Rare Earth Metals Market Size, Share, Trend, Industry Analysis Report By Product (Cerium, Dysprosium, Gadolinium, Lutetium, Neodymium, Praseodymium, Yttrium, Others), By Application, By Region

Description

List of Tables

The rare earth market size is expected to reach USD 9.23 billion by 2034, according to a new study by Polaris Market Research. The report "Rare Earth Metals Market Size, Share, Trend, Industry Analysis Report By Product (Cerium, Dysprosium, Gadolinium, Lutetium, Neodymium, Praseodymium, Yttrium, Others), By Application, By Region - Market Forecast, 2025-2034" gives a detailed insight into current market dynamics and provides analysis on future market growth.

The rare earth metals market focuses on the production, refinement, and application of a group of 17 elements critical to high-performance technologies. These metals are essential to industries such as electric vehicles, wind turbines, defense systems, semiconductors, and consumer electronics due to their magnetic, luminescent, and catalytic properties. Growth in clean energy and electric mobility is driving significant demand for permanent magnets made from elements such as neodymium and dysprosium. Rapid advancements in medical imaging, robotics, and aerospace technologies further contribute to increased consumption across specialized sectors.

The rare earth metals market is witnessing a strong shift toward localized supply chains and environmentally responsible extraction, fueled by supply concentration concerns and regulatory pressures. Recycling of rare earth elements from end-of-life products and industrial scrap is gaining momentum, offering both economic and environmental benefits. Opportunities continue to grow in the development of advanced separation and refining technologies, which can improve yield and reduce waste. Strategic investments in downstream integration and material innovation are enabling manufacturers to meet rising performance standards across new-age applications. Continuous research and development (R&D) in nano-materials, magnet design, and alloy engineering is also expanding the functional scope of these metals. As industries transition to digitalization and low-carbon solutions, rare earth metals remain a critical enabler of technological competitiveness and energy transformation.

Rare Earth Metals Market Report Highlights

By product, the neodymium segment accounted for ~31% of the revenue share in 2024 due to its essential role in high-performance permanent magnets used in electric vehicles, robotics, and renewable energy systems.

Based on application, the magnet segment held the largest revenue share of ~41% in 2024 due to the critical importance of rare earth magnets in modern technologies such as electric vehicle drivetrains, wind turbine generators, and high-performance consumer electronics.

North America is gradually strengthening its rare earth metals market through increased exploration activities and policy support aimed at reducing dependency on overseas supply chains.

In 2024, Asia Pacific accounted for the largest revenue share of ~85% due to dominant production volumes, extensive refining capacity, and presence of leading rare earth processors.

A few global key players include Alkane Resources Ltd; Arafura Resources Ltd; Avalon Advanced Materials Inc.; China Northern Rare Earth (Group) High-Tech Co., Ltd.; Greenland Minerals Ltd; Hitachi Metals Ltd.; Iluka Resources Limited; Indian Rare Earth Limited; Lynas Corporation Ltd; Northern Minerals Ltd; Rare Element Resources Ltd.; Shin-Etsu Chemical Co., Ltd.; and Ucore Rare Metals Inc.

Polaris Market Research has segmented the rare earth metals market report on the basis of product, application, and region:

By Product Outlook (Revenue, USD Billion, 2020-2034)

Cerium

Dysprosium

Gadolinium

Lutetium

Neodymium

Praseodymium

Yttrium

Others

By Application Outlook (Revenue, USD Billion, 2020-2034)

Magnets

Catalysts

Metallurgy

Polishing

Glass

Phosphors

Ceramics

Others

By Regional Outlook (Revenue, USD Billion, 2020-2034)

North America

U.S.

Canada

Europe

Germany

France

Italy

Spain

Russia

Netherlands

Rest of Europe

Asia Pacific

China

India

Japan

South Korea

Indonesia

Malaysia

Vietnam

Australia

Rest of Asia Pacific

Latin America

Argentina

Brazil

Mexico

Rest of Latin America

Middle East & Africa

UAE

Saudi Arabia

Israel

South Africa

Rest of Middle East & Africa

Product Code: PM6093

1. Introduction

1.1. Report Description
- 1.1.1. Objectives of the Study
- 1.1.2. Market Scope
- 1.1.3. Assumptions
1.2. Stakeholders

2. Executive Summary

2.1. Market Highlights

3. Research Methodology

3.1. Overview
- 3.1.1. Data Mining
3.2. Data Sources
- 3.2.1. Primary Sources
- 3.2.2. Secondary Sources

4. Global Rare Earth Metals Market Insights

4.1. Rare Earth Metals Market - Market Snapshot
4.2. Rare Earth Metals Market Dynamics
- 4.2.1. Drivers and Opportunities
  - 4.2.1.1. Surge in Electric Vehicle Production
  - 4.2.1.2. Expansion of Wind Energy Installations
- 4.2.2. Restraints and Challenges
  - 4.2.2.1. High extraction and processing costs
4.3. Porter's Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers (Moderate)
- 4.3.2. Threats of New Entrants: (Low)
- 4.3.3. Bargaining Power of Buyers (Moderate)
- 4.3.4. Threat of Substitute (Moderate)
- 4.3.5. Rivalry among existing firms (High)
4.4. PESTEL Analysis
4.5. Rare Earth Metals Market Application Trends
4.6. Value Chain Analysis

5. Global Rare Earth Metals Market, by Product

5.1. Key Findings
5.2. Introduction
- 5.2.1. Global Rare Earth Metals Market, by Product, 2020-2034 (USD Billion)
5.3. Cerium
- 5.3.1. Global Rare Earth Metals Market, by Cerium, by Region, 2020-2034 (USD Billion)
5.4. Dysprosium
- 5.4.1. Global Rare Earth Metals Market, by Dysprosium, by Region, 2020-2034 (USD Billion)
5.5. Gadolinium
- 5.5.1. Global Rare Earth Metals Market, by Gadolinium, by Region, 2020-2034 (USD Billion)
5.6. Lutetium
- 5.6.1. Global Rare Earth Metals Market, by Lutetium, by Region, 2020-2034 (USD Billion)
5.7. Neodymium
- 5.7.1. Global Rare Earth Metals Market, by Neodymium, by Region, 2020-2034 (USD Billion)
5.8. Praseodymium
- 5.8.1. Global Rare Earth Metals Market, by Praseodymium, by Region, 2020-2034 (USD Billion)
5.9. Yttrium
- 5.9.1. Global Rare Earth Metals Market, by Yttrium, by Region, 2020-2034 (USD Billion)
5.10. Others
- 5.10.1. Global Rare Earth Metals Market, by Others, by Region, 2020-2034 (USD Billion)

6. Global Rare Earth Metals Market, by Application

6.1. Key Findings
6.2. Introduction
- 6.2.1. Global Rare Earth Metals Market, by Application, 2020-2034 (USD Billion)
6.3. Magnets
- 6.3.1. Global Rare Earth Metals Market, by Magnets, by Region, 2020-2034 (USD Billion)
6.4. Catalysts
- 6.4.1. Global Rare Earth Metals Market, by Catalysts, by Region, 2020-2034 (USD Billion)
6.5. Metallurgy
- 6.5.1. Global Rare Earth Metals Market, by Metallurgy, by Region, 2020-2034 (USD Billion)
6.6. Polishing
- 6.6.1. Global Rare Earth Metals Market, by Polishing, by Region, 2020-2034 (USD Billion)
6.7. Glass
- 6.7.1. Global Rare Earth Metals Market, by Glass, by Region, 2020-2034 (USD Billion)
6.8. Phosphors
- 6.8.1. Global Rare Earth Metals Market, by Phosphors, by Region, 2020-2034 (USD Billion)
6.9. Ceramics
- 6.9.1. Global Rare Earth Metals Market, by Ceramics, by Region, 2020-2034 (USD Billion)
6.10. Others
- 6.10.1. Global Rare Earth Metals Market, by Othersr, by Region, 2020-2034 (USD Billion)

7. Global Rare Earth Metals Market, by Geography

7.1. Key Findings
7.2. Introduction
- 7.2.1. Rare Earth Metals Market Assessment, By Geography, 2020-2034 (USD Billion)
7.3. Rare Earth Metals Market - North America
- 7.3.1. North America: Rare Earth Metals Market, by Product, 2020-2034 (USD Billion)
- 7.3.2. North America: Rare Earth Metals Market, by Application, 2020-2034 (USD Billion)
- 7.3.3. Rare Earth Metals Market - U.S.
  - 7.3.3.1. U.S.: Rare Earth Metals Market, by Product, 2020-2034 (USD Billion)
  - 7.3.3.2. U.S.: Rare Earth Metals Market, by Application, 2020-2034 (USD Billion)
- 7.3.4. Rare Earth Metals Market - Canada
  - 7.3.4.1. Canada: Rare Earth Metals Market, by Product, 2020-2034 (USD Billion)
  - 7.3.4.2. Canada: Rare Earth Metals Market, by Application, 2020-2034 (USD Billion)
- 7.3.5. Rare Earth Metals Market - Mexico
  - 7.3.5.1. Mexico: Rare Earth Metals Market, by Product, 2020-2034 (USD Billion)
  - 7.3.5.2. Mexico: Rare Earth Metals Market, by Application, 2020-2034 (USD Billion)
7.4. Rare Earth Metals Market - Europe
- 7.4.1. Europe: Rare Earth Metals Market, by Product, 2020-2034 (USD Billion)
- 7.4.2. Europe: Rare Earth Metals Market, by Application, 2020-2034 (USD Billion)
- 7.4.3. Rare Earth Metals Market - UK
  - 7.4.3.1. UK: Rare Earth Metals Market, by Product, 2020-2034 (USD Billion)
  - 7.4.3.2. UK: Rare Earth Metals Market, by Application, 2020-2034 (USD Billion)
- 7.4.4. Rare Earth Metals Market - France
  - 7.4.4.1. France: Rare Earth Metals Market, by Product, 2020-2034 (USD Billion)
  - 7.4.4.2. France: Rare Earth Metals Market, by Application, 2020-2034 (USD Billion)
- 7.4.5. Rare Earth Metals Market - Germany
  - 7.4.5.1. Germany: Rare Earth Metals Market, by Product, 2020-2034 (USD Billion)
  - 7.4.5.2. Germany: Rare Earth Metals Market, by Application, 2020-2034 (USD Billion)
- 7.4.6. Rare Earth Metals Market - Italy
  - 7.4.6.1. Italy: Rare Earth Metals Market, by Product, 2020-2034 (USD Billion)
  - 7.4.6.2. Italy: Rare Earth Metals Market, by Application, 2020-2034 (USD Billion)
- 7.4.7. Rare Earth Metals Market - Spain
  - 7.4.7.1. Spain: Rare Earth Metals Market, by Product, 2020-2034 (USD Billion)
  - 7.4.7.2. Spain: Rare Earth Metals Market, by Application, 2020-2034 (USD Billion)
- 7.4.8. Rare Earth Metals Market - Netherlands
  - 7.4.8.1. Netherlands: Rare Earth Metals Market, by Product, 2020-2034 (USD Billion)
  - 7.4.8.2. Netherlands: Rare Earth Metals Market, by Application, 2020-2034 (USD Billion)
- 7.4.9. Rare Earth Metals Market - Russia
  - 7.4.9.1. Russia: Rare Earth Metals Market, by Product, 2020-2034 (USD Billion)
  - 7.4.9.2. Russia: Rare Earth Metals Market, by Application, 2020-2034 (USD Billion)
- 7.4.10. Rare Earth Metals Market - Rest of Europe
  - 7.4.10.1. Rest of Europe: Rare Earth Metals Market, by Product, 2020-2034 (USD Billion)
  - 7.4.10.2. Rest of Europe: Rare Earth Metals Market, by Application, 2020-2034 (USD Billion)
7.5. Rare Earth Metals Market - Asia Pacific
- 7.5.1. Asia Pacific: Rare Earth Metals Market, by Product, 2020-2034 (USD Billion)
- 7.5.2. Asia Pacific: Rare Earth Metals Market, by Application, 2020-2034 (USD Billion)
- 7.5.3. Rare Earth Metals Market - China
  - 7.5.3.1. China: Rare Earth Metals Market, by Product, 2020-2034 (USD Billion)
  - 7.5.3.2. China: Rare Earth Metals Market, by Application, 2020-2034 (USD Billion)
- 7.5.4. Rare Earth Metals Market - India
  - 7.5.4.1. India: Rare Earth Metals Market, by Product, 2020-2034 (USD Billion)
  - 7.5.4.2. India: Rare Earth Metals Market, by Application, 2020-2034 (USD Billion)
- 7.5.5. Rare Earth Metals Market - Malaysia
  - 7.5.5.1. Malaysia: Rare Earth Metals Market, by Product, 2020-2034 (USD Billion)
  - 7.5.5.2. Malaysia: Rare Earth Metals Market, by Application, 2020-2034 (USD Billion)
- 7.5.6. Rare Earth Metals Market - Japan
  - 7.5.6.1. Japan: Rare Earth Metals Market, by Product, 2020-2034 (USD Billion)
  - 7.5.6.2. Japan: Rare Earth Metals Market, by Application, 2020-2034 (USD Billion)
- 7.5.7. Rare Earth Metals Market - Indonesia
  - 7.5.7.1. Indonesia: Rare Earth Metals Market, by Product, 2020-2034 (USD Billion)
  - 7.5.7.2. Indonesia: Rare Earth Metals Market, by Application, 2020-2034 (USD Billion)
- 7.5.8. Rare Earth Metals Market - South Korea
  - 7.5.8.1. South Korea: Rare Earth Metals Market, by Product, 2020-2034 (USD Billion)
  - 7.5.8.2. South Korea: Rare Earth Metals Market, by Application, 2020-2034 (USD Billion)
- 7.5.9. Rare Earth Metals Market - Australia
  - 7.5.9.1. Australia: Rare Earth Metals Market, by Product, 2020-2034 (USD Billion)
  - 7.5.9.2. Australia: Rare Earth Metals Market, by Application, 2020-2034 (USD Billion)
- 7.5.10. Rare Earth Metals Market - Rest of Asia Pacific
  - 7.5.10.1. Rest of Asia Pacific: Rare Earth Metals Market, by Product, 2020-2034 (USD Billion)
  - 7.5.10.2. Rest of Asia Pacific: Rare Earth Metals Market, by Application, 2020-2034 (USD Billion)
7.6. Rare Earth Metals Market - Middle East & Africa
- 7.6.1. Middle East & Africa: Rare Earth Metals Market, by Product, 2020-2034 (USD Billion)
- 7.6.2. Middle East & Africa: Rare Earth Metals Market, by Application, 2020-2034 (USD Billion)
- 7.6.3. Rare Earth Metals Market - Saudi Arabia
  - 7.6.3.1. Saudi Arabia: Rare Earth Metals Market, by Product, 2020-2034 (USD Billion)
  - 7.6.3.2. Saudi Arabia: Rare Earth Metals Market, by Application, 2020-2034 (USD Billion)
- 7.6.4. Rare Earth Metals Market - UAE
  - 7.6.4.1. UAE: Rare Earth Metals Market, by Product, 2020-2034 (USD Billion)
  - 7.6.4.2. UAE: Rare Earth Metals Market, by Application, 2020-2034 (USD Billion)
- 7.6.5. Rare Earth Metals Market - Israel
  - 7.6.5.1. Israel: Rare Earth Metals Market, by Product, 2020-2034 (USD Billion)
  - 7.6.5.2. Israel: Rare Earth Metals Market, by Application, 2020-2034 (USD Billion)
- 7.6.6. Rare Earth Metals Market - South Africa
  - 7.6.6.1. South Africa: Rare Earth Metals Market, by Product, 2020-2034 (USD Billion)
  - 7.6.6.2. South Africa: Rare Earth Metals Market, by Application, 2020-2034 (USD Billion)
- 7.6.7. Rare Earth Metals Market - Rest of Middle East & Africa
  - 7.6.7.1. Rest of Middle East & Africa: Rare Earth Metals Market, by Product, 2020-2034 (USD Billion)
  - 7.6.7.2. Rest of Middle East & Africa: Rare Earth Metals Market, by Application, 2020-2034 (USD Billion)
7.7. Rare Earth Metals Market - Latin America
- 7.7.1. Latin America: Rare Earth Metals Market, by Product, 2020-2034 (USD Billion)
- 7.7.2. Latin America: Rare Earth Metals Market, by Application, 2020-2034 (USD Billion)
- 7.7.3. Rare Earth Metals Market - Brazil
  - 7.7.3.1. Brazil: Rare Earth Metals Market, by Product, 2020-2034 (USD Billion)
  - 7.7.3.2. Brazil: Rare Earth Metals Market, by Application, 2020-2034 (USD Billion)
- 7.7.4. Rare Earth Metals Market - Argentina
  - 7.7.4.1. Argentina: Rare Earth Metals Market, by Product, 2020-2034 (USD Billion)
  - 7.7.4.2. Argentina: Rare Earth Metals Market, by Application, 2020-2034 (USD Billion)
- 7.7.5. Rare Earth Metals Market - Rest of Latin America
  - 7.7.5.1. Rest of Latin America: Rare Earth Metals Market, by Product, 2020-2034 (USD Billion)
  - 7.7.5.2. Rest of Latin America: Rare Earth Metals Market, by Application, 2020-2034 (USD Billion)

8. Competitive Landscape

8.1. Expansion and Acquisition Analysis
- 8.1.1. Expansion
- 8.1.2. Acquisitions
8.2. Partnerships/Collaborations/Agreements/Exhibitions

9. Company Profiles

9.1. Alkane Resources Ltd
- 9.1.1. Company Overview
- 9.1.2. Financial Performance
- 9.1.3. Product Benchmarking
- 9.1.4. Recent Development
9.2. Arafura Resources Ltd.
- 9.2.1. Company Overview
- 9.2.2. Financial Performance
- 9.2.3. Product Benchmarking
- 9.2.4. Recent Development
9.3. Avalon Advanced Materials Inc.
- 9.3.1. Company Overview
- 9.3.2. Financial Performance
- 9.3.3. Product Benchmarking
- 9.3.4. Recent Development
9.4. China Northern Rare Earth (Group) High-Tech Co., Ltd.
- 9.4.1. Company Overview
- 9.4.2. Financial Performance
- 9.4.3. Product Benchmarking
- 9.4.4. Recent Development
9.5. Greenland Minerals Ltd
- 9.5.1. Company Overview
- 9.5.2. Financial Performance
- 9.5.3. Product Benchmarking
- 9.5.4. Recent Development
9.6. Hitachi Metals Ltd.
- 9.6.1. Company Overview
- 9.6.2. Financial Performance
- 9.6.3. Product Benchmarking
- 9.6.4. Recent Development
9.7. Iluka Resources Limited
- 9.7.1. Company Overview
- 9.7.2. Financial Performance
- 9.7.3. Product Benchmarking
- 9.7.4. Recent Development
9.8. Indian Rare Earth Limited
- 9.8.1. Company Overview
- 9.8.2. Financial Performance
- 9.8.3. Product Benchmarking
- 9.8.4. Recent Development
9.9. Lynas Corporation Ltd
- 9.9.1. Company Overview
- 9.9.2. Financial Performance
- 9.9.3. Product Benchmarking
- 9.9.4. Recent Development
9.10. Northern Minerals Ltd
- 9.10.1. Company Overview
- 9.10.2. Financial Performance
- 9.10.3. Product Benchmarking
- 9.10.4. Recent Development
9.11. Rare Element Resources Ltd.
- 9.11.1. Company Overview
- 9.11.2. Financial Performance
- 9.11.3. Product Benchmarking
- 9.11.4. Recent Development
9.12. Shin-Etsu Chemical Co., Ltd.
- 9.12.1. Company Overview
- 9.12.2. Financial Performance
- 9.12.3. Product Benchmarking
- 9.12.4. Recent Development
9.13. Ucore Rare Metals Inc.
- 9.13.1. Company Overview
- 9.13.2. Financial Performance
- 9.13.3. Product Benchmarking
- 9.13.4. Recent Development