Global Rare Earth Elements Market Size to Exceed USD 10.42 Billion by 2035 | CAGR of 9.40%
Category: Chemicals & MaterialsGlobal Rare Earth Elements Market Size to Exceed USD 10.42 Billion by 2035
According to a Research Report Published by Spherical Insights & Consulting, the Global Rare Earth Elements Market Size is Expected to Grow from USD 3.88 Billion in 2024 to USD 10.42 Billion by 2035, at a CAGR of 9.40% during the forecast period 2025-2035.
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Browse key industry insights spread across 253 pages with 127 Market data tables and figures & charts from the report on the “Global Rare Earth Elements Market Size, Share, and COVID-19 Impact Analysis, By Type (Lanthanum, Cerium, Neodymium, Praseodymium, Samarium, Europium, and Others), By Application (Magnets, Metallurgy, Batteries, Polishing Agent, Glass and Ceramics, Catalysts, Phosphors, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2025 – 2035.” Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/rare-earth-elements-market
The Rare Earth Elements (REE) Market Size is a global industry that deals with the extraction, processing, and trading of 17 chemically related metallic elements, including yttrium, scandium, and lanthanides. These elements are essential to the electronics, renewable energy, automotive, and defense industries due to their unique catalytic, magnetic, and luminous properties. High-tech applications, sustainable energy solutions, and strategic industries make up the majority of the rare earth elements (REEs) market. The growing global use of consumer electronics and people's desire for clean and sustainable energy sources are the main factors driving the rare earth elements market share. The rising need for clean energy technology is one of the main factors propelling the rare earth elements (REE) industry. The production of permanent magnets for wind turbines and electric vehicle (EV) motors, both of which are growing quickly as a result of global sustainability goals, depends on REEs. However, the market for rare earth elements is restricted by factors that affect worldwide availability and sustainability, including price volatility, supply chain interruptions, geopolitical conflicts, environmental laws, extraction costs, recycling restrictions, and monopoly concerns.
The neodymium segment dominated the market in 2024 and is projected to grow at a substantial CAGR during the forecast period.
Based on the type, the rare earth elements market is divided into lanthanum, cerium, neodymium, praseodymium, samarium, europium, and others. Among these, the neodymium segment dominated the market in 2024 and is projected to grow at a substantial CAGR during the forecast period. The neodymium segment is growing as a result of increased demand from producers of electric and hybrid vehicles.
The magnets segment accounted for the largest share in 2024 and is anticipated to grow at a remarkable CAGR during the forecast period.
Based on the application, the rare earth elements market is divided into magnets, metallurgy, batteries, polishing agent, glass and ceramics, catalysts, phosphors, and others. Among these, the magnets segment accounted for the largest share in 2024 and is anticipated to grow at a remarkable CAGR during the forecast period. Technological advancements in energy storage applications, along with rising demand from electric car manufacturers, will propel the magnets segment.
Asia Pacific is expected to hold the majority share of the global rare earth elements market during the forecast period.
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Asia Pacific is expected to hold the majority share of the global rare earth elements market during the forecast period. The region's governments and businesses are making more investments in recycling technology, local sourcing, and strategic alliances to ensure reliable supply chains and lessen dependency on imports for these essential commodities. The market expansion is also being supported by the growing number of building and construction projects, as well as industrialization initiatives in China and India.
North America anticipated to grow at the fastest pace in the global rare earth elements market during the forecast period. The area is also looking into other mining options in an effort to lessen its reliance on Chinese supplies. Therefore, it is anticipated that during the projection period, the growing demand for EVs will fuel the demand for REEs.
Major vendors in the global rare earth elements market are Hitachi Metals Ltd., Shin-Etsu Chemical Co., Ltd., Arafura Resources Ltd., Indian Rare Earth Limited, Alkane Resources Ltd., Greenland Minerals Ltd, Iluka Resources Limited, Lynas Corporation Ltd., Avalon Advanced Materials Inc., Rare Element Resources Ltd., Ucore Rare Metals Inc., Northern Minerals Ltd, China Northern Rare Earth (Group) High-Tech Co., Ltd., and Others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Key Market Development
- In July 2023, To establish a neodymium magnet production facility in Stillwater, Oklahoma, with an initial capacity of 1,200 tons annually, USA Rare Earth announced plans to invest USD 100 million. Production is anticipated to increase up to 4,800 tons annually after starting in early 2026.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2035. Spherical Insights has segmented the rare earth elements market based on the below-mentioned segments:
Global Rare Earth Elements Market, By Type
- Lanthanum
- Cerium
- Neodymium
- Praseodymium
- Samarium
- Europium
- Others
Global Rare Earth Elements Market, By Application
- Magnets
- Metallurgy
- Batteries
- Polishing Agent
- Glass and Ceramics
- Catalysts
- Phosphors
- Others
Global Rare Earth Elements Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
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Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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