Rare Earth Metals Market by Type (Cerium Oxide, Lanthanum Oxide, Neodymium Oxide, Yttrium Oxide, Europium Oxide), Application (Permanent Magnets, Metal Alloys, Glass Polishing, Glass Additives, Phosphors, Catalysts), and Region - Global Forecast to 2029

Rare Earth Metals Market by Type (Cerium Oxide, Lanthanum Oxide, Neodymium Oxide, Yttrium Oxide, Europium Oxide), Application (Permanent Magnets, Metal Alloys, Glass Polishing, Glass Additives, Phosphors, Catalysts), and Region - Global Forecast to 2029

The rare earth metal market size is projected to grow from USD 6.0 billion in 2024 and is projected to reach USD 10.9 Billion by 2029, at a CAGR of 12.6%.

Rare-earth metals have diverse applications across industries such as permanent magnets, catalysts, glass polishing powder and additives, batteries, metallurgy, ceramics, phosphors, and pigments. Rare-earth permanent magnets are used in both traditional and hybrid vehicles, with hybrid electric vehicles (HEVs) anticipated to boost demand for these magnets due to their higher usage per vehicle.

The renewable energy sector, including wind, solar, and electric vehicle technologies, relies heavily on rare-earth metals for producing high-performance magnets essential for generators, motors, and other components. Key rare-earth elements like neodymium, praseodymium, and dysprosium are vital for manufacturing these magnets, which are critical for efficient renewable energy generation and transmission. The global shift towards cleaner and more sustainable energy sources has increased the demand for renewable energy technologies, subsequently raising the demand for rare-earth metals.



In terms of value, Neodymium oxide segment is projected to lead the global rare-earth metals market through 2029.

The Neodymium oxide segment is expected to dominate the rare-earth metals market by value during the forecast period. Neodymium oxide is important for manufacturing magnets used in modern vehicles, aircraft, and popular consumer electronics like headphones, microphones, and computer disks. It plays a key role in high-strength permanent magnets, known as neodymium-iron-boron (NdFeB) magnets, which are among the world's strongest. The growing adoption of clean energy applications has propelled the market's growth.

The Permanent Magnet segment is projected to be the fastest-growing segment by applications throughout the forecast period

The permanent magnet industry is the largest consumer of rare-earth elements. Magnets made from neodymium, praseodymium, and dysprosium are the strongest known permanent magnets. The automotive market drives significant demand for these magnets, especially for hybrid car engines and the expanding wind power turbine industry. Permanent magnets are also required in regular power plants. These magnets are favored in major industrial and consumer electronics markets. They are used in actuators for missile, satellite, and aircraft control systems. Neodymium-iron-boron permanent magnets are applied in wind turbines and electric motors. Samarium cobalt magnets are ideal for high-strength, high-temperature applications such as accelerometers, gyroscopes, magnetic bearings, couplers, actuators, high-performance pumps, and mixers.

In terms of value, the Asia Pacific rare-earth metals market is projected to grow at the highest CAGR during the forecast period

The Asia-Pacific (APAC) region is the leading producer and consumer of rare-earth metals globally, with nearly all major manufacturers and end-use companies located there. The region has experienced significant growth in recent years due to a rising population, favorable investment policies, expanding economies, and government efforts to support the electronics and automobile industries. APAC leads in total rare-earth material consumption, primarily driven by China's substantial global rare-earth demand. The region is also poised for the fastest consumption growth due to increased industrialization and extraction activities in China. According to the World Bank, APAC is the fastest-growing region in terms of both population and economic expansion.

In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the rare earth metals market.

By Company Type: Tier 1: 40%, Tier 2: 25%, and Tier 3: 35%

By Designation: C Level: 35%, Director Level: 30%, and Others: 35%

By Region: North America: 25%, Europe: 20%, APAC: 45%, and Rest of the World: 10%

Companies Covered: The global rare earth metals market comprises major manufacturers, such as Lynas Rare Earths Ltd. (Australia), Australian Strategic Materials Ltd. (Australia), Arafura Rare Earths (Australia), China Rare Earth Holdings Limited (China), Avalon Advanced Materials Inc. (Canada), Bataou HEFA Rare Earth Co. Ltd (China), Canada Rare Earth Corporation (Canada), Northern Minerals Limited (Australia), MP Materials (US), and Shenghe Resources Hording Co., Ltd (China), among others.

Research Coverage

The market study covers the rare earth metals market across various segments. It aims at estimating the market size and the growth potential of this market across different segments based on type, end-use industry, and region. The study also includes an in-depth competitive analysis of key players in the market, their company profiles, key observations related to their products and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to improve their position in the rare earth metals market.

Key Benefits of Buying the Report

The report is expected to help the market leaders/new entrants in this market share the closest approximations of the revenue numbers of the overall rare earth metals market and its segments and sub-segments. This report is projected to help stakeholders understand the competitive landscape of the market, gain insights to improve the position of their businesses, and plan suitable go-to-market strategies. The report also aims to help stakeholders understand the pulse of the market and provides them with information on the key market drivers, challenges, and opportunities.

The report provides insights on the following pointers:

Analysis of key drivers (Growing demand in the current and emerging applications, Growing renewable energy sector, and Initiatives of associations & regulatory bodies), restraints (Fluctuations in the cost of rare earth metals, and Dominance of China in the rare earth metals market), opportunities (Recycling and reuse of rare earth metals) and challenges (Safety of workers in the rare earth elements mining, and Impact on Environment).

Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the rare earth metals market

Market Development: Comprehensive information about lucrative markets – the report analyses the rare earth metals market across varied regions

Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the rare earth metals market

Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Lynas Rare Earths Ltd. (Australia), Australian Strategic Materials Ltd. (Australia), Arafura Rare Earths (Australia), China Rare Earth Holdings Limited (China), Avalon Advanced Materials Inc. (Canada), Bataou HEFA Rare Earth Co. Ltd (China), Canada Rare Earth Corporation (Canada), Northern Minerals Limited (Australia), MP Materials (US), and Shenghe Resources Hording Co., Ltd (China), among others in the rare earth metals market. The report also helps stakeholders understand the pulse of the Rare earth metals market and provides them with information on key market drivers, restraints, challenges, and opportunities.