United States Rare Earth Elements Market to Grow at 9.4% During the Forecast 2024-2031, Led by MP Materials, Lynas Rare Earths, and China Northern Rare Earth | DataM Intelligence

The global Rare Earth Elements Market is growing at a CAGR of 9.4% during the forecast period 2024-2031, according to DataM Intelligence.

United States: Recent Industry Developments

✅ In October 2025, MP Materials announced the commissioning of its new rare earth separation facility in Texas, strengthening domestic supply chains.
✅ In October 2025, The US Department of Defense allocated $500 million to secure strategic reserves of heavy rare earth elements.
✅ In October 2025, Energy Fuels Inc. partnered with a European automaker to supply neodymium-praseodymium oxide for electric vehicle motors.

Japan: Recent Industry Developments

✅ In October 2025, Japan Organization for Metals and Energy Security secured mining rights in Australia for dysprosium and terbium production.
✅ In October 2025, Hitachi Metals developed a new recycling process to recover rare earth elements from end-of-life hard disk drives.
✅ In October 2025, The Japanese government launched a $1 billion fund to support rare earth recycling technologies and alternative material development.

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Market Trends & Drivers

The Rare Earth Elements Market is experiencing unprecedented growth driven by the global clean energy transition, electric vehicle revolution, and national security concerns about supply chain resilience. Key trends include the diversification of supply sources away from China, advancement in recycling technologies, and development of rare-earth-free alternatives. The rapid expansion of wind energy, electric mobility, and advanced electronics manufacturing, coupled with government initiatives for supply chain security, is dramatically accelerating market demand across all rare earth elements.

Competitive Landscape

The market is characterized by China's historical dominance and growing international competition to establish alternative supply chains.

MP Materials Corp. leads US rare earth production with its Mountain Pass mine and expanding processing capabilities.
Lynas Rare Earths Ltd. operates the largest rare earth processing facility outside China, serving global markets.
China Northern Rare Earth Group High-Tech Co., Ltd. maintains dominant position in global rare earth production and processing.
Arafura Resources Limited advances the Nolans Project in Australia to create integrated rare earth supply chain.
Iluka Resources Limited expands into rare earths through its Wimmera project and Eneabba refinery development.
Energy Fuels Inc. diversifies from uranium into rare earth processing and monazite sand operations.
Rare Element Resources Ltd. develops the Bear Lodge Project in Wyoming for light rare earth production.
Ucore Rare Metals Inc. focuses on rare earth separation technology and North American supply chain solutions.
Vital Metals Limited operates the Nechalacho project in Canada with focus on light rare earth production.
Search Minerals Inc. explores rare earth deposits in Newfoundland and Labrador for critical minerals supply.

Segmentation

By Type (Metals: Cerium, Erbium, Gadolinium, Holmium, Lanthanum, Neodymium, Praseodymium, Promethium, Samarium, Scandium, Terbium, Thulium, Ytterbium, Yttrium; Compounds: Cerium Compounds, Carbonates, Chlorides, Oxides, Others)
By Source (Bastnäsite, Loparite, Monazite, Rare-earth Laterite, Xenotime, Others)
By Application (Magnets, Catalysts, Metal Alloys, Polishing, Ceramics/Glass, Additives, Others)
By End-User (Industrial, Automotive, Glass, Fluorescent Lighting, Electronics: Smartphones, E-readers, Loudspeakers, Portable Computers, Cameras, Others; Others)

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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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