Rare Earth Metals Market Size, Share, Growth Analysis, By Product(Cerium, Dysprosium, Erbium, Europium), By Application(Magnets, Catalysts, Metallurgy, Polishing), By Region - Industry Forecast 2024-2031

Rare Earth Metals Market size was valued at USD 3.85 billion in 2022 and is poised to grow from USD 4.28 billion in 2023 to USD 10.03 billion by 2031, at a CAGR of 11.23% during the forecast period (2024-2031).

The competitive landscape is dynamic, and market positions may shift as companies invest in research and development, explore new mining projects, and address environmental concerns associated with rare earth metals production. 'China Northern Rare Earth Group High-Tech Co., Ltd. (China)', 'China Minmetals Corporation (China)', 'Lynas Corporation Ltd. (Australia)', 'MP Materials Corp. (United States)', 'Jiangxi Copper Corporation (China)', 'Iluka Resources Limited (Australia)', 'Shenghe Resources Holding Co., Ltd. (China)', 'Alkane Resources Ltd. (Australia)', 'Neo Performance Materials Inc. (Canada)', 'Arafura Resources Limited (Australia)', 'Greenland Minerals Ltd. (Australia)', 'Northern Minerals Limited (Australia)', 'Avalon Advanced Materials Inc. (Canada)', 'Medallion Resources Ltd. (Canada)', 'Norsk Hydro ASA (Norway)', 'Texas Mineral Resources Corp. (United States)', 'Ucore Rare Metals Inc. (Canada)', 'Hastings Technology Metals Ltd. (Australia)', 'Great Western Minerals Group Ltd. (Canada)', 'Arafura Resources Ltd. (Australia)'

Rare earth metals are essential components in the production of advanced technologies such as smartphones, laptops, electric vehicles, renewable energy systems, and aerospace equipment. The growing demand for these technologies drives the need for rare earth metals, as they offer unique magnetic, luminescent, and catalytic properties required for their functionality.

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By 2022, sales growth in North America is projected to register a CAGR of 8.2%. The region's developing automobile industry is to blame for the rising demand for rare earths. Neodymium, for instance, is used in Tesla's Model 3 Long Range vehicles, a major American maker of electric vehicles. Over the projected period, it is expected that this action will increase demand for neodymium. Over the projected period, it is also anticipated that expanding nuclear and consumer electronics industries will fuel demand for rare earths. With more than 30% of the world's electricity generated by nuclear energy, the United States is the largest producer in the world. According to the World Nuclear Association, there are now two nuclear reactors being built in the nation. The region's market is anticipated to grow faster than average due to the increasing need for nuclear reactors.