United States Rare Earth Elements Market 2031 | Growth Drivers, Key Players & Investment Opportunities

Market Size and Growth

The Global Rare Earth Elements Market is growing at a CAGR of 9.4% during the forecast period (2024-2031).

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Key Development:

United States: Recent Rare Earth Elements Developments

✅ In November 2025, Vulcan Elements struck a US$1.4 billion public‐private partnership with the U.S. government and ReElement Technologies to build a vertically integrated rare‐earth magnet supply chain on U.S. soil including a 10,000‐metric‐ton/year magnet facility.

✅ In November 2025, Vulcan Elements selected North Carolina for a new rare‐earth magnet factory (Benson site), backed by roughly US$918 million a project expected to create about 1,000 jobs and significantly expand U.S. domestic magnet manufacturing capacity.

✅ In July 2025, MP Materials owner of the U.S.'s only major rare‐earth mine at Mountain Pass Rare Earth Mine received a US$400 million direct investment from the U.S. Department of Defense, making DoD its largest shareholder; the deal includes a 10‐year offtake commitment and aims to build a second magnet‐manufacturing plant.

✅ In January 2025, USA Rare Earth produced its first batch of sintered NdFeB magnets and also announced plans to acquire a UK‐based rare‐earth metals/alloys manufacturer, marking a step toward expanding U.S. upstream‐to‐magnet capacity.

Japan: Recent Rare Earth Elements Developments

✅ In November 2025, Japan Organization for Metals and Energy Security (JOGMEC) signed a landmark MOU with U.S.-based REAlloys Inc. to transfer Japanese rare‐earth separation and NdFeB magnet manufacturing technology to U.S. facilities a first-of-its-kind U.S.-Japan rare‐earth alliance.

✅ In November 2025, Japan and the United States agreed to explore joint rare‐earth mining near Minamitori Island in the Pacific Ocean aiming to tap seabed rare‐earth‐rich mud as a domestic/non‐China source.

✅ In August 2025, Japan announced a strategy to break free from China's rare‐earth dominance by pursuing diversified sourcing and supply‐chain resilience, including partnerships with allied countries and investment in overseas mining/refining.

✅ In 2025, Japan has deepened efforts to secure stable rare‐earth supply by accelerating imports from non‐China sources and cooperating with allies to mitigate risks tied to China's export restrictions reshaping its long-term REE dependency strategy.

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Recent Mergers and acquisitions

United States: Recent M&A & Agreements in Rare Earth Elements

✅ In November 2025, USA Rare Earth completed the acquisition of Less Common Metals (LCM), a UK‐based rare‐earth metals and alloys producer marking a major milestone in establishing a full "mine‐to‐magnet" supply chain outside China.

✅ In November 2025, USA Rare Earth secured UK regulatory approval for its LCM acquisition, clearing the final hurdle for the transaction and paving the way for expanded magnet‐metal and alloy production capacity in its Oklahoma facility.

✅ In October 2025, REalloys Inc. signed a 10‐year offtake agreement with Critical Metals Corp. to secure 15% of projected rare‐earth concentrate production from the latter's large‐scale deposit in Greenland, strengthening feedstock supply for future magnet/alloy production in North America.

✅ In March 2025, Blackboxstocks Inc. signed a definitive merger agreement to acquire REalloys Inc., aiming to integrate upstream rare‐earth mining (via REalloys' Hoidas Lake deposit) with downstream magnet‐alloy production capabilities for U.S. defense and critical‐technology supply chains.

Japan & U.S.-Japan Related Recent Moves

✅ In October 2025, REalloys Inc. and JOGMEC (Japan Organization for Metals and Energy Security) signed an MOU to collaborate on rare‐earth development, technology transfer, and industrial‐security cooperation marking JOGMEC's first formal engagement with a U.S.-based rare‐earth producer.

✅ In October 2025, the offtake deal between Critical Metals Corp. and REalloys was publicly disclosed, reinforcing the growing cross‐border collaboration in rare‐earth supply chains and giving Japan (via downstream cooperation) greater access to non‐China rare‐earth feedstock through allied partnerships.

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Key Players:

=> China Rare Earth Holdings Limited, Arafura Resources Limited, Lynas Corporation, Ltd., Avalon Advanced Materials Inc., Alkane Resources Ltd, Shin-Etsu Chemical Co. Ltd, Canada Rare Earth Corporation, Iluka Resources Ltd., Eutectix LLC, Rare Element Resources Ltd and others.

Key Segments:

By Type

Metals dominate with 45% share, driven by neodymium, cerium, and praseodymium used extensively in magnets, electronics, and high-performance alloys. Compounds account for 55%, including cerium compounds, carbonates, chlorides, and oxides, supported by applications in catalysts, polishing, ceramics, glass, and additives across industrial and consumer segments.

By Source

Bastnäsite leads with 30% share, fueled by its high rare-earth content and extraction for permanent magnets and catalytic applications. Loparite accounts for 15%, used in specialized alloys and electronic applications. Monazite holds 20%, reflecting its role as a primary source for thorium and rare-earth extraction. Rare-earth laterite represents 10%, supported by mining in Southeast Asia for specialty metals. Xenotime accounts for 5%, primarily for yttrium and heavy rare-earth elements. Other sources make up 20%, including recycling and secondary extraction from industrial waste.

By Application

Magnets dominate with 35% share, driven by demand for neodymium-iron-boron (NdFeB) magnets in electronics, automotive, and renewable energy applications. Catalysts account for 20%, reflecting use in automotive catalytic converters and chemical processes. Metal alloys hold 15%, used in aerospace, automotive, and industrial machinery. Polishing represents 10%, driven by optical, glass, and semiconductor finishing applications. Ceramics/Glass account for 10%, fueled by high-performance material requirements. Additives hold 5%, while other applications make up 5%, including fluorescent lighting and specialty industrial uses.

By End-User

Industrial applications lead with 30% share, supported by machinery, chemicals, and metallurgical industries. Automotive accounts for 25%, driven by EV motors, catalytic converters, and lightweight alloy components. Glass represents 10%, reflecting use in specialty ceramics and high-performance panels. Fluorescent lighting holds 5%, while electronics account for 20%, fueled by smartphones, portable computers, cameras, and audio devices. Other end-users make up 10%, including renewable energy, medical devices, and aerospace applications.

By Region

Asia Pacific - 45% Share
Asia Pacific leads with 45%, driven by China's dominance in rare-earth mining and processing, expanding electronics and automotive sectors, and government support for strategic metals.

North America - 20% Share
North America holds 20%, supported by industrial applications, automotive demand, and strategic investments in rare-earth extraction and processing in the U.S. and Canada.

Europe - 15% Share
Europe accounts for 15%, fueled by automotive, electronics, and renewable energy adoption, along with initiatives to secure rare-earth supply chains in Germany, France, U.K., Italy, Spain, and neighboring countries.

Latin America - 7% Share
Latin America holds 7%, driven by mining activities and industrial demand in Brazil, Mexico, and surrounding countries.

Middle East & Africa - 13% Share
The Middle East & Africa represent 13%, supported by resource exploration, growing industrialization, and strategic investments in rare-earth production in South Africa, Namibia, and GCC countries.

FAQ

Q: What is the growth rate of the Rare Earth Elements Market?

A: The market is projected to expand at a compound annual growth rate (CAGR) of 9.4% during the forecast period from 2024 to 2031.

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