Rare Earth Elements Market Share, Growth, Opportunities 2031

Segments - Rare Earth Elements Market by Elements (Neodymium, Dysprosium, Yttrium, Cerium, Lanthanum, Terbium, Scandium, and Others), Applications (Ceramics, Glass & Polish, Magnets, Catalysts, Phosphors, Metallurgy, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

Author : Riddhesh Dani

Fact-checked by : Harneet Meher

Editor : Shruti Bhat

Report Description

Rare Earth Elements Market Outlook 2031

The Global Rare Earth Elements Market Size was valued at USD 3.11 Billion in 2022 and is likely reach to USD 7.33 Billion by 2031, expanding at a CAGR of 10% during the forecast period, 2023–2031. The growth of the market is attributed to the rising usage of rare earth elements in the permanent magnets that provide high impetus to the advanced materials and rising demand for these elements in the manufacturing units as well as automotive industry.

Rare earth elements are the set of seventeen metallic elements that include the fifteen lanthanides on the periodic table along with yttrium and scandium. These rare earth elements are very important part of various high tech devices.

These are used worldwide in various applications especially high tech consumer products including compute, electric & hybrid vehicles, flat screen monitors & televisions, cellular telephones, hard drives, and others.

The last naturally rare earth element that is lutetium was discovered in 1907. A rare earth element is also known as rare earth oxides or rare earth metals. These metals tarnish it, when comes in the air at room temperature and also reacts with cold water to give hydroxides or liberating hydrogen. Covid-19 has majorly impacted the market at the initial stages of pandemic.

Market Trends, Drivers, Restraints, and Opportunities

Rising demand from end-user industries is anticipated to boost the market growth in the coming years.
Rapid growth of the automotive sector is key factor fueling the market expansion.
Fluctuations in cost of the rare earth elements are estimated to impede the market growth during the forecast period.
Recycling and re-use of rare earth elements is anticipated to spur the market expansion in the coming years.
R&D investment and technological advancement in rare earth elements is expected to offer significant opportunities for the market players.

Scope of Rare Earth Elements Market Report

The report on the global rare earth elements market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes	Details
Report Title	Rare Earth Elements Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year	2022
Historic Data	2016–2021
Forecast Period	2023–2031
Segmentation	Elements (Neodymium, Dysprosium, Yttrium, Cerium, Lanthanum, Terbium, Scandium, and Others), Applications (Ceramics, Glass & Polish, Magnets, Catalysts, Phosphors, Metallurgy, and Others)
Regional Scope	Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Report Coverage	Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report	Rare Element Resources Ltd.; IIuka Resources Ltd.; Avalon Advanced Materials Inc.; Eutectix; Shin-Etsu Chemical Co., Ltd.; Lynas Corporation; Canada Rare Earth Corp.; Arafura; Molycorp; Frontier Rare Earths; and China Rare Earth Holdings

Rare Earth Elements Market Segment Insights:

Neodymium segment is projected to account for a large market share

Based on elements, the global rare earth elements market is divided into neodymium, dysprosium, yttrium, cerium, lanthanum, terbium, scandium, and others. The neodymium segment is expected to constitute a key share of the market during the forecast period owing to rising use of clean energy application and its usage in high strength permanent magnets.

However, the cerium segment is anticipated to expand at a rapid pace during the forecast period due to increasing demand for hybrid vehicles and usage in nickel metal hydride batteries.

Phosphors segment is projected to hold a key market share

On the basis of applications, the market is segmented into ceramics, glass & polish, magnets, catalysts, phosphors, metallurgy, and others. The phosphors segment is expected to represent a key share of the market in the coming years due to high usage in various applications that needs color in the in the fluorescent lamps, cathode ray tube displays, and others.

On the other hand, the magnets segment is anticipated to expand at a rapid pace during the forecast period owing to rising demand for magnets in turbines, consumer electronics, and automobiles as well as in computer applications.

Rare Earth Elements Market Regional Outlook

Asia Pacific is expected to dominate the market

On the basis of regions, the global rare earth elements market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of Asia Pacific is anticipated to expand at an impressive CAGR during the forecast period. The regional market growth can be attributed to growing applications for manufacturing batteries and polishing of television glass.

On the other hand, the market of North America is expected to exhibit a rapid growth rate in the coming years due to expanding automotive sector in the region.

Segments

Elements

Neodymium
Dysprosium
Yttrium
Cerium
Lanthanum
Terbium
Scandium
Others

Applications

Ceramics
Glass & Polish
Magnets
Catalysts
Phosphors
Metallurgy
Others

Regions

Asia Pacific
North America
Latin America
Europe
Middle East & Africa

Key Players

Rare Element Resources Ltd.
IIuka Resources Ltd.
Avalon Advanced Materials Inc.
Eutectix
Shin-Etsu Chemical Co., Ltd.
Lynas Corporation
Canada Rare Earth Corp.
Arafura
Molycorp
Frontier Rare Earths
China Rare Earth Holdings

Competitive Landscape

Key players competing in the global rare earth elements market include Rare Element Resources Ltd.; IIuka Resources Ltd.; Avalon Advanced Materials Inc.; Eutectix; Shin-Etsu Chemical Co., Ltd.; Lynas Corporation; Canada Rare Earth Corp.; Arafura; Molycorp; Frontier Rare Earths; and China Rare Earth Holdings.

Some of these players are engaged in several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares.

Rare Earth Elements Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Rare Earth Elements Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Rare Earth Elements Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Rare Earth Elements Market - Supply Chain
  4.5. Global Rare Earth Elements Market Forecast
     4.5.1. Rare Earth Elements Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Rare Earth Elements Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Rare Earth Elements Market Absolute $ Opportunity
5. Global Rare Earth Elements Market Analysis and Forecast by Applications
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Applications
     5.2.2. Y-o-Y Growth Projections by Applications
  5.3. Rare Earth Elements Market Size and Volume Forecast by Applications
     5.3.1. Ceramics
     5.3.2. Glass & Polish
     5.3.3. Magnets
     5.3.4. Catalysts
     5.3.5. Phosphors
     5.3.6. Metallurgy
     5.3.7. Others
  5.4. Absolute $ Opportunity Assessment by Applications
  5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Rare Earth Elements Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Rare Earth Elements Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Rare Earth Elements Demand Share Forecast, 2019-2026
7. North America Rare Earth Elements Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Rare Earth Elements Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Rare Earth Elements Market Size and Volume Forecast by Applications
     7.4.1. Ceramics
     7.4.2. Glass & Polish
     7.4.3. Magnets
     7.4.4. Catalysts
     7.4.5. Phosphors
     7.4.6. Metallurgy
     7.4.7. Others
  7.5. Basis Point Share (BPS) Analysis by Applications
  7.6. Y-o-Y Growth Projections by Applications
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Rare Earth Elements Demand Share Forecast, 2019-2026
8. Latin America Rare Earth Elements Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Rare Earth Elements Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Rare Earth Elements Market Size and Volume Forecast by Applications
     8.4.1. Ceramics
     8.4.2. Glass & Polish
     8.4.3. Magnets
     8.4.4. Catalysts
     8.4.5. Phosphors
     8.4.6. Metallurgy
     8.4.7. Others
  8.5. Basis Point Share (BPS) Analysis by Applications
  8.6. Y-o-Y Growth Projections by Applications
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Rare Earth Elements Demand Share Forecast, 2019-2026
9. Europe Rare Earth Elements Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Rare Earth Elements Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Rare Earth Elements Market Size and Volume Forecast by Applications
     9.4.1. Ceramics
     9.4.2. Glass & Polish
     9.4.3. Magnets
     9.4.4. Catalysts
     9.4.5. Phosphors
     9.4.6. Metallurgy
     9.4.7. Others
  9.5. Basis Point Share (BPS) Analysis by Applications
  9.6. Y-o-Y Growth Projections by Applications
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Rare Earth Elements Demand Share Forecast, 2019-2026
10. Asia Pacific Rare Earth Elements Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Rare Earth Elements Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Rare Earth Elements Market Size and Volume Forecast by Applications
     10.4.1. Ceramics
     10.4.2. Glass & Polish
     10.4.3. Magnets
     10.4.4. Catalysts
     10.4.5. Phosphors
     10.4.6. Metallurgy
     10.4.7. Others
  10.5. Basis Point Share (BPS) Analysis by Applications
  10.6. Y-o-Y Growth Projections by Applications
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Rare Earth Elements Demand Share Forecast, 2019-2026
11. Middle East & Africa Rare Earth Elements Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Rare Earth Elements Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Rare Earth Elements Market Size and Volume Forecast by Applications
     11.4.1. Ceramics
     11.4.2. Glass & Polish
     11.4.3. Magnets
     11.4.4. Catalysts
     11.4.5. Phosphors
     11.4.6. Metallurgy
     11.4.7. Others
  11.5. Basis Point Share (BPS) Analysis by Applications
  11.6. Y-o-Y Growth Projections by Applications
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Rare Earth Elements Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Rare Earth Elements Market: Market Share Analysis
  12.2. Rare Earth Elements Distributors and Customers
  12.3. Rare Earth Elements Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. Rare Element Resources Ltd.
     12.4.2. IIuka Resources Ltd.
     12.4.3. Avalon Advanced Materials Inc.
     12.4.4. Eutectix
     12.4.5. Shin-Etsu Chemical Co., Ltd.
     12.4.6. Lynas Corporation
     12.4.7. Canada Rare Earth Corp.