Rare Earth Metals Market worth $7,386.3 million by 2030 - Exclusive Report by MarketsandMarkets™
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Rare earth metals describe a group of 17 elements which occur relatively abundantly in the Earth's crust, though not often in concentrations high enough for them to be easily mined and processed. These elements possess special properties that create significant utility in modern technology, such as strong magnetism and electrical conductivity. As internationally recognized critical minerals, rare earth elements are important and significant to clean energy systems, electronics, and some defense technologies. The processes to extract and supply rare earths face challenges related to processing complexity, health and safety and environmental impacts, and the small number of locations with global production exposure. It is no surprise that for many nations interested in technological resilience and sustainability, rare earth metals constitute a strategic concern.
Based on type, the neodymium oxide segment accounted for the largest market share in 2024
In 2024, the neodymium oxide segment held the largest market share in the global rare earth metals market owing to its importance in producing high-performance permanent magnets that act as essential components for certain motors used in electric vehicles (EVs), generators for wind turbine generators used in clean renewable energy, industrial automation equipment, and many of the most versatile consumer electronics. A global focus on sustainable mobility and clean energy spurred demand for neodymium-based magnets, which made neodymium oxide one of the most attractive rare earth compounds. In addition to being an essential rare earth compound, neodymium oxide's heavy use in the manufacturing of permanent magnets is due to its significant strength magnetic field and heat resistance, which can lead to energy efficiency and durability in their applications. The consumption of neodymium oxide has increased tremendously with the rise in electric vehicle adoption in regions, such as Asia Pacific, North America, and Europe, alongside the rise in wind energy installation occurring across the globe. Increasing investments in domestic supply chains for rare earth materials, along with investments into downstream magnet manufacturing initiatives and/or programs illustrate the strategic importance of neodymium oxide. In 2024, demand for neodymium oxide also rose due to applications into defense systems, or defense system components, medical imaging, robotics, and other types of robotics.
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Based on application, the permanent magnets segment is projected to account for the largest market share during the forecast period
The permanent magnets segment accounted for the highest market share globally based on application for rare earth metals in 2024 as a result of unprecedented demand for rare earth elements in electric mobility, renewable energy, electronics, and industrial automation. Permanent magnets are predominant magnet technologies made from rare earth metals, namely, neodymium, praseodymium, dysprosium, and samarium, which are crucial in the function of electric engines, wind turbine generators, medical devices, and robotics. The demand for rare earth magnets was primarily driven by the transition to electric vehicles (EVs), and hybrid vehicles. OEMs have increased reliance on rare earth magnets in order to improve electric motor efficiency and battery consumption. In addition, the robust global demand for wind energy development has resulted in demand for high-strength magnets that perform well in wind turbine assemblies and offshore environments. The consumer electronics and accessories market contributes to the demand and growth of rare earth permanent magnets because they depend heavily on permanent magnets in items, such as speakers, smartphones, and hard disk drives, leading to stable and growing demand. The trend of countries trying to regionalize rare earth supply chains increased investments in the domestic production of permanent magnets, particularly in the Asia Pacific region, Europe, and North America. With wind energy developers and consumer electronics companies seeking reliable long-term sources of permanent magnet materials, it strengthened the strategic value of permanent magnets as the leading application of 2024.
Asia Pacific accounted for the largest share of the market in 2024
In 2024, Asia Pacific continued to lead the global market in the rare earth metals space, largely engineered by China's unrivalled ability to produce and process rare earth metals. Asia Pacific is benefiting from a strong manufacturing base and increased consumption from electric vehicles, wind turbines, electronics, and clean energy technologies. Japan and South Korea are significant contributors to regional consumption as these countries have high-tech industries that consume rare earth components. In addition, the recent rise of industrialization and infrastructure development in emerging economies, including India and Southeast Asian countries has concurrently increased consumption of rare earth elements in the automotive, energy, defense, and electronics sectors. Moreover, governments and policies to direct investments and supply of local processing and recycling technologies in the sector is fueling further consolidation in the Asia Pacific region. At a time when firms are seeking to strengthen supply chains and high value applications, Asia Pacific accounts for the market share of impressive extent in 2024. The region continued to be the market leader in the rare earth metals market in 2024.
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Key Players
The rare earth metals market comprises major players, such as Lynas Rare Earths Ltd. (Australia), Australian Strategic Materials Ltd. (Australia), Arafura Rare Earths Limited (Australia), Shenghe Resources Holding Co. Ltd (China), China Rare Earth Holdings Limited (China), Baotou HEFA Rare Earth Co. Ltd. (China), Canada Rare Earth Corporation (Canada), Northern Minerals (Australia), MP Materials (US), Avalon Advanced Materials Inc. (Canada), and others, which are covered in the rare earth metals market. Expansions, acquisitions, joint ventures, and product developments are some of the major strategies adopted by these key players to enhance their positions in the rare earth metals market.
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