Rare Earth Elements Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented, By Type, By Application, By Region, By Competition, 2020-2030F

Description

The Rare Earth Elements (REE) Market was valued at USD 5.81 Billion in 2024 and is projected to reach USD 10.80 Billion by 2030, growing at a CAGR of 10.72%. This market encompasses the global industry focused on the exploration, extraction, processing, and commercialization of 17 chemically similar metallic elements, including the lanthanides, scandium, and yttrium. These elements play a critical role in a wide range of high-tech applications spanning clean energy, electronics, defense, and automotive sectors. Rare earths are integral to the miniaturization and performance of devices such as electric vehicles (EVs), wind turbines, smartphones, aerospace systems, and fiber optics, driving robust demand across industries seeking innovation and sustainability.

Market Overview
Forecast Period	2026-2030
Market Size 2024	USD 5.81 Billion
Market Size 2030	USD 10.80 Billion
CAGR 2025-2030	10.72%
Fastest Growing Segment	Cerium
Largest Market	North America

Key Market Drivers

Expanding Demand from the Clean Energy and Electric Vehicle Industries

The global push toward clean energy and electrification is significantly boosting demand for rare earth elements. These materials are essential for producing high-performance permanent magnets used in wind turbines and electric motors. Elements such as neodymium, praseodymium, and dysprosium are crucial in the manufacturing of traction motors for EVs and direct-drive generators in wind energy systems. With rising deployment of wind power projects and the rapid expansion of electric vehicle production worldwide, rare earth-based magnets are witnessing exponential demand. Their ability to provide high efficiency, compactness, and durability makes them indispensable in achieving global decarbonization and net-zero goals.

Key Market Challenges

Geopolitical Dependence and Supply Chain Vulnerability

The global REE market is heavily reliant on a few countries, particularly China, for the majority of mining and refining activities. This geographic concentration exposes the industry to significant geopolitical and trade-related risks. Disruptions stemming from export restrictions, diplomatic tensions, or regulatory changes can lead to supply shortages and market instability. These vulnerabilities create uncertainty for manufacturers dependent on rare earths for essential technologies in energy, defense, and communication systems, prompting calls for diversification of supply chains and domestic production capacities.

Key Market Trends

Increasing Demand from the Green Energy Sector

A key trend reshaping the REE market is the growing use of rare earth magnets in renewable energy systems and electric vehicles. As countries scale up wind energy capacity and adopt electric mobility, demand for rare earths such as neodymium, praseodymium, and dysprosium continues to accelerate. These elements are vital for lightweight, durable magnets used in high-torque motors and efficient turbine generators. Offshore wind farms and next-generation EV platforms rely on these materials for long-lasting performance and reduced maintenance. This surge is fueling investments in rare earth extraction, refining, and magnet manufacturing, particularly in regions seeking energy independence and technological resilience.

Key Market Players

China Northern Rare Earth Group High-Tech Co., Ltd.
Lynas Rare Earths Ltd.
MP Materials Corp.
Iluka Resources Limited
Arafura Rare Earths Limited
Rare Element Resources Ltd.
Avalon Advanced Materials Inc.
Ucore Rare Metals Inc.
Neo Performance Materials Inc.
Texas Mineral Resources Corp.

Report Scope:

In this report, the Global Rare Earth Elements Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Rare Earth Elements Market, By Type:

Lanthanum
Cerium
Neodymium
Praseodymium
Samarium
Europium
Others

Rare Earth Elements Market, By Application:

Magnets
Metallurgy
Batteries
Polishing Agent
Glass & Ceramics
Catalyst
Phosphors
Others

Rare Earth Elements Market, By Region:

North America
- United States
- Canada
- Mexico
Europe
- France
- United Kingdom
- Italy
- Germany
- Spain
Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
South America
- Brazil
- Argentina
- Colombia
Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Kuwait
- Turkey

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Rare Earth Elements Market.

Available Customizations:

Global Rare Earth Elements Market report with the given Market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

1. Product Overview

1.1. Market Definition
1.2. Scope of the Market
- 1.2.1. Markets Covered
- 1.2.2. Years Considered for Study
1.3. Key Market Segmentations

2. Research Methodology

2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Formulation of the Scope
2.4. Assumptions and Limitations
2.5. Sources of Research
- 2.5.1. Secondary Research
- 2.5.2. Primary Research
2.6. Approach for the Market Study
- 2.6.1. The Bottom-Up Approach
- 2.6.2. The Top-Down Approach
2.7. Methodology Followed for Calculation of Market Size & Market Shares
2.8. Forecasting Methodology
- 2.8.1. Data Triangulation & Validation

3. Executive Summary

3.1. Overview of the Market
3.2. Overview of Key Market Segmentations
3.3. Overview of Key Market Players
3.4. Overview of Key Regions/Countries
3.5. Overview of Market Drivers, Challenges, and Trends

4. Voice of Customer

5. Global Rare Earth Elements Market Outlook

5.1. Market Size & Forecast
- 5.1.1. By Value
5.2. Market Share & Forecast
- 5.2.1. By Type (Lanthanum, Cerium, Neodymium, Praseodymium, Samarium, Europium, Others)
- 5.2.2. By Application (Magnets, Metallurgy, Batteries, Polishing Agent, Glass & Ceramics, Catalyst, Phosphors, and Others)
- 5.2.3. By Region
5.3. By Company (2024)
5.4. Market Map

6. North America Rare Earth Elements Market Outlook

6.1. Market Size & Forecast
- 6.1.1. By Value
6.2. Market Share & Forecast
- 6.2.1. By Type
- 6.2.2. By Application
- 6.2.3. By Country
6.3. North America: Country Analysis
- 6.3.1. United States Rare Earth Elements Market Outlook
  - 6.3.1.1. Market Size & Forecast
    - 6.3.1.1.1. By Value
  - 6.3.1.2. Market Share & Forecast
    - 6.3.1.2.1. By Type
    - 6.3.1.2.2. By Application
- 6.3.2. Canada Rare Earth Elements Market Outlook
  - 6.3.2.1. Market Size & Forecast
    - 6.3.2.1.1. By Value
  - 6.3.2.2. Market Share & Forecast
    - 6.3.2.2.1. By Type
    - 6.3.2.2.2. By Application
- 6.3.3. Mexico Rare Earth Elements Market Outlook
  - 6.3.3.1. Market Size & Forecast
    - 6.3.3.1.1. By Value
  - 6.3.3.2. Market Share & Forecast
    - 6.3.3.2.1. By Type
    - 6.3.3.2.2. By Application

7. Europe Rare Earth Elements Market Outlook

7.1. Market Size & Forecast
- 7.1.1. By Value
7.2. Market Share & Forecast
- 7.2.1. By Type
- 7.2.2. By Application
- 7.2.3. By Country
7.3. Europe: Country Analysis
- 7.3.1. Germany Rare Earth Elements Market Outlook
  - 7.3.1.1. Market Size & Forecast
    - 7.3.1.1.1. By Value
  - 7.3.1.2. Market Share & Forecast
    - 7.3.1.2.1. By Type
    - 7.3.1.2.2. By Application
- 7.3.2. United Kingdom Rare Earth Elements Market Outlook
  - 7.3.2.1. Market Size & Forecast
    - 7.3.2.1.1. By Value
  - 7.3.2.2. Market Share & Forecast
    - 7.3.2.2.1. By Type
    - 7.3.2.2.2. By Application
- 7.3.3. Italy Rare Earth Elements Market Outlook
  - 7.3.3.1. Market Size & Forecast
    - 7.3.3.1.1. By Value
  - 7.3.3.2. Market Share & Forecast
    - 7.3.3.2.1. By Type
    - 7.3.3.2.2. By Application
- 7.3.4. France Rare Earth Elements Market Outlook
  - 7.3.4.1. Market Size & Forecast
    - 7.3.4.1.1. By Value
  - 7.3.4.2. Market Share & Forecast
    - 7.3.4.2.1. By Type
    - 7.3.4.2.2. By Application
- 7.3.5. Spain Rare Earth Elements Market Outlook
  - 7.3.5.1. Market Size & Forecast
    - 7.3.5.1.1. By Value
  - 7.3.5.2. Market Share & Forecast
    - 7.3.5.2.1. By Type
    - 7.3.5.2.2. By Application

8. Asia-Pacific Rare Earth Elements Market Outlook

8.1. Market Size & Forecast
- 8.1.1. By Value
8.2. Market Share & Forecast
- 8.2.1. By Type
- 8.2.2. By Application
- 8.2.3. By Country
8.3. Asia-Pacific: Country Analysis
- 8.3.1. China Rare Earth Elements Market Outlook
  - 8.3.1.1. Market Size & Forecast
    - 8.3.1.1.1. By Value
  - 8.3.1.2. Market Share & Forecast
    - 8.3.1.2.1. By Type
    - 8.3.1.2.2. By Application
- 8.3.2. India Rare Earth Elements Market Outlook
  - 8.3.2.1. Market Size & Forecast
    - 8.3.2.1.1. By Value
  - 8.3.2.2. Market Share & Forecast
    - 8.3.2.2.1. By Type
    - 8.3.2.2.2. By Application
- 8.3.3. Japan Rare Earth Elements Market Outlook
  - 8.3.3.1. Market Size & Forecast
    - 8.3.3.1.1. By Value
  - 8.3.3.2. Market Share & Forecast
    - 8.3.3.2.1. By Type
    - 8.3.3.2.2. By Application
- 8.3.4. South Korea Rare Earth Elements Market Outlook
  - 8.3.4.1. Market Size & Forecast
    - 8.3.4.1.1. By Value
  - 8.3.4.2. Market Share & Forecast
    - 8.3.4.2.1. By Type
    - 8.3.4.2.2. By Application
- 8.3.5. Australia Rare Earth Elements Market Outlook
  - 8.3.5.1. Market Size & Forecast
    - 8.3.5.1.1. By Value
  - 8.3.5.2. Market Share & Forecast
    - 8.3.5.2.1. By Type
    - 8.3.5.2.2. By Application

9. South America Rare Earth Elements Market Outlook

9.1. Market Size & Forecast
- 9.1.1. By Value
9.2. Market Share & Forecast
- 9.2.1. By Type
- 9.2.2. By Application
- 9.2.3. By Country
9.3. South America: Country Analysis
- 9.3.1. Brazil Rare Earth Elements Market Outlook
  - 9.3.1.1. Market Size & Forecast
    - 9.3.1.1.1. By Value
  - 9.3.1.2. Market Share & Forecast
    - 9.3.1.2.1. By Type
    - 9.3.1.2.2. By Application
- 9.3.2. Argentina Rare Earth Elements Market Outlook
  - 9.3.2.1. Market Size & Forecast
    - 9.3.2.1.1. By Value
  - 9.3.2.2. Market Share & Forecast
    - 9.3.2.2.1. By Type
    - 9.3.2.2.2. By Application
- 9.3.3. Colombia Rare Earth Elements Market Outlook
  - 9.3.3.1. Market Size & Forecast
    - 9.3.3.1.1. By Value
  - 9.3.3.2. Market Share & Forecast
    - 9.3.3.2.1. By Type
    - 9.3.3.2.2. By Application

10. Middle East and Africa Rare Earth Elements Market Outlook

10.1. Market Size & Forecast
- 10.1.1. By Value
10.2. Market Share & Forecast
- 10.2.1. By Type
- 10.2.2. By Application
- 10.2.3. By Country
10.3. Middle East and Africa: Country Analysis
- 10.3.1. South Africa Rare Earth Elements Market Outlook
  - 10.3.1.1. Market Size & Forecast
    - 10.3.1.1.1. By Value
  - 10.3.1.2. Market Share & Forecast
    - 10.3.1.2.1. By Type
    - 10.3.1.2.2. By Application
- 10.3.2. Saudi Arabia Rare Earth Elements Market Outlook
  - 10.3.2.1. Market Size & Forecast
    - 10.3.2.1.1. By Value
  - 10.3.2.2. Market Share & Forecast
    - 10.3.2.2.1. By Type
    - 10.3.2.2.2. By Application
- 10.3.3. UAE Rare Earth Elements Market Outlook
  - 10.3.3.1. Market Size & Forecast
    - 10.3.3.1.1. By Value
  - 10.3.3.2. Market Share & Forecast
    - 10.3.3.2.1. By Type
    - 10.3.3.2.2. By Application
- 10.3.4. Kuwait Rare Earth Elements Market Outlook
  - 10.3.4.1. Market Size & Forecast
    - 10.3.4.1.1. By Value
  - 10.3.4.2. Market Share & Forecast
    - 10.3.4.2.1. By Type
    - 10.3.4.2.2. By Application
- 10.3.5. Turkey Rare Earth Elements Market Outlook
  - 10.3.5.1. Market Size & Forecast
    - 10.3.5.1.1. By Value
  - 10.3.5.2. Market Share & Forecast
    - 10.3.5.2.1. By Type
    - 10.3.5.2.2. By Application

11. Market Dynamics

11.1. Drivers
11.2. Challenges

12. Market Trends & Developments

12.1. Merger & Acquisition (If Any)
12.2. Product Launches (If Any)
12.3. Recent Developments

13. Company Profiles

13.1. China Northern Rare Earth Group High-Tech Co., Ltd.
- 13.1.1. Business Overview
- 13.1.2. Key Revenue and Financials
- 13.1.3. Recent Developments
- 13.1.4. Key Personnel/Key Contact Person
- 13.1.5. Key Product/Services Offered
13.2. Lynas Rare Earths Ltd.
13.3. MP Materials Corp.
13.4. Iluka Resources Limited
13.5. Arafura Rare Earths Limited
13.6. Rare Element Resources Ltd.
13.7. Avalon Advanced Materials Inc.
13.8. Ucore Rare Metals Inc.
13.9. Neo Performance Materials Inc.
13.10. Texas Mineral Resources Corp.