Rare Earth Elements Market Size to Worth USD 8.14 Billion by 2032, CAGR of 10.2% during 2025-2032

PUNE, INDIA, March 12, 2025 /EINPresswire.com/ -- In 2023, the global rare earth elements market was valued at USD 3.39 billion, and it is expected to grow from USD 3.74 billion in 2024 to USD 8.14 billion by 2032, with a compound annual growth rate (CAGR) of 10.2% during the forecast period (2024-2032). Asia Pacific led the market, accounting for 86.14% of the total share in 2023.

The global rare earth elements market size is projected to experience a period of sustained growth owing to the steadily rising adoption of electric vehicles (EVs) around the world. Growing demand for consumer durables like tablets, laptops, and smartphones is driving rare earth element consumption. In developing economies, increased industrialization, construction, and government digitization efforts are expected to accelerate demand.
Fortune Business Insights™ displays this information in a report titled, " Rare Earth Elements Industry Share, Size, Global Report, and Forecast, 2024-2032."

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➤ Report Scope:

♦ Market Size Value in 2024: $ 3.74 Bn
♦ Market Size Value in 2032: $ 8.14 Bn
♦ Growth Rate: CAGR of 10.2% (2024-2032)
♦ Base Year: 2023
♦ Historical Data: 2019-2022
♦ Years Considered for the Study: 2019-2032
♦ No. of Report Pages: 160
♦ 𝗦𝗲𝗴𝗺𝗲𝗻𝘁𝘀 𝗖𝗼𝘃𝗲𝗿𝗲𝗱: By Type (Lanthanum, Cerium, Neodymium, Praseodymium, Samarium, Europium, Others), By Application (Magnets, Metallurgy, Batteries, Polishing Agent, Glass and Ceramics, Catalyst, Phosphors, and Others).

➤ Segmentation Analysis:

Segmentation by Type:
• Lanthanum (La): Primarily used in catalysts, battery alloys, and glass-making.
• Cerium (Ce): Used in catalysts, polishing agents, and in the glass and ceramics industry.
• Neodymium (Nd): A key component in permanent magnets, especially for electric vehicles, wind turbines, and other high-tech applications.
• Praseodymium (Pr): Applied in the production of high-strength metals used in aircraft engines and magnets.
• Samarium (Sm): Mostly used in magnets and nuclear reactors.
• Europium (Eu): Critical for phosphors in lighting and display applications.

Segmentation by Application:
• Magnets: Includes the use of rare earth elements like Neodymium, Praseodymium, Samarium, and Dysprosium in high-performance permanent magnets (used in electric motors, electronics, etc.).
• Metallurgy: Involves rare earth elements used to improve metal strength, durability, and resistance to high temperatures.
• Batteries: Lanthanum and other rare earth elements are used in nickel-metal hydride (NiMH) batteries, primarily for hybrid electric vehicles.
• Polishing Agent: Cerium oxide is widely used in glass polishing, including in the electronics and optical industries.
• Glass and Ceramics: Cerium, Lanthanum, and Neodymium are used to enhance glass properties, including in the production of specialized lenses and optical devices.
• Catalyst: Lanthanum and Cerium are essential components in catalytic converters for automobiles and other industrial catalysts.
• Phosphors: Europium, Terbium, and Yttrium are used in phosphorescent materials for lighting, display screens, and X-ray intensifying screens.

➤ Report Coverage:

The report has conducted a detailed study of the market and highlighted several critical areas, such as leading product types, designs, end-users, and prominent market players. It has also focused on the latest market trends and the key industry developments. Apart from the aforementioned factors, the report has given information on many other factors that have helped the market grow.

𝐁𝐫𝐨𝐰𝐬𝐞 𝐃𝐞𝐭𝐚𝐢𝐥𝐞𝐝 𝐒𝐮𝐦𝐦𝐚𝐫𝐲 𝐨𝐟 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐰𝐢𝐭𝐡 𝐓𝐎𝐂:
https://www.fortunebusinessinsights.com/rare-earth-elements-market-102943

➤ LIST OF TOP KEY COMPANIES PROFILED:

• Baotou Rare Earth (China)
• China Minmetal Rare Earth (China)
• Avalon Advanced Materials (Canada)
• IREL (India)
• Metall Rare Earth Limited (China)
• Arafura Resources (Australia)
• Canada Rare Earth Corporation (Canada)
• Lynas Corporation (Australia)

➤ Key Factors Driving the Global Rare Earth Elements Market:
The global Rare Earth Elements (REE) market is driven by several key factors, with growing demand for high-tech electronics, electric vehicles (EVs), and renewable energy technologies being at the forefront. Rare earth elements are critical in the manufacturing of permanent magnets, which are used in electric motors, wind turbines, and other energy-efficient systems.

➤ Challenges that May Hamper the Global Rare Earth Elements Market Expansion:
Despite its growth potential, the rare earth elements market faces several challenges. One of the primary obstacles is the concentration of REE production, with China accounting for over 70% of the global supply. This dependency on a single country for supply raises concerns about market volatility and geopolitical risks.

➤ Potential Growth Opportunities in the Global Rare Earth Elements Market:
The rare earth elements market holds significant potential growth opportunities, particularly in the development of recycling technologies for REEs. As demand for clean energy and electric vehicles increases, recycling rare earth materials from end-of-life products could offer a sustainable solution to supply shortages.

➤ Top Regions Leading the Market Growth:
The top regions in the global Rare Earth Elements (REE) market are Asia-Pacific, North America, and Europe. Asia-Pacific, led by China, dominates with its large reserves, advanced refining, and leadership in electronics and EVs. North America (U.S. and Canada) is expanding with investments in mining and refining, driven by defense, automotive, and renewable energy needs. Europe is focusing on sustainability, with growing demand for REEs in electric vehicles, wind energy, and high-tech industries, supported by government efforts to secure local supply chains.

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➤ Recent Major Developments in the Market
September 2020: USA Rare Earth declared its wholehearted support to the Reclaiming American Rare Earths (RARE) Act, a bipartisan bill introduced in the US House of Representatives. The Act aims at creating a well-rounded tax incentive program to attract investments in mining of rare earths found in the US.

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