Global Rare Earth Elements Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Rare Earth Elements Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Rare earth elements are a set of seventeen chemical elements in the periodic table, specifically the fifteen lanthanides plus scandium and yttrium.

Market Overview:

The latest research study on the global Rare Earth Elements market finds that the global Rare Earth Elements market reached a value of USD 8107.2 million in 2022. It’s expected that the market will achieve USD 12109.95 million by 2028, exhibiting a CAGR of 6.92% during the forecast period.

Market Drivers

Due to the variety of rare earth elements and their wide application, the continuous development of these downstream applications is the main driving force of the market.
The permanent magnet industry is the largest end-user industry for rare earth elements. Lanthanum and cerium are used to make catalytic converters. These helps convert contaminants in the engine's exhaust system into non-toxic compounds. A rechargeable battery made of neodymium, lanthanum, cerium, and praseodymium (combined with manganese, nickel, cobalt and/or aluminum) is used in a car battery of a hybrid electric vehicle, an electronic device, and a power tool. Lanthanum and cerium are used in the manufacture of catalytic converters to convert contaminants in the engine exhaust system to non-toxic compounds. Electric and hybrid vehicles can contain many dollars of rare earth compounds, which is twice that of standard gasoline vehicles. The manufacture of batteries involves the use of rare earth compounds. Rare earth elements are also used in regenerative braking systems and electric traction motors. These motors consist of powerful magnets made of neodymium and dysprosium. Europium, terbium, and yttrium are rare earth elements that are widely used in the electronics industry to make LCD and color TVs. Cerium reduces the transmission of ultraviolet light, while lanthanum increases the glass reflectance index of digital camera lenses. Dysprosium, yttrium, neodymium, praseodymium and terbium have the largest exposure to rechargeable batteries, phosphors, permanent magnets and polishes. These market segments are also the fastest growing segment of rare earth elements. As a result, a wide range of end-user applications have led to an increase in the use of rare earth elements worldwide.

Region Overview:

From 2023-2028, China is estimated to witness robust growth prospects.

Company Overview:

China Northern Rare Earth (Group) High-Tech Co. is one of the major players operating in the Rare Earth Elements market, holding a share of 34.51% in 2019.

China Northern Rare Earth (Group) High-Tech Co. mainly produces rare earth raw materials (rare earth salts, rare earth oxides and rare earth metals) and rare earth functional materials (rare earth magnetic materials, polishing materials, hydrogen storage materials, luminescent materials, catalysis). Materials) and some rare earth applications (nickel-hydrogen power batteries, rare earth permanent magnet magnetic resonance instruments, LED lamp beads). After more than 50 years of development, the North Rare Earth has nearly 40 directly affiliated factories (branch companies), wholly-owned, holding companies, shareholding companies, distributed in 10 provinces (municipalities) autonomous regions, with rare earth smelting, functional materials, deep processing applications. The complete industrial chain is a high-tech enterprise group that spans regional, cross-ownership and multi-field.

China Southern Rare Earth Group's business scope: the management and management of stateowned assets in the rare earth industry within the investment, operation, management and licensing of the rare earth industry.
The main business covers rare earth ore mining, rare earth smelting and separation, rare earth comprehensive recycling, rare earth deep processing applications, rare earth application research and development and technical services, and rare earth trade.

Segmentation Overview:

Among different product types, Cerium segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Magnets segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Rare Earth Elements market covered in Chapter 3:

Arafura Resources
Xiamen Tungsten Co., Ltd.
China Northern Rare Earth (Group) High-Tech Co.
Guangdong Rare Earth industry group
Lynas Corporation Ltd
Chinalco
Indian Rare Earths
China Southern Rare Earth Group
MP Materials
China Minmetals Rare Earth Co. Ltd.

In Chapter 4 and Chapter 14.2, on the basis of types, the Rare Earth Elements market from 2018 to 2029 is primarily split into:

Cerium
Dysprosium
Erbium
Europium
Gadolinium
Holmium
Lanthanum
Lutetium
Neodymium
Praseodymium
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Rare Earth Elements market from 2018 to 2029 covers:

Magnets
Catalysts
Metallurgy
Polishing
Glass
Phosphors
Ceramics
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)