Rare-Earth Metals Market by Type (Cerium Oxide, Dysprosium Oxide, Europium Oxide), Application (Catalysts, Ceramics, Glass Additives) - Global Forecast 2024-2030
The Rare-Earth Metals Market size was estimated at USD 11.34 billion in 2023 and expected to reach USD 12.43 billion in 2024, at a CAGR 10.57% to reach USD 22.94 billion by 2030.
The rare-earth metals market consists of a global network of stakeholders engaged in the exploration, mining, refining, and sale of a group of seventeen metallic elements. These elements are critical in the manufacture of a wide range of high-technology devices, renewable energy systems, and military applications due to their unique magnetic, luminescent, and electrochemical properties. Rare-earth metals find extensive use in various sectors. Key applications include the production of permanent magnets for wind turbines and electric vehicle motors, catalysts in the petrochemical industry, phosphors in color television and flat panel displays, and various military applications, including jet fighter engines and missile guidance systems. End-users span across numerous industries, such as electronics, automotive, renewable energy, and defense. The market growth is influenced by the escalating demand for advanced electronic products, the burgeoning electric vehicle market, and the rising adoption of clean energy systems. However, the challenges including the complex extraction process, environmental concerns, and the geopolitically concentrated reserves, heighten supply risk. Recent advancements present opportunities in the market for rare-earth metals. These advancements include the development of sustainable extraction technologies, recycling techniques to recover rare earths from electronic waste, and exploration efforts in untapped regions to diversify the supply chain and reduce geopolitical risks.
Regional Insights
The Asia-Pacific region includes abundant mineral resources, which subsequently presents opportunities for rare-earth metal market vendors to extract and separate valuable minerals from complex ore deposits efficiently. China is the largest producer of rare-earth metals, accounting for the majority of global output, which gives it significant influence over the market. Japan and India have a noteworthy demand for rare-earth elements due to their advanced technological and industrial sectors. Consumers in Asia-Pacific primarily utilize rare-earth metals for electronics, renewable energy technologies, and automotive industries. Additionally, market vendors from Europe and the Americas are continuously making efforts to adopt technologies to develop rare earth metals from electronic waste, reduce the environmental impact of operations, and optimize resource utilization, creating a platform for the rare-earth elements market. The U.S. Geological Survey reported that domestic production of rare-earth elements increased by 44% from 2020 to 2021. The presence of rare-earth metals and native regional players contributes to the market growth in the Americas.
Market Insights
- Market Dynamics
The market dynamics represent an ever-changing landscape of the Rare-Earth Metals Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.- Market Drivers
- Rising global shift towards clean energy solutions worldwide
- Government initiatives to promote mining and production of rare earth metals
- Rapid development and advancements in consumer electronics & advanced weaponry systems
- Market Restraints
- Limited availability of rare earth metals and difficulties associated with mining
- Market Opportunities
- Continuous research & development activities to develop new extraction technologies
- Emerging emphasis on sustainable development and recycling of rare earth metals
- Market Challenges
- Environmental concerns associated with extraction techniques of rare-earth metals
- Market Segmentation Analysis
- Type: Growing use of cerium oxide in semiconductor production
- Application: Higher consumption of metal alloys with expansion of manufacturing sector
- Market Disruption Analysis
- Porter’s Five Forces Analysis
- Value Chain & Critical Path Analysis
- Pricing Analysis
- Technology Analysis
- Patent Analysis
- Trade Analysis
- Regulatory Framework Analysis
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Rare-Earth Metals Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Rare-Earth Metals Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Recent Developments- American Rare Earths Announces New U.S. Headquarters
American Rare Earths has officially inaugurated its new U.S. headquarters in Lakewood, Colorado, solidifying its commitment to expanding its presence in the U.S. market. The company has established the office strategically for operational oversight and easy accessibility of its mining project in the Denver region.
USA Rare Earth Signs Supply Agreement with Australian Strategic Materials
USA Rare Earth, LLC (USARE) has established a strategic multi-year supply partnership with Australian Strategic Materials Ltd. (ASM), a developer of critical metals vital for high-tech and clean energy solutions. This pivotal agreement ensures a steady provision of rare earth metals essential for USARE's scaling up of rare earth magnet manufacturing.
ABx Group Eyes Further Resource Growth at Deep Leads and Rubble Mounds Rare Earth Project, Tasmania
ABx Group, a significant miner, has introduced an ambitious drilling program to expand its rare earth element (REE) resources at its Deep Leads and Rubble Mound REE Project in Tasmania. The company’s adeptness in setting and accomplishing priorities to bolster the project's value revealed ongoing dialogues with potential customers while managing their operations in a lean, efficient, and cost-effective manner.
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Rare-Earth Metals Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
Key Company Profiles
The report delves into recent significant developments in the Rare-Earth Metals Market, highlighting leading vendors and their innovative profiles. These include ABx Limited, Alkane Resources Ltd., Aluminium Corporation of China Limited, American Elements, American Rare Earths Limited, Arafura Resources Ltd., Australian Rare Earths Limited, Avalon Advanced Materials Inc., Canada Rare Earth Corporation, China Non-ferrous Metal Industry’s Foreign Engineering and Construction Co., Ltd., China Northern Rare Earth (Group) High-Tech Co., Ltd., China Rare Earth Group Resources Technology Co., Ltd., China Rare Earth Holdings Limited, Encounter Resources Limited, Energy Fuels Inc., Energy Transition Minerals Ltd., Enova Mining Limited, Eutectix, LLC, Frontier Rare Earths, Fujian Changting Golden Dragon Rare-Earth Co., Ltd., GTS German Trading Service GmbH, Hebei Suoyi New Material Technology Co., Ltd., HEFA Rare Earth Canada Ltd., Iluka Resources Limited, JL MAG Rare-Earth Co., Ltd., Krakatoa Resources Ltd., Lynas Malaysia Sdn Bhd, Medallion Resources Ltd., Mitsubishi Corporation RtM Japan Ltd., MP Materials Corp., Neo Performance Materials, NioCorp Development Ltd., Norwegian company REEtec, Otto Chemie Pvt. Ltd., Rare Element Resources Ltd., Shin-Etsu Chemical Co., Ltd., Solvay SA, Texas Mineral Resources Corp., and Ucore Rare Metals Inc..
Market Segmentation & Coverage
This research report categorizes the Rare-Earth Metals Market to forecast the revenues and analyze trends in each of the following sub-markets:- Type
- Cerium Oxide
- Dysprosium Oxide
- Europium Oxide
- Gadolinium Oxide
- Lanthanum Oxide
- Neodymium Oxide
- Praseodymium Oxide
- Samarium Oxide
- Terbium Oxide
- Yttrium Oxide
- Application
- Catalysts
- Ceramics
- Glass Additives
- Glass Polishing
- Metal Alloys
- Permanent Magnets
- Phosphors
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- Alaska
- Arizona
- California
- Georgia
- Michigan
- Missouri
- Montana
- Nevada
- North Dakota
- Texas
- West Virginia
- Wyoming
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- United Arab Emirates
- United Kingdom
Please Note: PDF & Excel + Online Access - 1 Year
- Americas
- Market Drivers
- 1. Preface
- 1.1. Objectives of the Study
- 1.2. Market Segmentation & Coverage
- 1.3. Years Considered for the Study
- 1.4. Currency & Pricing
- 1.5. Language
- 1.6. Stakeholders
- 2. Research Methodology
- 2.1. Define: Research Objective
- 2.2. Determine: Research Design
- 2.3. Prepare: Research Instrument
- 2.4. Collect: Data Source
- 2.5. Analyze: Data Interpretation
- 2.6. Formulate: Data Verification
- 2.7. Publish: Research Report
- 2.8. Repeat: Report Update
- 3. Executive Summary
- 4. Market Overview
- 5. Market Insights
- 5.1. Market Dynamics
- 5.1.1. Drivers
- 5.1.1.1. Rising global shift towards clean energy solutions worldwide
- 5.1.1.2. Government initiatives to promote mining and production of rare earth metals
- 5.1.1.3. Rapid development and advancements in consumer electronics & advanced weaponry systems
- 5.1.2. Restraints
- 5.1.2.1. Limited availability of rare earth metals and difficulties associated with mining
- 5.1.3. Opportunities
- 5.1.3.1. Continuous research & development activities to develop new extraction technologies
- 5.1.3.2. Emerging emphasis on sustainable development and recycling of rare earth metals
- 5.1.4. Challenges
- 5.1.4.1. Environmental concerns associated with extraction techniques of rare-earth metals
- 5.2. Market Segmentation Analysis
- 5.2.1. Type: Growing use of cerium oxide in semiconductor production
- 5.2.2. Application: Higher consumption of metal alloys with expansion of manufacturing sector
- 5.3. Market Trend Analysis
- 5.3.1. Significant growth potential in Americas region backed by government support and technological advancements in exploration & production process
- 5.3.2. Dominating production and reserve space for rare earth metals in the Asia-Pacific backed by government funding for expanding the region’s global position in the market
- 5.3.3. Growing initiatives promoting responsible sourcing and procuring rare-earth metals to meet demand from end-use industries across EMEA
- 5.4. Cumulative Impact of High Inflation
- 5.5. Porter’s Five Forces Analysis
- 5.5.1. Threat of New Entrants
- 5.5.2. Threat of Substitutes
- 5.5.3. Bargaining Power of Customers
- 5.5.4. Bargaining Power of Suppliers
- 5.5.5. Industry Rivalry
- 5.6. Value Chain & Critical Path Analysis
- 5.7. Regulatory Framework Analysis
- 6. Rare-Earth Metals Market, by Type
- 6.1. Introduction
- 6.2. Cerium Oxide
- 6.3. Dysprosium Oxide
- 6.4. Europium Oxide
- 6.5. Gadolinium Oxide
- 6.6. Lanthanum Oxide
- 6.7. Neodymium Oxide
- 6.8. Praseodymium Oxide
- 6.9. Samarium Oxide
- 6.10. Terbium Oxide
- 6.11. Yttrium Oxide
- 7. Rare-Earth Metals Market, by Application
- 7.1. Introduction
- 7.2. Catalysts
- 7.3. Ceramics
- 7.4. Glass Additives
- 7.5. Glass Polishing
- 7.6. Metal Alloys
- 7.7. Permanent Magnets
- 7.8. Phosphors
- 8. Americas Rare-Earth Metals Market
- 8.1. Introduction
- 8.2. Argentina
- 8.3. Brazil
- 8.4. Canada
- 8.5. Mexico
- 8.6. United States
- 9. Asia-Pacific Rare-Earth Metals Market
- 9.1. Introduction
- 9.2. Australia
- 9.3. China
- 9.4. India
- 9.5. Indonesia
- 9.6. Japan
- 9.7. Malaysia
- 9.8. Philippines
- 9.9. Singapore
- 9.10. South Korea
- 9.11. Taiwan
- 9.12. Thailand
- 9.13. Vietnam
- 10. Europe, Middle East & Africa Rare-Earth Metals Market
- 10.1. Introduction
- 10.2. Denmark
- 10.3. Egypt
- 10.4. Finland
- 10.5. France
- 10.6. Germany
- 10.7. Israel
- 10.8. Italy
- 10.9. Netherlands
- 10.10. Nigeria
- 10.11. Norway
- 10.12. Poland
- 10.13. Qatar
- 10.14. Russia
- 10.15. Saudi Arabia
- 10.16. South Africa
- 10.17. Spain
- 10.18. Sweden
- 10.19. Switzerland
- 10.20. United Arab Emirates
- 10.21. United Kingdom
- 11. Competitive Landscape
- 11.1. Market Share Analysis, 2023
- 11.2. FPNV Positioning Matrix, 2023
- 11.3. Competitive Scenario Analysis
- 11.3.1. American Rare Earths Announces New U.S. Headquarters
- 11.3.2. USA Rare Earth Signs Supply Agreement with Australian Strategic Materials
- 11.3.3. ABx Group Eyes Further Resource Growth at Deep Leads and Rubble Mounds Rare Earth Project, Tasmania
- 11.3.4. Lynas Rare Earths gets USD 14 million Australian government grant to develop a project
- 11.3.5. Ucore Investing USD 75 Million to Establish Rare Earth Metals Manufacturing Facility in Alexandria
- 11.3.6. Encounter Resources taps Investors for USD 10 Million to Accelerate West Arunta Exploration
- 11.3.7. Cyclic Materials raises USD 27 million for critical mineral recycling
- 11.3.8. Energy Fuels Completes Acquisition of Rare Earth and Heavy Mineral Project in Brazil
- 11.3.9. Rare earth metals producer Lynas announces USD 500 million expansion at Mt Weld mine
- 11.3.10. GE Renewable Energy and Arafura Resources sign Memorandum of Understanding (MoU) on Neodymium and Praseodymium (NdPr) Rare Earths
- 11.3.11. Australia's Lynas gets USD 120 Million Pentagon Contract for U.S. Rare Earths Project
- 11.3.12. HG Ventures Invests in and Partners with American Rare Earth to Expand Battery Recycling and Metals Supply for U.S. Manufacturing
- 12. Competitive Portfolio
- 12.1. Key Company Profiles
- 12.2. Key Product Portfolio
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