Rare Earth Metals Market Insights 2024-2033: Key Drivers, Size, Share, and Outlook

Global rare earth metals market size is expected to reach $9.38 Bn by 2028 at a rate of 5.4%, segmented as by product type, light rare earth metals, heavy earth metals, other product types

Jul 25, 2024 - 13:31

Rare Earth Metals Market Insights 2024-2033: Key Drivers, Size, Share, and Outlook

Overview and Scope

Rare earth metals refer to all the chemical elements from Group 3 that are made up of three other elements that have properties such as fluorescent, conductive, and magnetic and are either silver, silvery-white, or gray in color and play a vital role in a clean-tech-driven economy.

Sizing and Forecast

The rare earth metals market size has grown strongly in recent years. It will grow from $7.05 billion in 2023 to $7.62 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to emergence of new applications, supply chain concerns, geopolitical factors, medical and healthcare applications, green technologies development.

The rare earth metals market size is expected to see strong growth in the next few years. It will grow to $9.38 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to emerging market demand, emerging applications, recycling and circular economy, investment in exploration and mining, electronics and technology advancements. Major trends in the forecast period include policy and regulation impact, medtech advancements, e-mobility growth, shift in consumer electronics, strategic stockpiling.

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Segmentation & Regional Insights

The rare earth metal market covered in this report is segmented –

1) By Product Type: Light Rare Earth Metals, Heavy Earth Metals, Other Product Types

2) By Metal Type: Neodymium, Yttrium, Dysprosium, Terbium, Europium, Cerium, Lanthanum, Other Metal Types

3) By Application: Catalysts, Ceramics/Glass, Glass Polishing, Metallurgy, Other Applications

Asia-Pacific was the largest region in the rare earth metals market in 2023. The regions covered in the rare earth metals market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

An increase in the demand for electronics is expected to serve as a major driver of the rare earth metals market in the forecast period. Rare earth metals are widely used in the manufacturing of electronic products such as cellular telephones, computer hard drives, flat-screen monitors, and televisions. According to data by StockApps.com, a UK-based centric brokerage firm that allows users to trade online, global consumer spending in electronics is expected to reach $1.06 trillion in 2021. This will create a significant surge in demand for the rare earth metals market and thus will propel the growth of the rare earth elements.

Key Industry Players

Major companies operating in the rare earth metals market report are Hastings Technology Metals Limited, Shin-Etsu Chemical Co Ltd., Showa Denko K.K., Hitachi Metals Ltd., Materion Corporation, Iluka Resources Limited, Neo Performance Materials Inc., Lynas Rare Earths Limited, MP Materials Corp, Alkane Resources Limited, Peak Resources Limited, Pensana Rare Earths PLC, Energy Fuels Inc., Arafura Resources Limited, Northern Minerals Limited, RareX Limited, Australian Strategic Materials Limited, Greenland Minerals Limited, Texas Mineral Resources Corp, Rare Elements Resources Ltd., Ucore Rare Metals Inc., Rainbow Rare Earths Limited, Leading Edge Materials Corp, Ionic Rare Earths Limited, Medallion Resources Ltd., Commerce Resources Corp, Vital Metals Limited, Quest Rare Minerals Ltd., Alces Lake Ltd., Appia Energy Corp

The rare earth metals market report table of contents includes: