Rare Earth Elements Market Trends Flourish Impressive To 2033

According to the Market Statsville Group (MSG), the Global rare earth elements Market was valued at USD 3390.02 million in 2023 and is expected to grow from USD 3735.78 million in 2024 to USD 8140.01 million by 2033, by exhibiting a CAGR of 10.2% during the forecast period (2024-2033)

The rare earth elements, or REEs, market relates to the mining, exploration, and export of a set of seventeen chemically related metals used in the making of several hi-tech and environmentally friendly products. These elements are divided into two groups: the lanthanides, such as neodymium and cerium, and two other metals like scandium and yttrium, that are sometimes grouped here because of their similarity to the other members of the series. REEs are used in magnets, such as neodymium magnets, in phosphors for screens and LEDs, in the automobile and petroleum industries as catalysts, and also in batteries, such as lithium-ion batteries. High-efficiency magnets and batteries are most commonly used in wind turbines and electric vehicles as green technologies of renewable energy technologies. REEs find application in modern end uses such as guided military ordinances or aerospace subassemblies because of their specific mechanical properties. The global demand for REEs is attributed to the fact that they are used in some of the most innovative technologies and renewable power sources. Political and diplomatic matters such as the terms of trading relationships and even ecological factors may restrict the supply and demand for commodities.

Additionally, The prices of REE fluctuate in higher or lower prices mainly because of the market situation and high extraction costs. With time, the cost was highly volatile with periods of shortage, and led to higher prices. Extraction and refining operations mainly contribute to heavy environmental pollution, including soil and water contamination. Supplies of REE remain concentrated in a few key countries, thereby exposing the supply chain to the vagaries of trade policy, tariffs, and political tensions. Efforts are being considered to identify pathways for the recycling of REEs as well as substitute materials or technologies that could minimize the use of rare earths. Overall, growing future demand is expected to emanate from more substantive expansion in electric vehicles, renewable energy technologies, and consumer electronics. This will ensure future demand for REEs to be designed into improvement technologies and alternative sources for recycling, thus decreasing dependency on dominant suppliers and reducing risks within supply chains.

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Definition of Rare Earth Elements

REEs are seventeen chemically closely related metallic elements situated in the periodic table, that are characterized by extraordinary properties that are widely used in numerous technologically advanced products and industrial processes. They may not be referred to as “rare” in the sense of their concentration in the Earth’s crust, but rather their recovery and purification usually involve some difficulty and some environmental impact.

Scope of the Rare Earth Elements Market

The study categorizes the rare earth elements market based on element type, type, application, and supply chain stage area at the regional and global levels.

By Element Type Outlook (Sales, USD Million, 2019-2033)

• Lanthanides
• Lanthanum
• Cerium
• Praseodymium
• Neodymium
• Others
• Non-Lanthanide REEs
• Scandium
• Yttrium

By Type Outlook (Sales, USD Million, 2019-2033)

• Primary REE Sources
• Secondary REE Sources

By Application Outlook (Sales, USD Million, 2019-2033)

• Electronics
• Green Technology
• Industrial Applications
• Defense and Aerospace

By Supply Chain Stage Outlook (Sales, USD Million, 2019-2033)

• Mining
• Processing
• Manufacturing

By Region Outlook (Sales, USD Million, 2019-2033)

• North America 
  • US
  • Canada
  • Mexico
• Europe 
  • Germany
  • Italy
  • France
  • UK
  • Spain
  • Poland
  • Russia
  • The Netherlands
  • Norway
  • Czech Republic
  • Rest of Europe
• Asia Pacific 
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • Singapore
  • Australia & New Zealand
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Colombia
  • Rest of South America
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Northern Africa
  • Rest of MEA

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Permanent Magnets segment accounts for the largest market share by Element type

Based on the element type, the permanent magnets consume the largest market share of rare earths, namely neodymium (Nd) and praseodymium (Pr), which are in demand by industries for the production of high-performance, powerful magnetic devices. Applications of permanent magnets include electric vehicles, wind turbines, consumer electronics, and industrial machinery. Among the drivers lies the shift toward electric vehicles. The permanent magnets used in the motors and other parts of electric vehicles operate at a high strength. Permanent magnets used in the generators for wind turbines form a very significant growth sector for the renewable energy industry. With the rise of smartphones and other handheld tablets, small but powerful magnets are required in huge numbers, which increases demand for their supplies. Moreover, new applications of more efficient and durable magnets and also improvements in magnet technology increase the scope and consequently the growth of the market.
Furthermore, electric and renewable energy policies support the usage of electric vehicles and increase permanent magnet demand. Neodymium is an important element in the manufacture of high-performance permanent magnets used for most applications. Neodymium is often alloyed with praseodymium to enhance the properties of these magnets. Because rare earths have different properties concerning magnetism, luminescence, and catalysis, they play an important role in the electronics industry. They are utilized in several parts that are important for the proper working and performance of electronic gadgets. Europium and terbium are also used to prepare red and green phosphors of the LED monitor. Some 0.5 grams of rare earths are utilized in the phosphor layers of every LED screen. Lanthanum is employed in the preparation of high-class LCDs, and brightness and quality of displays are improved.

North America accounted for the largest market share by Region.

Based on the region, The U.S. rare earth market is important, especially in terms of its strategic importance for the high-tech and defense sectors, but it is a tiny one at present. There is only one large rare earth mining operation-the Mountain Pass mine in California, which is operated by MP Materials-and at full capacity that site could produce approximately 15,000 metric tons of REO annually. The U.S. mainly imports around 78% of its rare earths in 2023, indicating that it still depends a lot on foreign supplies. Although the U.S. government only contributes to reduced dependence on foreign REE sources through legislation, such as the American Resources Act, and partnerships with domestic producers, it invests in new mining projects and recycling technologies. Some of these key industries include electronics, defense, and renewable energy. The demand for REEs from electric vehicles (EVs), high-performance magnets, and other advanced technologies is growing. Canada has emerged as an important player in the REE market through projects such as The Nechalacho Project and The Strange Lake Project. The country seeks to expand production capacity while lessening dependence on imports. 

Competitive Landscape: Rare Earth Elements Market

The rare earth elements market is a major competitor and extremely highly competitive in the industry is adopting strategies such as collaborations, product releases, acquisitions, mergers and agreements, and expansions to improve their positions in the market. Most of the industries of the companies are focusing on expanding their business outside the country and developing long-term partnerships.

Major players in the rare earth elements market are:

• Baotou Rare Earth 
• China Minmetal Rare Earth 
• Alkane Resources
• Avalon Advanced Materials 
• IREL 
• Metall Rare Earth Limited 
• Arafura Resources 
• Canada Rare Earth Corporation 
• Lynas Corporation
• Rare Element Resources
• Northern Minerals 
• Greenland Minerals Limited 
• Peak Resources
• Lynas Rare Earths
• Iluka Resources
• China Northern Rare Earth Group
• MP Materials

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Recent Development 

• In April 2024, The Saskatchewan Research Council signed a five-year agreement in principle with the Vietnam-based Hung Thinh Group to import 3,000 tons of rare earth carbonate each year.
• In January 2024, Kazakhstan, with its 15 rare earth deposits, aims to cooperate with international partners to harness the ample opportunities in these strategically important components of electronics and clean energy technology.
• In January 2023, Swedish mining company LKAB discovered one million metric tons of rare earth oxides, which are used in electric vehicles and wind turbines.