Rare Earth Metals Market to surpass $20 billion by 2024

According to a new research report by Global Market Insights, Inc. the rare earth metals market predicted to grow USD 20 billion by 2024, registering a CAGR of 9.7% from 2017 to 2024.

Growing product demand in end-users such as automotive, wind power generation, electronics & electrical, oil & petroleum refining sectors, will positively influence rare earth metals market over the forecast period. Rare earth elements are widely used in catalysts, magnets & magnetic powders, metallurgical additives, polishing powders, ceramics, batteries, glass additives and other systems & components.


 Request Sample Buy NowInquiry Before Buying


Wind power generation and electric vehicles use motors and turbines made with rare earth metal magnets. The growing demand for clean energy will substantially drive product demand over the forecast period. Generation 4 machine designs in wind power generation use rare earth metal magnets to avoid gearbox issues. It can be attributed to its low cost and weight, less frequent maintenance, reduced noise and incidences of catastrophic failure. These Gen-4 designs are being widely implemented in China, although the growth rate is moderate in rest of the world due to price and availability issue of NdFeB magnets.

U.S. Rare Earth Metals Market Share, By Application, 2013 - 2024 (USD Million)
Rare Earth Metals Market

Get more details on this report - Request Free Sample PDF

Neodymium held more than 30% rare earth metals market share in 2016. Neodymium is a widely used RE metal across the globe. It is used in making high-powered, infrared lasers for defense and industrial applications. Neodymium in combination with praseodymium, makes a strong permanent magnet. These magnets are used in hand tools, wind turbines, vehicles and consumer electronics such as computer discs, hard disk drives, microphones, earphones and smartphones. Thus, escalating consumer electronic sales across the globe will complement industry growth by 2024.

Browse key industry insights spread across 1030 pages with 1945 market data tables & 27 figures & charts from the report, “Rare Earth Metals Market Size By Metal (Cerium, Dysprosium, Erbium, Europium, Gadolinium, Holmium, Lanthanum, Lutetium, Neodymium, Praseodymium, Promethium, Samarium, Scandium, Terbium, Thulium, Ytterbium, Yttrium), By Applications (Magnets, Colorants, Alloys, Optical instruments, Catalysts), Industry Analysis Report, Regional Outlook (U.S., Canada, France, Germany, UK, Russia, China, India, Australia, Thailand, Malaysia, Brazil, GCC), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:

Magnets represent an important application segment of global rare earth metals market. Rare earth magnetic materials have gained prominence across numerous end-users owing to its performance advantages. Rare earth metal magnets containing samarium or praseodymium have been widely used since their introduction in 1970s. Technological innovations with using other rare earth elements in making magnets will propel product business from 2017 to 2024.

Other important and growing application segments include solar panels, wind turbines, energy equipment and healthcare. Increasing environmental awareness and decreasing fossil fuel resources are propelling the demand for regenerative and green energy. This growth in regenerative energy equipment demand will fuel the product demand over the forecast period. In addition, rapidly growing healthcare industry in emerging economies such as China and India shall drive the rare earth metals market during the forecast period, as these magnets are used in MRI machines.

Asia Pacific is a leading region in rare earth metals market share, both in terms of, demand and consumption. China accounts for approximately 80% of rare earth metal production and commands approximately 60% of it for its domestic consumption. In recent years, China has increased control over rare earth mining, production and quotas for domestic consumption, by implementing a system of mining rights allocation plans. Under resource conservation and environmental protection, China restricted rare earth trade in 2010 by imposing export duties, quotas and put limitations on trading rights of companies with export permissions.

There are various companies involved in mining and processing of rare earth metals. Some of them include, Ucore, Canada Rare Earth Corporation, China Rare Earth Holdings Limited, Ganzhou Qiandong Rare Earth Group Co., Ltd. and JL Mag Rare Earth Co., Ltd. These companies provide rare earths in oxide formats, which are then separated and then processed to make metals, which are used for making alloys.

We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies. More info X