PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1463795
PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1463795
Rare Earth Metals Market Size & Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2024 - 2030)
Key Highlights
The rare earth metals market was valued at USD 8,315.9 million in 2023, which will touch USD 15,485.4 million, with more than 9.0% compound annual growth rate, by 2030.
The rising requirement for catalysts is a key factor driving the growth of this industry.
Rare earth metals are widely utilized in catalyst systems because they enhance the chemical reaction rate without themselves enduring any permanent chemical alteration, by absorbing, storing, and releasing oxygen, and steadying the surroundings in which they work.
Some key applications of catalysts include chemical processing, petroleum refining, catalytic converters, industrial pollution scrubbers, and diesel additives.
The main minerals employed in catalyst systems are cerium and lanthanum. They are employed as fluid cracking catalysts in oil refineries and as catalysts in automotive catalytic converters for cars as well as various other automobiles.
The rising application of semiconductors is a major trend in this industry. The improvements in IoT, wirelessly connected devices, and AI, are generating a significant requirement for semiconductors.
Most of these novel devices are armed with a single system on a chip, to provide prominent levels of incorporation.
SoCs also enable the devices to function with great power efficiency and improved security, by incorporating memory, processors, RF transceivers, power management, connectivity components, and sensors, in one unit.
Key Insights
APAC is likely to propel at the fastest compound annual growth rate, of approximately 9%, in the years to come.
China is their largest producer as the nation is home to the largest reserves of the major rare earth elements, and the nation also accounts for a significant share of the global output.
APAC has the largest base for electronics production. These elements are employed in TVs, smartphones, and other power-efficient devices.
North America will advance at the second-fastest CAGR in the years to come.
The rising end-use sectors, increasing production of consumer electronics, surging utilization of semiconductors because of technological improvement, and rising population of tech-savvy populaces, are driving the market in North America.
Neodymium is likely to generate approximately USD 6,840 million in revenue by the end of this decade.
The use of neodymium magnets in aircraft, HEVs, and consumer electronics like audio systems, TVs, and mobile phones is rising.
Lanthanum demand is likely to increase at a moderate rate in the coming years because it has applications across different electrical appliances and consumer electronics.
The magnets category accounted for the largest share of the industry in 2023, of approximately 37%, and it will remain the largest throughout this decade.
The high requirement for rare earth minerals in consumer electronics is boosting the expansion of the magnets category.
The catalysts category was the second-largest contributor to the industry in 2023.
Cerium and lanthanum are generally employed in catalyst systems. Also, they are utilized in the illuminated screens on air pollution control systems, electronic devices, and in the e-polishing of optical glass.
The rare earth metals industry is consolidated in nature, with a small number of large-scale vendors accounting for the major industry share.
Major players are significantly investing in comprehensive research & development activities to improve their presence in the industry.
Table of Contents
Chapter 1. Research Scope
- 1.1. Research Objectives
- 1.2. Market Definition
- 1.3. Analysis Period
- 1.4. Market Size Breakdown by Segments
- 1.4.1. Market size breakdown, by element type
- 1.4.2. Market size breakdown, by Application
- 1.4.3. Market size breakdown, by region
- 1.4.4. Market size breakdown, by country
- 1.5. Market Data Reporting Unit
- 1.5.1. Value
- 1.6. Key Stakeholders
Chapter 2. Research Methodology
- 2.1. Secondary Research
- 2.1.1. Paid
- 2.1.2. Unpaid
- 2.1.3. P&S Intelligence database
- 2.2. Primary Research
- 2.3. Market Size Estimation
- 2.4. Data Triangulation
- 2.5. Currency Conversion Rates
- 2.6. Assumptions for the Study
- 2.7. Notes and Caveats
Chapter 3. Executive Summary
Chapter 4. Market Indicators
Chapter 5. Industry Outlook
- 5.1. Market Dynamics
- 5.1.1. Trends
- 5.1.2. Drivers
- 5.1.3. Restraints/challenges
- 5.1.4. Impact analysis of drivers/restraints
- 5.2. Impact of COVID-19
- 5.3. Porter's Five Forces Analysis
- 5.3.1. Bargaining power of buyers
- 5.3.2. Bargaining power of suppliers
- 5.3.3. Threat of new entrants
- 5.3.4. Intensity of rivalry
- 5.3.5. Threat of substitutes
Chapter 6. Global Market
- 6.1. Overview
- 6.2. Market Revenue, by Element Type (2017-2030)
- 6.3. Market Revenue, by Application (2017-2030)
- 6.4. Market Revenue, by Region (2017-2030)
Chapter 7. North America Market
- 7.1. Overview
- 7.2. Market Revenue, by Element Type (2017-2030)
- 7.3. Market Revenue, by Application (2017-2030)
- 7.4. Market Revenue, by Country (2017-2030)
Chapter 8. Europe Market
- 8.1. Overview
- 8.2. Market Revenue, by Element Type (2017-2030)
- 8.3. Market Revenue, by Application (2017-2030)
- 8.4. Market Revenue, by Country (2017-2030)
Chapter 9. APAC Market
- 9.1. Overview
- 9.2. Market Revenue, by Element Type (2017-2030)
- 9.3. Market Revenue, by Application (2017-2030)
- 9.4. Market Revenue, by Country (2017-2030)
Chapter 10. LATAM Market
- 10.1. Overview
- 10.2. Market Revenue, by Element Type (2017-2030)
- 10.3. Market Revenue, by Application (2017-2030)
- 10.4. Market Revenue, by Country (2017-2030)
Chapter 11. MEA Market
- 11.1. Overview
- 11.2. Market Revenue, by Element Type (2017-2030)
- 11.3. Market Revenue, by Application (2017-2030)
- 11.4. Market Revenue, by Country (2017-2030)
Chapter 12. U.S. Market
- 12.1. Overview
- 12.2. Market Revenue, by Element Type (2017-2030)
- 12.3. Market Revenue, by Application (2017-2030)
Chapter 13. Canada Market
- 13.1. Overview
- 13.2. Market Revenue, by Element Type (2017-2030)
- 13.3. Market Revenue, by Application (2017-2030)
Chapter 14. Germany Market
- 14.1. Overview
- 14.2. Market Revenue, by Element Type (2017-2030)
- 14.3. Market Revenue, by Application (2017-2030)
Chapter 15. France Market
- 15.1. Overview
- 15.2. Market Revenue, by Element Type (2017-2030)
- 15.3. Market Revenue, by Application (2017-2030)
Chapter 16. U.K. Market
- 16.1. Overview
- 16.2. Market Revenue, by Element Type (2017-2030)
- 16.3. Market Revenue, by Application (2017-2030)
Chapter 17. Italy Market
- 17.1. Overview
- 17.2. Market Revenue, by Element Type (2017-2030)
- 17.3. Market Revenue, by Application (2017-2030)
Chapter 18. Spain Market
- 18.1. Overview
- 18.2. Market Revenue, by Element Type (2017-2030)
- 18.3. Market Revenue, by Application (2017-2030)
Chapter 19. Japan Market
- 19.1. Overview
- 19.2. Market Revenue, by Element Type (2017-2030)
- 19.3. Market Revenue, by Application (2017-2030)
Chapter 20. China Market
- 20.1. Overview
- 20.2. Market Revenue, by Element Type (2017-2030)
- 20.3. Market Revenue, by Application (2017-2030)
Chapter 21. India Market
- 21.1. Overview
- 21.2. Market Revenue, by Element Type (2017-2030)
- 21.3. Market Revenue, by Application (2017-2030)
Chapter 22. Australia Market
- 22.1. Overview
- 22.2. Market Revenue, by Element Type (2017-2030)
- 22.3. Market Revenue, by Application (2017-2030)
Chapter 23. South Korea Market
- 23.1. Overview
- 23.2. Market Revenue, by Element Type (2017-2030)
- 23.3. Market Revenue, by Application (2017-2030)
Chapter 24. Brazil Market
- 24.1. Overview
- 24.2. Market Revenue, by Element Type (2017-2030)
- 24.3. Market Revenue, by Application (2017-2030)
Chapter 25. Mexico Market
- 25.1. Overview
- 25.2. Market Revenue, by Element Type (2017-2030)
- 25.3. Market Revenue, by Application (2017-2030)
Chapter 26. Saudi Arabia Market
- 26.1. Overview
- 26.2. Market Revenue, by Element Type (2017-2030)
- 26.3. Market Revenue, by Application (2017-2030)
Chapter 27. South Africa Market
- 27.1. Overview
- 27.2. Market Revenue, by Element Type (2017-2030)
- 27.3. Market Revenue, by Application (2017-2030)
Chapter 28. U.A.E. Market
- 28.1. Overview
- 28.2. Market Revenue, by Element Type (2017-2030)
- 28.3. Market Revenue, by Application (2017-2030)
Chapter 29. Competitive Landscape
- 29.1. List of Market Players and their Offerings
- 29.2. Competitive Benchmarking of Key Players
- 29.3. Product Benchmarking of Key Players
- 29.4. Recent Strategic Developments
Chapter 30. Company Profiles
- 30.1. MP Materials Corp.
- 30.1.1. Business overview
- 30.1.2. Product and service offerings
- 30.1.3. Key financial summary
- 30.2. Lynas Rare Earths Ltd.
- 30.2.1. Business overview
- 30.2.2. Product and service offerings
- 30.2.3. Key financial summary
- 30.3. Iluka Resources Limited
- 30.3.1. Business overview
- 30.3.2. Product and service offerings
- 30.3.3. Key financial summary
- 30.4. Australian Strategic Materials Ltd.
- 30.4.1. Business overview
- 30.4.2. Product and service offerings
- 30.4.3. Key financial summary
- 30.5. Energy Fuels Inc.
- 30.5.1. Business overview
- 30.5.2. Product and service offerings
- 30.5.3. Key financial summary
- 30.6. Neo Performance Materials Inc.
- 30.6.1. Business overview
- 30.6.2. Product and service offerings
- 30.6.3. Key financial summary
- 30.7. American Rare Earths Limited
- 30.7.1. Business overview
- 30.7.2. Product and service offerings
- 30.7.3. Key financial summary
- 30.8. Ucore Rare Metals Inc.
- 30.8.1. Business overview
- 30.8.2. Product and service offerings
- 30.8.3. Key financial summary
- 30.9. Mitsubishi Corporation Rtm Japan Ltd.
- 30.9.1. Business overview
- 30.9.2. Product and service offerings
- 30.9.3. Key financial summary
- 30.10. Shin-Etsu Chemical Co. Ltd.
- 30.10.1. Business overview
- 30.10.2. Product and service offerings
- 30.10.3. Key financial summary
- 30.11. Medallion Resources Ltd.
- 30.11.1. Business overview
- 30.11.2. Product and service offerings
- 30.11.3. Key financial summary
Chapter 31. Appendix
- 31.1. Abbreviations
- 31.2. Sources and References
- 31.3. Related Reports
