Rare-Earth Metals Market by Type, Application

List of Tables

[180 Pages Report] The Rare-Earth Metals Market size was estimated at USD 11.34 billion in 2023 and expected to reach USD 12.43 billion in 2024, at a CAGR 10.57% to reach USD 22.94 billion by 2030.

The rare-earth metals market consists of a global network of stakeholders engaged in the exploration, mining, refining, and sale of a group of seventeen metallic elements. These elements are critical in the manufacture of a wide range of high-technology devices, renewable energy systems, and military applications due to their unique magnetic, luminescent, and electrochemical properties. Rare-earth metals find extensive use in various sectors. Key applications include the production of permanent magnets for wind turbines and electric vehicle motors, catalysts in the petrochemical industry, phosphors in color television and flat panel displays, and various military applications, including jet fighter engines and missile guidance systems. End-users span across numerous industries, such as electronics, automotive, renewable energy, and defense. The market growth is influenced by the escalating demand for advanced electronic products, the burgeoning electric vehicle market, and the rising adoption of clean energy systems. However, the challenges including the complex extraction process, environmental concerns, and the geopolitically concentrated reserves, heighten supply risk. Recent advancements present opportunities in the market for rare-earth metals. These advancements include the development of sustainable extraction technologies, recycling techniques to recover rare earths from electronic waste, and exploration efforts in untapped regions to diversify the supply chain and reduce geopolitical risks.

KEY MARKET STATISTICS
Base Year [2023]	USD 11.34 billion
Estimated Year [2024]	USD 12.43 billion
Forecast Year [2030]	USD 22.94 billion
CAGR (%)	10.57%

Type: Growing use of cerium oxide in semiconductor production

Cerium oxide is used widely as a polishing agent for glass, semiconductors, and ceramics due to its exceptional hardness and high refractive index. Dysprosium oxide (Dy2O3) is essential in producing permanent magnets with high coercivity, making it suitable for electric vehicles, wind turbines, and other high-performance applications. Europium oxide (Eu2O3) is primarily used as a phosphor for red and blue color displays in televisions, computers, and smartphones. Gadolinium oxide (Gd2O3) is a neutron absorber in nuclear reactors and a contrast agent for magnetic resonance imaging (MRI) diagnostics. Lanthanum oxide (La2O3) is mainly used in producing nickel-metal hydride batteries for hybrid electric vehicles and as an optical glass additive to enhance light transmission properties. Neodymium oxide (Nd2O3) is crucial for manufacturing high-strength permanent magnets in electric vehicles, wind turbines, and consumer electronics. Praseodymium oxide (Pr6O11) is used in permanent magnets, aircraft engines, and catalytic converters due to its excellent magnetic and thermal properties. Samarium oxide (Sm2O3) is used in samarium-cobalt magnets for aerospace, defense, and medical applications. Terbium oxide (Tb4O7) is vital in the production of green phosphors, used in display technologies and energy-efficient solid-state lighting systems.

Application: Higher consumption of metal alloys with expansion of manufacturing sector

Rare-earth metals enhance the performance of various chemical reactions and are widely used as catalysts due to their unique chemical properties. They are instrumental in petroleum refining, automotive emission control, and chemical synthesis applications. Ceramics play a vital role in several applications and utilize rare-earth metals for their superior thermal stability, corrosion resistance, and high-temperature performance. These materials enhance the mechanical properties of ceramic products such as capacitors, sensors, and piezoelectric devices. Glass additives are a widely preferred application for rare-earth elements due to their ability to modify glass properties such as coloration, UV absorption, and refractive index. Rare-earth metals play a crucial role in glass polishing applications owing to their exceptional abrasive characteristics that help smoothen glass surfaces efficiently without affecting their optical qualities. Metal alloys benefit from adding rare-earth metals as they enhance mechanical properties, including strength, flexibility, and corrosion resistance. These alloys find applications in various industries, such as automotive, aerospace, and energy production (wind turbine blades). Rare-earth permanent magnets are essential in several modern technologies, including electric vehicles (EVs), wind turbines, and consumer electronics, owing to their high magnetic strength and energy efficiency capabilities. Rare-earth phosphors are widely used in lighting solutions (LEDs), display technologies (TVs & monitors), medical imaging devices (X-ray systems), and security applications (banknotes) due to their superior luminescent properties.

Regional Insights

The Asia-Pacific region includes abundant mineral resources, which subsequently presents opportunities for rare-earth metal market vendors to extract and separate valuable minerals from complex ore deposits efficiently. China is the largest producer of rare-earth metals, accounting for the majority of global output, which gives it significant influence over the market. Japan and India have a noteworthy demand for rare-earth elements due to their advanced technological and industrial sectors. Consumers in Asia-Pacific primarily utilize rare-earth metals for electronics, renewable energy technologies, and automotive industries. Additionally, market vendors from Europe and the Americas are continuously making efforts to adopt technologies to develop rare earth metals from electronic waste, reduce the environmental impact of operations, and optimize resource utilization, creating a platform for the rare-earth elements market. The U.S. Geological Survey reported that domestic production of rare-earth elements increased by 44% from 2020 to 2021. The presence of rare-earth metals and native regional players contributes to the market growth in the Americas.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Rare-Earth Metals Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Rare-Earth Metals Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Rare-Earth Metals Market, highlighting leading vendors and their innovative profiles. These include ABx Limited, Alkane Resources Ltd., Aluminium Corporation of China Limited, American Elements, American Rare Earths Limited, Arafura Resources Ltd., Australian Rare Earths Limited, Avalon Advanced Materials Inc., Canada Rare Earth Corporation, China Non-ferrous Metal Industry's Foreign Engineering and Construction Co., Ltd., China Northern Rare Earth (Group) High-Tech Co., Ltd., China Rare Earth Group Resources Technology Co., Ltd., China Rare Earth Holdings Limited, Encounter Resources Limited, Energy Fuels Inc., Energy Transition Minerals Ltd., Enova Mining Limited, Eutectix, LLC, Frontier Rare Earths, Fujian Changting Golden Dragon Rare-Earth Co., Ltd., GTS German Trading Service GmbH, Hebei Suoyi New Material Technology Co., Ltd., HEFA Rare Earth Canada Ltd., Iluka Resources Limited, JL MAG Rare-Earth Co., Ltd., Krakatoa Resources Ltd., Lynas Malaysia Sdn Bhd, Medallion Resources Ltd., Mitsubishi Corporation RtM Japan Ltd., MP Materials Corp., Neo Performance Materials, NioCorp Development Ltd., Norwegian company REEtec, Otto Chemie Pvt. Ltd., Rare Element Resources Ltd., Shin-Etsu Chemical Co., Ltd., Solvay SA, Texas Mineral Resources Corp., and Ucore Rare Metals Inc..

Market Segmentation & Coverage

This research report categorizes the Rare-Earth Metals Market to forecast the revenues and analyze trends in each of the following sub-markets:

Type
- Cerium Oxide
- Dysprosium Oxide
- Europium Oxide
- Gadolinium Oxide
- Lanthanum Oxide
- Neodymium Oxide
- Praseodymium Oxide
- Samarium Oxide
- Terbium Oxide
- Yttrium Oxide

Application
- Catalysts
- Ceramics
- Glass Additives
- Glass Polishing
- Metal Alloys
- Permanent Magnets
- Phosphors

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - Alaska
    - Arizona
    - California
    - Georgia
    - Michigan
    - Missouri
    - Montana
    - Nevada
    - North Dakota
    - Texas
    - West Virginia
    - Wyoming
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Rare-Earth Metals Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Rare-Earth Metals Market?

3. What are the technology trends and regulatory frameworks in the Rare-Earth Metals Market?

4. What is the market share of the leading vendors in the Rare-Earth Metals Market?

5. Which modes and strategic moves are suitable for entering the Rare-Earth Metals Market?

Product Code: MRR-FD3F12D52EC3

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Rising global shift towards clean energy solutions worldwide
  - 5.1.1.2. Government initiatives to promote mining and production of rare earth metals
  - 5.1.1.3. Rapid development and advancements in consumer electronics & advanced weaponry systems
- 5.1.2. Restraints
  - 5.1.2.1. Limited availability of rare earth metals and difficulties associated with mining
- 5.1.3. Opportunities
  - 5.1.3.1. Continuous research & development activities to develop new extraction technologies
  - 5.1.3.2. Emerging emphasis on sustainable development and recycling of rare earth metals
- 5.1.4. Challenges
  - 5.1.4.1. Environmental concerns associated with extraction techniques of rare-earth metals
5.2. Market Segmentation Analysis
- 5.2.1. Type: Growing use of cerium oxide in semiconductor production
- 5.2.2. Application: Higher consumption of metal alloys with expansion of manufacturing sector
5.3. Market Trend Analysis
- 5.3.1. Significant growth potential in Americas region backed by government support and technological advancements in exploration & production process
- 5.3.2. Dominating production and reserve space for rare earth metals in the Asia-Pacific backed by government funding for expanding the region's global position in the market
- 5.3.3. Growing initiatives promoting responsible sourcing and procuring rare-earth metals to meet demand from end-use industries across EMEA
5.4. Cumulative Impact of High Inflation
5.5. Porter's Five Forces Analysis
- 5.5.1. Threat of New Entrants
- 5.5.2. Threat of Substitutes
- 5.5.3. Bargaining Power of Customers
- 5.5.4. Bargaining Power of Suppliers
- 5.5.5. Industry Rivalry
5.6. Value Chain & Critical Path Analysis
5.7. Regulatory Framework Analysis

6. Rare-Earth Metals Market, by Type

6.1. Introduction
6.2. Cerium Oxide
6.3. Dysprosium Oxide
6.4. Europium Oxide
6.5. Gadolinium Oxide
6.6. Lanthanum Oxide
6.7. Neodymium Oxide
6.8. Praseodymium Oxide
6.9. Samarium Oxide
6.10. Terbium Oxide
6.11. Yttrium Oxide

7. Rare-Earth Metals Market, by Application

7.1. Introduction
7.2. Catalysts
7.3. Ceramics
7.4. Glass Additives
7.5. Glass Polishing
7.6. Metal Alloys
7.7. Permanent Magnets
7.8. Phosphors

8. Americas Rare-Earth Metals Market

8.1. Introduction
8.2. Argentina
8.3. Brazil
8.4. Canada
8.5. Mexico
8.6. United States

9. Asia-Pacific Rare-Earth Metals Market

9.1. Introduction
9.2. Australia
9.3. China
9.4. India
9.5. Indonesia
9.6. Japan
9.7. Malaysia
9.8. Philippines
9.9. Singapore
9.10. South Korea
9.11. Taiwan
9.12. Thailand
9.13. Vietnam

10. Europe, Middle East & Africa Rare-Earth Metals Market

10.1. Introduction
10.2. Denmark
10.3. Egypt
10.4. Finland
10.5. France
10.6. Germany
10.7. Israel
10.8. Italy
10.9. Netherlands
10.10. Nigeria
10.11. Norway
10.12. Poland
10.13. Qatar
10.14. Russia
10.15. Saudi Arabia
10.16. South Africa
10.17. Spain
10.18. Sweden
10.19. Switzerland
10.20. United Arab Emirates
10.21. United Kingdom

11. Competitive Landscape

11.1. Market Share Analysis, 2023
11.2. FPNV Positioning Matrix, 2023
11.3. Competitive Scenario Analysis
- 11.3.1. American Rare Earths Announces New U.S. Headquarters
- 11.3.2. USA Rare Earth Signs Supply Agreement with Australian Strategic Materials
- 11.3.3. ABx Group Eyes Further Resource Growth at Deep Leads and Rubble Mounds Rare Earth Project, Tasmania
- 11.3.4. Lynas Rare Earths gets USD 14 million Australian government grant to develop a project
- 11.3.5. Ucore Investing USD 75 Million to Establish Rare Earth Metals Manufacturing Facility in Alexandria
- 11.3.6. Encounter Resources taps Investors for USD 10 Million to Accelerate West Arunta Exploration
- 11.3.7. Cyclic Materials raises USD 27 million for critical mineral recycling
- 11.3.8. Energy Fuels Completes Acquisition of Rare Earth and Heavy Mineral Project in Brazil
- 11.3.9. Rare earth metals producer Lynas announces USD 500 million expansion at Mt Weld mine
- 11.3.10. GE Renewable Energy and Arafura Resources sign Memorandum of Understanding (MoU) on Neodymium and Praseodymium (NdPr) Rare Earths
- 11.3.11. Australia's Lynas gets USD 120 Million Pentagon Contract for U.S. Rare Earths Project
- 11.3.12. HG Ventures Invests in and Partners with American Rare Earth to Expand Battery Recycling and Metals Supply for U.S. Manufacturing

12. Competitive Portfolio

12.1. Key Company Profiles
12.2. Key Product Portfolio