Rare Earth Metals Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2025-2034

Published Nov 07, 2025

Length 242 Pages

SKU # GMI20613880

Description

The Global Rare Earth Metals Market was valued at USD 18.1 billion in 2024 and is estimated to grow at a CAGR of 7.6% to reach USD 36.7 billion by 2034.

Market expansion is driven by rising global dependence on high-performance materials required for electric vehicles, renewable energy technologies, advanced electronics, and modern defense systems. Rare earth metals, known for their exceptional magnetic, thermal, and optical properties, play an indispensable role in powering motors, batteries, sensors, catalysts, and communication systems. With industries aggressively transitioning toward clean energy and electrification, demand for these critical minerals continues to accelerate. Additionally, governments worldwide are increasingly prioritizing supply chain security, encouraging new mining investments, recycling initiatives, and strategic reserves to reduce dependence on limited geographical sources.

The market is primarily segmented by product type, with the neodymium dominating the category, generating USD 1.46 billion in 2024, the highest among all rare earth metals. Neodymium is essential for producing high-strength permanent magnets used in EV motors, wind turbines, robotics, and advanced audio systems, making it one of the most strategically significant rare earth elements globally.

By application, the magnets segment captured USD 6.8 billion in 2024, driven by rapid adoption in clean energy technologies and industrial automation. Their superior magnetic strength, durability, and energy efficiency make them irreplaceable in modern motors, turbines, medical devices, and precision equipment.

Asia Pacific Rare Earth Metals Market was valued at USD 8.5 billion in 2024, reinforcing its position as the global hub for rare earth metals mining, processing, and manufacturing activities. China’s extensive production capacity, combined with strong demand from electronics, automotive, and renewable energy industries, drives the region’s leadership. Moreover, the rapid expansion of EV manufacturing, the development of offshore wind projects, and the steady growth of semiconductor production are fueling increased consumption of rare earth elements.

Key players operating in the Global Rare Earth Metals Market include China Northern Rare Earth Group, Lynas Rare Earths, MP Materials, Iluka Resources, Arafura Resources, Alkane Resources, Ucore Rare Metals, Rare Element Resources, Texas Mineral Resources, Avalon Advanced Materials, Greenland Minerals, Rainbow Rare Earths, Defence Metals Corp., Neo Performance Materials, and China Minmetals Rare Earth Co. Ltd. Companies in the rare earth metals market are strengthening their market position by expanding mining capacities, developing advanced separation technologies, and enhancing value-added processing to reduce reliance on external suppliers. Many firms are focusing on long-term supply agreements with EV manufacturers, wind turbine producers, and electronics companies to secure stable revenue streams. Innovation in recycling technologies is also gaining momentum, enabling companies to reclaim rare earths from magnets, batteries, and electronic waste, lowering environmental impact and improving supply resilience.

Chapter 1 Methodology & Scope: 1.1 Market scope & definitions; 1.2 Research design; 1.2.1 Research approach; 1.2.2 Data collection methods; 1.3 Data mining sources; 1.3.1 Global; 1.3.2.1 Regional/Country; 1.4 Base estimate & calculations; 1.4.1 Base year calculation; 1.4.2 Key trends for market estimation; 1.5 Primary research and validation; 1.5.1 Primary sources; 1.6 Forecasts model; 1.7 Research assumptions and limitations
Chapter 2 Executive Summary: 2.1 Rare earth metals industry 360 degree synopsis, 2021 - 2034; 2.2 Key trends; 2.2.1 Product type trends; 2.2.2 Application trends; 2.2.3 Regional trends; 2.3 TAM Analysis, 2025-2034; 2.4 CXO perspectives: strategic imperatives; 2.4.1 Executive decision points; 2.4.2 Critical success factors; 2.5 Future outlook and strategic recommendations
Chapter 3 Rare Earth Metals Industry Insights: 3.1 Industry ecosystem analysis; 3.1.1 Supplier landscape; 3.1.2 Profit margin; 3.1.3 Value addition at each stage; 3.1.4 Factor affecting the value chain; 3.2 Industry impact forces; 3.2.1 Growth drivers; 3.2.1.1 Increasing demand for electric vehicles (EVs); 3.2.1.2 Expansion of renewable energy technologies; 3.2.1.3 Advancements in consumer electronics; 3.2.2 Industry pitfall; 3.2.2.1 Supply chain vulnerabilities and geopolitical tensions; 3.2.3 Market opportunities; 3.3 Growth potential analysis; 3.4 Regulatory landscape; 3.4.1 North America; 3.4.2 Europe; 3.4.3 Asia Pacific; 3.4.4 Latin America; 3.4.5 Middle East & Africa; 3.5 Porter's analysis; 3.6 PESTEL analysis; 3.7 Pricing trends by region, by product type; 3.7.1 North America; 3.7.2 Europe; 3.7.3 Asia Pacific; 3.7.4 Latin America; 3.7.5 Middle East and Africa; 3.8 Future market trends; 3.9 Technology and Innovation landscape; 3.9.1 Current technological trends; 3.9.2 Emerging technologies; 3.10 Patent landscape; 3.11 Trade statistics; 3.11.1 Major importing countries (Tons); 3.11.2 Major exporting countries (Tons); 3.12 Sustainability and environmental aspects; 3.12.1 Sustainable practices; 3.12.1 Waste reduction strategies; 3.12.2 Energy efficiency in production; 3.12.1 Eco-friendly initiatives; 3.13 Carbon footprint considerations
Chapter 4 Competitive Landscape 2024: 4.1 Introduction; 4.2 Company market share analysis; 4.2.1 By region; 4.2.1.1 North America; 4.2.1.2 Europe; 4.2.1.3 Asia Pacific; 4.2.1.4 Latin America; 4.2.1.5 Middle East and Africa; 4.3 Company matrix analysis; 4.4 Competitive analysis of major market players; 4.5 Competitive positioning matrix; 4.6 Key developments; 4.6.1 Mergers & acquisitions; 4.6.2 Partnerships & collaborations; 4.6.3 New development; 4.6.4 Expansion Plans
Chapter 5 Rare Earth Metals Market, By Product Type: 5.1 Key product type trends; 5.2 Mixed rare earth oxides (MREO); 5.2.1 Rare earth metals market size for mixed rare earth oxides (MREO), (Tons) (USD Million); 5.2.2 Light REE oxides mix; 5.2.2.1 Rare earth metals market size for light REE oxides mix, (Tons) (USD Million); 5.2.3 Heavy REE oxides mix; 5.2.3.1 Rare earth metals market size for heavy REE oxides mix, (Tons) (USD Million); 5.2.4 Balanced LREO-HREO mix; 5.2.4.1 Rare earth metals market size for balanced LREO- HREO mix, (Tons) (USD Million); 5.3 Individual rare earth oxides; 5.3.1 Rare earth metals market size for individual rare earth oxides, (Tons) (USD Million); 5.3.2 Light REE oxides; 5.3.2.1 Rare earth metals market size for light REE oxides, (Tons) (USD Million); 5.3.3 Heavy REE oxides; 5.3.3.1 Rare earth metals market size for heavy REE oxides, (Tons) (USD Million); 5.3.4 Yttrium group oxides; 5.3.4.1 Rare earth metals market size for yttrium group oxides, (Tons) (USD Million); 5.4 Individual rare earth metals; 5.4.1 Rare earth metals market size for individual rare earth metals, (Tons) (USD Million); 5.4.2 Cerium; 5.4.2.1 Rare earth metals market size for cerium, (Tons) (USD Million); 5.4.3 Dysprosium; 5.4.3.1 Rare earth metals market size for dysprosium, (Tons) (USD Million); 5.4.4 Erbium; 5.4.4.1 Rare earth metals market size for erbium, (Tons) (USD Million); 5.4.5 Gadolinium; 5.4.5.1 Rare earth metals market size for gadolinium, (Tons) (USD Million); 5.4.6 Lanthanum; 5.4.6.1 Rare earth metals market size for lanthanum, (Tons) (USD Million); 5.4.7 Neodymium; 5.4.7.1 Rare earth metals market size for neodymium, (Tons) (USD Million); 5.4.8 Praseodymium; 5.4.8.1 Rare earth metals market size for praseodymium, (Tons) (USD Million); 5.4.9 Samarium; 5.4.9.1 Rare earth metals market size for samarium, (Tons) (USD Million); 5.4.10 Scandium; 5.4.10.1 Rare earth metals market size for scandium, (Tons) (USD Million); 5.4.11 Terbium; 5.4.11.1 Rare earth metals market size for terbium, (Tons) (USD Million); 5.4.12 Ytterbium; 5.4.12.1 Rare earth metals market size for ytterbium, (Tons) (USD Million); 5.4.13 Yttrium; 5.4.13.1 Rare earth metals market size for yttrium, (Tons) (USD Million); 5.4.14 Others (Europium, Holmium, Lutetium, Promethium and Thulium); 5.4.14.1 Rare earth metals market size for others(Europium, Holmium, Lutetium, Promethium and Thulium), (Tons) (USD Million)
Chapter 6 Rare Earth Metals Market, By Application: 6.1 Key application trends; 6.2 Magnets; 6.2.1 Rare earth metals market size for magnets, (Tons) (USD Million); 6.3 Colorants; 6.3.1 Rare earth metals market size for colorants, (Tons) (USD Million); 6.4 Alloys; 6.4.1 Rare earth metals market size for alloys, (Tons) (USD Million); 6.5 Optical instruments; 6.5.1 Rare earth metals market size for optical instruments, (Tons) (USD Million); 6.6 Catalysts; 6.6.1 Rare earth metals market size for catalysts, (Tons) (USD Million); 6.7 Others; 6.7.1 Rare earth metals market size for others, (Tons) (USD Million)
Chapter 7 Rare Earth Metals Market, By Region: 7.1 Key regional trends; 7.2 North America; 7.2.1 North America rare earth metals market estimates and forecast, (Tons) (USD Million); 7.2.2 North America rare earth metals market estimates and forecast by product type, 2021-2034, (Tons) (USD Million); 7.2.3 North America rare earth metals market estimates and forecast by application, 2021-2034, (Tons) (USD Million); 7.2.4 U.S.; 7.2.4.1 U.S. rare earth metals market estimates and forecast, (Tons) (USD Million); 7.2.4.2 U.S. rare earth metals market estimates and forecast by product type, 2021-2034, (Tons) (USD Million); 7.2.4.3 U.S. rare earth metals market estimates and forecast by application, 2021-2034, (Tons) (USD Million); 7.2.5 Canada; 7.2.5.1 Canada rare earth metals market estimates and forecast, (Tons) (USD Million); 7.2.5.2 Canada rare earth metals market estimates and forecast by product type, 2021-2034, (Tons) (USD Million); 7.2.5.3 Canada rare earth metals market estimates and forecast by application, 2021-2034, (Tons) (USD Million); 7.3 Europe; 7.3.1 Europe rare earth metals market estimates and forecast, (Tons) (USD Million) . 115; 7.3.2 Europe rare earth metals market estimates and forecast by product type, 2021- 2034, (Tons) (USD Million); 7.3.3 Europe rare earth metals market estimates and forecast by application, 2021- 2034, (Tons) (USD Million); 7.3.4 UK; 7.3.4.1 UK rare earth metals market estimates and forecast, (Tons) (USD Million); 7.3.4.2 UK rare earth metals market estimates and forecast by product type, 2021-2034, (Tons) (USD Million); 7.3.4.3 UK rare earth metals market estimates and forecast by application, 2021-2034, (Tons) (USD Million); 7.3.5 Germany; 7.3.5.1 Germany rare earth metals market estimates and forecast, (Tons) (USD Million); 7.3.5.2 Germany rare earth metals market estimates and forecast by product type, 2021-2034, (Tons) (USD Million); 7.3.5.3 Germany rare earth metals market estimates and forecast by application, 2021-2034, (Tons) (USD Million); 7.3.6 France; 7.3.6.1 France rare earth metals market estimates and forecast, (Tons) (USD Million); 7.3.6.2 France rare earth metals market estimates and forecast by product type, 2021-2034, (Tons) (USD Million); 7.3.6.3 France rare earth metals market estimates and forecast by application, 2021-2034, (Tons) (USD Million); 7.3.7 Italy; 7.3.7.1 Italy rare earth metals market estimates and forecast, (Tons) (USD Million); 7.3.7.2 Italy rare earth metals market estimates and forecast by product type, 2021-2034, (Tons) (USD Million); 7.3.7.3 Italy rare earth metals market estimates and forecast by application, 2021-2034, (Tons) (USD Million); 7.3.8 Spain; 7.3.8.1 Spain rare earth metals market estimates and forecast, (Tons) (USD Million); 7.3.8.2 Spain rare earth metals market estimates and forecast by product type, 2021-2034, (Tons) (USD Million); 7.3.8.3 Spain rare earth metals market estimates and forecast by application, 2021-2034, (Tons) (USD Million); 7.3.9 Rest of Europe; 7.3.9.1 Rest of Europe rare earth metals market estimates and forecast, (Tons) (USD Million); 7.3.9.2 Rest of Europe rare earth metals market estimates and forecast by product type, 2021-2034, (Tons) (USD Million); 7.3.9.3 Rest of Europe rare earth metals market estimates and forecast by application, 2021-2034, (Tons) (USD Million); 7.4 Asia Pacific; 7.4.1 Asia Pacific rare earth metals market estimates and forecast, (Tons) (USD Million); 7.4.2 Asia Pacific rare earth metals market estimates and forecast by product type, 2021-2034, (Tons) (USD Million); 7.4.3 Asia Pacific rare earth metals market estimates and forecast by application, 2021-2034, (Tons) (USD Million); 7.4.4 China; 7.4.4.1 China rare earth metals market estimates and forecast, (Tons) (USD Million); 7.4.4.2 China rare earth metals market estimates and forecast by product type, 2021-2034, (Tons) (USD Million); 7.4.4.3 China rare earth metals market estimates and forecast by application, 2021-2034, (Tons) (USD Million); 7.4.5 India; 7.4.5.1 India rare earth metals market estimates and forecast, (Tons) (USD Million); 7.4.5.2 India rare earth metals market estimates and forecast by product type, 2021-2034, (Tons) (USD Million); 7.4.5.3 India rare earth metals market estimates and forecast by application, 2021-2034, (Tons) (USD Million); 7.4.6 Japan; 7.4.6.1 Japan rare earth metals market estimates and forecast, (Tons) (USD Million); 7.4.6.2 Japan rare earth metals market estimates and forecast by product type, 2021-2034, (Tons) (USD Million); 7.4.6.3 Japan rare earth metals market estimates and forecast by application, 2021-2034, (Tons) (USD Million); 7.4.7 South Korea; 7.4.7.1 South Korea rare earth metals market estimates and forecast, (Tons) (USD Million); 7.4.7.2 South Korea rare earth metals market estimates and forecast by product type, 2021-2034, (Tons) (USD Million); 7.4.7.3 South Korea rare earth metals market estimates and forecast by application, 2021-2034, (Tons) (USD Million); 7.4.8 Australia; 7.4.8.1 Australia rare earth metals market estimates and forecast, (Tons) (USD Million); 7.4.8.2 Australia rare earth metals market estimates and forecast by product type, 2021-2034, (Tons) (USD Million); 7.4.8.3 Australia rare earth metals market estimates and forecast by application, 2021-2034, (Tons) (USD Million); 7.4.9 Rest of Asia Pacific; 7.4.9.1 Rest of Asia Pacific rare earth metals market estimates and forecast, (Tons) (USD Million); 7.4.9.2 Rest of Asia Pacific rare earth metals market estimates and forecast by product type, 2021-2034, (Tons) (USD Million); 7.4.9.3 Rest of Asia Pacific rare earth metals market estimates and forecast by application, 2021-2034, (Tons) (USD Million); 7.5 Latin America; 7.5.1 Latin America rare earth metals market estimates and forecast, (Tons) (USD Million); 7.5.2 Latin America rare earth metals market estimates and forecast by product type, 2021-2034, (Tons) (USD Million); 7.5.3 Latin America rare earth metals market estimates and forecast by application, 2021-2034, (Tons) (USD Million); 7.5.4 Brazil; 7.5.4.1 Brazil rare earth metals market estimates and forecast, (Tons) (USD Million); 7.5.4.2 Brazil rare earth metals market estimates and forecast by product type, 2021-2034, (Tons) (USD Million); 7.5.4.3 Brazil rare earth metals market estimates and forecast by application, 2021-2034, (Tons) (USD Million); 7.5.5 Mexico; 7.5.5.1 Mexico rare earth metals market estimates and forecast, (Tons) (USD Million); 7.5.5.2 Mexico rare earth metals market estimates and forecast by product type, 2021-2034, (Tons) (USD Million); 7.5.5.3 Mexico rare earth metals market estimates and forecast by application, 2021-2034, (Tons) (USD Million); 7.5.6 Argentina; 7.5.6.1 Argentina rare earth metals market estimates and forecast, (Tons) (USD Million); 7.5.6.2 Argentina rare earth metals market estimates and forecast by product type, 2021-2034, (Tons) (USD Million); 7.5.6.3 Argentina rare earth metals market estimates and forecast by application, 2021-2034, (Tons) (USD Million); 7.5.7 Rest of Latin America; 7.5.7.1 Rest of Latin America rare earth metals market estimates and forecast, (Tons) (USD Million); 7.5.7.2 Rest of Latin America rare earth metals market estimates and forecast by product type, 2021-2034, (Tons) (USD Million); 7.5.7.3 Rest of Latin America rare earth metals market estimates and forecast by application, 2021-2034, (Tons) (USD Million); 7.6 Middle East & Africa; 7.6.1 Middle East & Africa rare earth metals market estimates and forecast, (Tons) (USD Million); 7.6.2 Middle East & Africa rare earth metals market estimates and forecast by product type, 2021-2034, (Tons) (USD Million); 7.6.3 Middle East & Africa rare earth metals market estimates and forecast by application, 2021-2034, (Tons) (USD Million); 7.6.4 Saudi Africa; 7.6.4.1 Saudi Africa rare earth metals market estimates and forecast, (Tons) (USD Million); 7.6.4.2 Saudi Africa rare earth metals market estimates and forecast by product type, 2021-2034, (Tons) (USD Million); 7.6.4.3 Saudi Africa rare earth metals market estimates and forecast by application, 2021-2034, (Tons) (USD Million); 7.6.5 Saudi Arabia; 7.6.5.1 Saudi Arabia rare earth metals market estimates and forecast, (Tons) (USD Million); 7.6.5.2 Saudi Arabia rare earth metals market estimates and forecast by product type, 2021-2034, (Tons) (USD Million); 7.6.5.3 Saudi Arabia rare earth metals market estimates and forecast by application, 2021-2034, (Tons) (USD Million); 7.6.6 UAE; 7.6.6.1 UAE rare earth metals market estimates and forecast, (Tons) (USD Million); 7.6.6.2 UAE rare earth metals market estimates and forecast by product type, 2021-2034, (Tons) (USD Million); 7.6.6.3 UAE rare earth metals market estimates and forecast by application, 2021-2034, (Tons) (USD Million); 7.6.7 Rest of Middle East & Africa; 7.6.7.1 Rest of Middle East & Africa rare earth metals market estimates and forecast, (Tons) (USD Million); 7.6.7.2 Rest of Middle East & Africa rare earth metals market estimates and forecast by product type, 2021-2034, (Tons) (USD Million); 7.6.7.3 Rest of Middle East & Africa rare earth metals market estimates and forecast by application, 2021- 2034, (Tons) (USD Million)
Chapter 8 Company Profile: 8.1 Arafura Rare Earths; 8.1.1 Business overview; 8.1.2 Financial Data; 8.1.3 Product Landscape; 8.1.4 Strategic Outlook; 8.1.5 SWOT Analysis; 8.2 American Elements; 8.2.1 Business Overview; 8.2.2 Financial Data; 8.2.3 Product Landscape; 8.2.4 SWOT Analysis; 8.3 Canada Rare Earth Corporation; 8.3.1 Business Overview; 8.3.2 Financial Data; 8.3.3 Product Landscape; 8.3.4 Strategic Outlook; 8.3.5 SWOT Analysis; 8.4 Energy Fuels Inc; 8.4.1 Business Overview; 8.4.2 Financial Data; 8.4.3 Product Landscape; 8.4.4 Strategic Outlook; 8.4.5 SWOT Analysis; 8.5 Iluka Resources Limited; 8.5.1 Business Overview; 8.5.2 Financial Data; 8.5.3 Product Landscape; 8.5.4 Strategic Outlook; 8.5.5 SWOT Analysis; 8.6 Lynas Rare Earths Ltd; 8.6.1 Business Overview; 8.6.2 Financial Data; 8.6.3 Product Landscape; 8.6.4 SWOT Analysis; 8.7 MP Materials; 8.7.1 Business Overview; 8.7.2 Financial Data; 8.7.3 Product Landscape; 8.7.4 Strategic Outlook; 8.7.5 SWOT Analysis; 8.8 Northern Minerals Limited; 8.8.1 Business Overview; 8.8.2 Financial Data; 8.8.3 Product Landscape; 8.8.4 SWOT Analysis; 8.9 Ganzhou Qiandong Rare Earths Group Co., Ltd.; 8.9.1 Business Overview; 8.9.2 Financial Data; 8.9.3 Product Landscape; 8.9.4 SWOT Analysis; 8.10 Neo Performance Materials; 8.10.1 Business Overview; 8.10.2 Financial Data; 8.10.3 Product Landscape; 8.10.4 SWOT Analysis; 8.11 Indian Rare Earths Limited; 8.11.1 Business Overview; 8.11.2 Financial Data; 8.11.3 Product Landscape; 8.11.4 SWOT Analysis; 8.12 Shin-Etsu Chemical Co., Ltd; 8.12.1 Business Overview; 8.12.2 Financial Data; 8.12.3 Product Landscape; 8.12.4 SWOT Analysis; 8.13 HEFA Rare Earth Canada Co. Ltd.; 8.13.1 Business Overview; 8.13.2 Financial Data; 8.13.3 Product Landscape; 8.13.4 SWOT Analysis; 8.14 Ganzhou Chenguang Rare Earths New Material Co., Ltd; 8.14.1 Business Overview; 8.14.2 Financial Data; 8.14.3 Product Landscape; 8.14.4 Strategic Outlook; 8.14.5 SWOT Analysis; 8.15 Western Minmetals (SC) Corporation; 8.15.1 Business Overview; 8.15.2 Financial Data; 8.15.3 Product Landscape; 8.15.4 SWOT Analysis

Search Inside Report

Pricing

Currency Rates

Single User Online Download $4,850
Global Site License Online Download $8,350

How Do Licenses Work?

Request A Sample

Questions or Comments?

Our team has the ability to search within reports to verify it suits your needs. We can also help maximize your budget by finding sections of reports you can purchase.

Chat Now