United States Rare Earth Metals Market to Grow at 9% CAGR During 2024-2031 Forecast, Driven by Clean Energy and Electronics Demand | DataM Intelligence

The global Rare Earth Metals Market is growing at a CAGR of 9.0% during the forecast period 2024-2031, according to DataM Intelligence.

United States: Recent Industry Developments

✅ In October 2025, MP Materials announced the expansion of its Mountain Pass rare earth processing facility to reduce dependence on Chinese imports.
✅ In October 2025, The US Department of Defense awarded $150 million in grants to develop domestic rare earth supply chains for defense applications.
✅ In October 2025, Energy Fuels Inc. partnered with a Texas-based manufacturer to produce rare earth magnets for electric vehicles.

Japan: Recent Industry Developments

✅ In October 2025, Japan Oil, Gas and Metals National Corporation secured rare earth mining rights in Vietnam to diversify supply sources.
✅ In October 2025, Hitachi Metals developed a new recycling technology to extract rare earth elements from electronic waste.
✅ In October 2025, The Japanese government allocated $500 million to stockpile critical rare earth materials for strategic industries.

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Market Trends & Drivers

The Rare Earth Metals Market is experiencing significant growth driven by the global transition to clean energy, increasing demand for electronics, and government initiatives for supply chain security. Key trends include the development of recycling technologies, diversification of supply sources away from China, and investments in sustainable mining practices. The rapid expansion of electric vehicles, renewable energy infrastructure, and advanced electronics manufacturing is significantly accelerating market demand for these critical materials.

Competitive Landscape

The market is characterized by global competition with China dominating production, while other countries work to establish independent supply chains.

China Northern Rare Earth Group High-Tech Co., Ltd. leads the global market with extensive mining and processing capabilities.
Lynas Rare Earths Ltd. operates the largest rare earth processing facility outside China in Malaysia.
MP Materials Corp. dominates US rare earth production with its Mountain Pass mine in California.
Arafura Resources Limited develops the Nolans Project in Australia to create a new rare earth supply chain.
Iluka Resources Limited expands into rare earths through its Wimmera project in Victoria, Australia.
Energy Fuels Inc. diversifies from uranium into rare earth processing in the United States.
Alkane Resources Limited develops the Dubbo Project in Australia for rare earth and critical metals production.
Rare Element Resources Ltd. advances its Bear Lodge rare earth project in Wyoming, USA.
Search Minerals Inc. explores rare earth deposits in Newfoundland and Labrador, Canada.
Ucore Rare Metals Inc. focuses on rare earth separation technology and North American supply chain development.

Segmentation

By Type (Cerium, Lanthanum, Neodymium, Praseodymium, Samarium, Gadolinium, Terbium, Dysprosium, Yttrium)
By Application (Permanent Magnets, Catalysts, Metallurgy, Glass Polishing, Phosphors, Ceramics)

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Regional Analysis:

⇥ North America (U.S., Canada, Mexico)
⇥ Europe (U.K., Italy, Germany, Russia, France, Spain, The Netherlands and Rest of Europe)
⇥ Asia-Pacific (India, Japan, China, South Korea, Australia, Indonesia Rest of Asia Pacific)
⇥ South America (Colombia, Brazil, Argentina, Rest of South America)
⇥ Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

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✅ Sustainability Impact Analysis
✅ KOL / Stakeholder Insights
✅ Consumer Behavior & Demand Analysis
✅ Import-Export Data Monitoring
✅ Live Market & Pricing Trends

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