table 37 NLC India Financial Overview
Table 38 NMDC Limited Company Overview
Table 39 NMDC Limited Financial Overview
Table 40 Toyotsu Rare Earths India Company Overview
Table 41 Toyotsu Rare Earths India Financial Overview
Table 42 Trimex Sands Company Overview
Table 43 Trimex Sands Financial Overview
Table 44 V.V. Minerals Company Overview
Table 45 V.V. Minerals Financial Overview

India Rare Earth Metals Market, By Element (Light Rare Earth Elements ), Heavy Rare Earth Elements; By Application; By End Use Industry; By Region, Trend Analysis, Competitive Landscape & Forecast, 2019-2032

Description

Table of Contents

List of Tables

Table of Contents

1. Research Framework

2. Executive Summary

3. India Rare Earth Metals Market Insights

4. India Rare Earth Metals Market: Marketing Strategies

5. India Rare Earth Metals Market: Pricing Analysis

6. India Rare Earth Metals Market Overview

7. Competitive Landscape

8. Impact of Escalating Geopolitical Tensions on India Rare Earth Metals Market

9. Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)

10. Key Strategic Recommendations

11. Research Methodology

List of Figures

List of Tables