The global rare earth elements market is set to gain traction from the rising adoption of electric vehicles (EVs) owing to the urgent need to reduce emissions in the environment. For instance, the International Energy Agency (IEA) declared that the demand for EVs is rising at a fast pace in Japan, U.S., and China. This information is given by Fortune Business Insights™ in a published report, titled, “Rare Earth Elements Market, 2025-2032.” As per the report, the global rare earth elements market size was USD 3.39 billion in 2023 and is projected to grow from USD 3.74 billion in 2024 to USD 8.14 billion by 2032, exhibiting a CAGR of 10.2% during the forecast period.
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Segmentation Analysis:
By Type Analysis:
Market segmented into lanthanum, cerium, neodymium, praseodymium, samarium, europium, and others.
Neodymium held the largest share in 2023, driven by rising demand from electric and hybrid vehicle manufacturers for permanent magnets used in EV batteries.
Cerium segment growth is supported by increasing usage in the automotive industry.
By Application Analysis:
Segmented into magnets, metallurgy, batteries, polishing, glass & ceramics, catalyst, phosphors, and others.
Magnets segment dominated the market in 2023 due to high demand from servo motors, consumer electronics, hard drives, sensors, and speakers.
Batteries segment expected to record the fastest CAGR owing to rising EV demand and advancements in energy storage technologies.
Drivers & Restraints:
Rising Demand from Various Industries to Bolster Growth
A large number of rare earth elements are gaining momentum across the globe because of their high demand from numerous industries. They have several beneficial chemical and physical properties that are best suited for specific applications. However, the surging prices of raw materials because of the high demand for bearings, aircraft alloys, automotive motors, and batteries may hamper the rare earth elements market growth in the near future.
Regional Insights:
Surging Industrialization and Construction Activities to Favor Growth in Asia Pacific
Geographically, Asia Pacific earned USD 2,220.8 million in 2020 in terms of revenue and is likely to retain its leading position in the near future. This growth is attributable to the surging building & construction activities in China. The country is considered to be a major growth contributor on account of the rapid industrialization and the presence of numerous consumer electronics manufacturers. On the other hand, North America is anticipated to grow considerably backed by the increasing production of EVs in the U.S., which, in turn, would accelerate the demand for these earth elements.
Competitive Landscape:
Key Players Focus on Acquisitions and Signing Agreements to Intensify Competition
The global market houses numerous companies that are currently focusing on acquiring local organizations and signing new agreements with government bodies to compete with their rivals. Below is one of the latest industry developments:
January 2021: Lynas Rare Earths Limited and the U.S. Government signed an agreement to construct a Light Rare Earths separation plant in Texas through Lynas USA LLC, a wholly owned subsidiary. The new plant is estimated to produce rare earth elements at around 5,000 tonnes per annum.
A list of renowned rare earth elements providers operating in the global market:
Baotou Rare Earth (China)
China Minmetal Rare Earth (China)
Avalon Advanced Materials (Canada)
IREL (India)
Metall Rare Earth Limited (China)
Arafura Resources (Australia)
Canada Rare Earth Corporation (Canada)
Lynas Corporation (Australia)
Northern Minerals (Australia)
Greenland Minerals Limited (Australia)
Other Players
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