Press release
Rare Earth Metals Market to Reach USD 7.38 Billion by 2030, Growing at 6.2% CAGR - DataM Intelligence
Rare Earth Metals Market
Rare earth elements-such as neodymium, praseodymium, and dysprosium-have become indispensable to clean energy, robotics, and next-generation technologies. Their critical role in manufacturing permanent magnets for wind turbines, electric motors, and advanced electronics positions them at the forefront of global efforts toward decarbonization and energy efficiency.
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Key Highlights from the Report
➤ The global rare earth metals market is forecast to reach USD 7.38 billion by 2030, recording a 6.2% CAGR.
➤ Neodymium oxide dominates the market owing to its vital use in electric motors and renewable energy applications.
➤ Permanent magnet applications lead demand growth, particularly from EV and wind power sectors.
➤ Asia Pacific remains the largest and fastest-growing region, expanding at a CAGR of 6.5% during 2025-2030.
➤ Rising government investments in clean technology and critical mineral independence strengthen market resilience.
➤ Magnet-to-magnet recycling and circular economy models offer emerging opportunities for sustainable raw material supply.
Market Segmentation
By Product Type:
The neodymium oxide segment held the largest market share in 2024 and is anticipated to maintain dominance through 2030, fueled by the proliferation of NdFeB permanent magnets in electric vehicle drivetrains, turbine generators, and industrial automation systems. Neodymium magnets provide superior magnetic strength and thermal resistance, critical for energy conversion and compact designs across sectors.
By Application:
The permanent magnet segment accounted for the largest share of revenue and is set to grow further owing to expanding adoption in EVs, renewable energy systems, and consumer electronics. Rare earth-based magnets-particularly Nd-Fe-B and SmCo magnets-power lightweight, high-efficiency motors and generators essential for electric mobility and sustainable infrastructure.
By Region:
The Asia Pacific region remains dominant, driven by China's extensive mining, refining, and magnet manufacturing capacities. Countries such as Japan, South Korea, and India are further accelerating investments in electrification and green industrialization, supporting consistent demand. The region's robust supply chain integration enables cost-effective access to refined rare earths used in electric vehicles and consumer technologies.
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Regional Insights
Asia Pacific:
Accounting for the highest market share, Asia Pacific is projected to surpass USD 6,267.2 million by 2030, expanding at a 6.5% CAGR. Rapid industrialization, the emergence of renewable energy hubs, and large-scale EV production continue to drive consumption. China dominates the regional landscape, controlling most of the world's rare earth refining and magnet manufacturing capacity.
North America:
Driven by substantial investments in domestic mineral sourcing and refining, North America is steadily increasing its strategic role in the global market. Government initiatives in the United States and Canada promoting critical mineral security and recycling technologies are reducing dependence on overseas suppliers.
Europe:
Europe's rare earth consumption is rising due to renewable energy projects, defense modernization programs, and strong electrification initiatives under the EU's Green Deal. Increased funding for local recycling and sustainable extraction aligns with the continent's broader circular-economy framework.
Market Dynamics
Market Drivers:
The growing renewable energy sector and clean technology adoption are key growth catalysts. Rare earth elements like neodymium and dysprosium are indispensable in wind turbine magnets, EV motors, and energy storage systems. Global electrification efforts-supported by government stimulus-continue to elevate long-term demand.
Market Restraints:
Price volatility remains a major concern, influenced by concentrated supply chains and geopolitical disruptions, particularly in China. Environmental restrictions also limit new mining operations, contributing to global supply uncertainties.
Market Opportunities:
The rise of magnet-to-magnet recycling presents a transformative solution to mitigate supply chain dependence and environmental impact. By recovering rare earth metals from end-of-life devices and magnets, manufacturers can secure sustainable material sources and reduce production costs.
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Reasons to Buy the Report
✔ Detailed market analysis highlighting key demand drivers and growth hotspots through 2030.
✔ Granular segmentation by product, application, and regional trends.
✔ Insight into supply chain vulnerabilities, recycling challenges, and technological advances.
✔ Profiles of top global players and their recent capacity expansion strategies.
✔ Strategic overview of government policies supporting critical mineral independence.
Frequently Asked Questions (FAQs)
◆ How large is the Global Rare Earth Metals Market in 2024?
◆ What is the expected CAGR growth rate of the Rare Earth Metals Market through 2030?
◆ Which product segment-neodymium oxide or praseodymium-leads global market share?
◆ Which region is projected to dominate the Rare Earth Metals Market during the forecast period?
◆ What strategic initiatives are major players implementing to strengthen supply chain security?
Company Insights
Lynas Rare Earths Ltd. (Australia)
Arafura Rare Earths Ltd. (Australia)
Shenghe Resources Holding Co., Ltd. (China)
China Rare Earth Holdings Ltd. (China)
MP Materials Corp. (United States)
Avalon Advanced Materials Inc. (Canada)
Ucore Rare Metals Inc. (Canada)
Rare Element Resources (United States)
NEO Performance Materials (Canada)
Northern Minerals Ltd. (Australia)
Recent Developments:
In May 2025, Chenguang Rare Earths (subsidiary of Shenghe Resources) finalized its acquisition of Peak Rare Earths for USD 104 million, gaining full ownership of the Ngualla project.
In February 2025, Lynas Rare Earths Ltd. commissioned its Kalgoorlie Rare Earths Processing Facility, further securing supply for next-generation magnet industries with a 20+ year mine life at Mt Weld.
In January 2025, Canada Rare Earth Corporation acquired 70% of a fully permitted refinery in Laos to strengthen North American processing security.
Conclusion
The Global Rare Earth Metals Market stands at the center of the clean energy and digital transformation era. As demand for EVs, renewable power, and smart electronics rises, rare earth elements will remain essential in creating lighter, more efficient systems. Asia Pacific continues to dominate supply, while North America and Europe are building circular economies and recycling infrastructure to reduce dependency on imports. With government support and technological innovation advancing in parallel, rare earth metals are poised to underpin a sustainable, low-carbon, and high-tech global future through 2030.
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Mr. Sai Kiran
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Email: Sai.k@datamintelligence.com
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About Us
DataM Intelligence 4Market Research is a comprehensive market intelligence platform offering syndicated and customized reports along with expert consulting across multiple industries, including chemicals, healthcare, agriculture, food & beverages, and more. With extensive experience and a strategy-focused approach, DataM provides businesses and individuals with reliable market insights, statistical forecasts, and personalized research solutions to help them make informed decisions and successfully bring innovations to market.
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