Press release
Rare Earth Element Market to Reach USD 16.90 Billion by 2030 at 12.3% CAGR
Pune, Maharashtra, India - March 12, 2025 - The global rare earth elements (REE) market is on a trajectory of significant expansion, driven by escalating demand across various high-tech industries. According to recent analyses, the market size is projected to reach US$16.90 billion by 2030, up from US$7.50 billion in 2023, marking a robust compound annual growth rate (CAGR) of 12.3% during the forecast period.
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Competitive Landscape and Regional Demand
The REE market is characterized by a dynamic competitive landscape with key players such as Ucore Rare Metals Inc, Arafura Resources Limited, Alkane Resources Ltd, Lynas Corporation, and Avalon Advanced Materials, Inc leading the charge. Notably, China Minmetals Rare Earth Co. Ltd. and China Northern Rare Earth (Group) High-Tech Co., Ltd. maintain significant market shares, reflecting China's dominant position in the sector. Regionally, North America held the largest market share in 2023, underscoring the region's substantial consumption and production capacities. However, the Asia-Pacific region, particularly China, is anticipated to exhibit the highest growth rate during the forecast period, driven by rapid industrialization and technological advancements.
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United States: Growth and Consolidation in the Rare Earth Elements Market
The United States is actively pursuing strategies to revitalize its domestic rare earth industry. A notable development is the operationalization of the Mountain Pass mine in Nevada, which serves as a crucial domestic source of rare earth elements. This initiative aligns with the country's efforts to reduce dependency on imports and strengthen its position in the global REE market.
Asia-Pacific: Opportunities and Trends in Rare Earth Elements
The Asia-Pacific region, led by China, dominates the global REE market, with significant production and consumption across various end-use industries. China's vast natural reserves and advanced processing capabilities have solidified its leadership position. Additionally, countries like Vietnam and Thailand are emerging as key players, with strategic partnerships enhancing their roles in the global supply chain. For instance, a significant merger between Vietnam's Vinacomin and Japan's Sumitomo Corporation aims to boost the country's production and refining capacity, strengthening its position in the global REE market.
Middle East and Africa: Trends and Updation in Rare Earth Elements
The Middle East and Africa are gradually entering the REE market, focusing on exploring and utilizing domestic resources. Countries like South Africa are investing in mining projects to tap into their mineral wealth, aiming to diversify economies and reduce reliance on traditional commodities. These initiatives are expected to contribute to the global supply of rare earth elements in the coming years.
Europe: Growth and Opportunities in the Rare Earth Elements Market
Europe is actively pursuing strategies to secure supply chains and develop recycling capabilities for rare earth elements. Countries such as Germany and France are investing in sustainable sourcing initiatives and processing technologies. For example, France's focus on developing domestic capabilities for rare earth processing and its strong aerospace industry drive market expansion.
Recent Developments and Strategic Initiatives
In a significant move to challenge China's dominance in the REE market, Australia has increased its financial support for its first rare earths refinery. Iluka Resources, the Australian miner leading the project, secured an additional A$400 million loan from the government, bringing the total investment to A$1.65 billion. This refinery is set to produce rare earths essential for wind turbines, electric vehicles, and defense systems, aligning with global efforts to diversify supply chains.
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Global Rare Earth Elements Market Segmentation
by Metal
Lanthanum
Cerium
Neodymium
Praseodymium
Samarium
by Application
Permanent Magnets
Metals Alloys
Polishing
Additives
Catalysts
Phosphors
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