Rare-Earth Metals Market Size, Share, Trends and Forecast (2025-2032) - Expected to Reach US$ 17.06 Bn

Rare-Earth Metals Market size was valued at US$ 6.69 Bn. in 2024 and the total revenue is expected to grow at a CAGR of 12.4% through 2025 to 2032, reaching nearly US$ 17.06 Bn. by 2032.

Rare-Earth Metals Market Overview

The growing demand for rare-earth metals in automotive, electronics, and renewable energy applications is driving market expansion. Neodymium and praseodymium are increasingly used in electric vehicle (EV) batteries, while cerium serves as a critical catalyst in automotive catalytic converters. According to the International Energy Agency, global EV stock surpassed 5 million units in 2019, marking a 63% increase from 2018. The surge in EV production is boosting the need for permanent magnets and rare-earth metals used in batteries, turbines, and high-performance electronic devices.

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COVID-19 Impact on Rare-Earth Metals Market

The COVID-19 pandemic temporarily disrupted manufacturing as strict lockdowns forced factories worldwide to close. Following eased restrictions, production resumed at limited capacity under regulatory guidelines, impacting supply chains and market dynamics.

Rare-Earth Metals Market Drivers

Rising Demand Across End-User Industries: Neodymium, praseodymium, dysprosium, terbium, and yttrium are critical for permanent magnets. Their unique properties, including high remanence and coercivity, make them ideal for EVs, wind turbines, and electronics. Permanent magnets are also vital in hybrid and traditional vehicles, with demand expected to grow 12-14% over the next decade.

Recycling and Sustainable Supply: Current rare-earth metal recovery rates are less than 5%, presenting an opportunity for recycling initiatives. Recycling not only ensures a secondary supply but also reduces environmental impact by minimizing mining activities.

Price Volatility: Fluctuating raw material prices affect production costs and supply chain stability. Manufacturers increasingly source metals from low-cost economies to mitigate risks, driving strategic market adjustments.

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Rare-Earth Metals Market Segment Analysis

By Product: Cerium, Dysprosium, Erbium, Gadolinium, Holmium, Lanthanum, Lutetium, Neodymium, Praseodymium, Promethium, Samarium, Scandium, Terbium, Thulium, Ytterbium, Yttrium.

Cerium held the largest share at 42.8% in 2024 due to its extensive use in catalytic converters and NiMH batteries.

Dysprosium is key in neodymium iron boron (Neo) magnets, supporting transportation, aerospace, and industrial applications.

By Application: Magnets, Catalysts, Metallurgy, Polishing, Glass, Phosphors, Ceramics.

The magnet segment dominated in 2024, driven by usage in hard drives, actuators, motors, and speakers.

Ceramics applications are projected to grow steadily, fueled by rising demand for advanced ceramic tiles in construction.

Rare-Earth Metals Market Regional Insights

North America led the market in 2024, driven by the expanding automotive sector and EV adoption. Tesla's use of neodymium in Model 3 Long Range vehicles highlights this trend.

Europe is the second-largest market, with rising demand for magnets, catalysts, and industrial applications. The region accounted for 22.3% of global automobile production in 2024, strengthening rare-earth metal consumption.

Recent Developments:

Avalon Advanced Materials acquired 2333382 Ontario Inc., enabling recovery of rare-earth elements like scandium and zirconium from existing operations.

Rio Tinto commenced scandium oxide production in Quebec with an initial capacity of 3 tonnes per year, around 20% of global output.

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Rare-Earth Metals Market Outlook

The report offers a detailed analysis of market dynamics, key drivers, and opportunities. It includes PORTER and PESTEL analysis to evaluate internal and external factors influencing growth. Comprehensive coverage of key players such as Lynas Corporation, Alkane Resources, Arafura Resources, China Minmetals Rare, Avalon Advanced Materials, Shin-Etsu Chemical, and Indian Rare Earths provides insights into strategies, regional presence, and competitive positioning.

Rare-Earth Metals Market Scope:

Key Regions Covered: North America, Europe, Asia Pacific, Middle East & Africa, South America

This report serves as a strategic guide for stakeholders, investors, and decision-makers seeking actionable insights into the rapidly growing Rare-Earth Metals Market.

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