Rare Earth Element Market is anticipated to reach US$ 16.90 Bn. by 2030 from US$ 7.50 Bn. in 2023 at a CAGR of 12.3 % during a forecast period.
Rare Earth Element Market Overview:
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Mergers and Acquisitions in the Rare Earth Elements Market:
The REE sector has seen notable mergers and acquisitions aimed at consolidating resources and enhancing supply chain security:
- Australia: In December 2021, China Minmetals Rare Earth Co. merged with Chinalco Rare Earth & Metals Co. and China Southern Rare Earth Group Co., forming one of the world’s largest rare earth producers.
- United States: In September 2024, Energy Fuels Inc. acquired Base Resources, a move expected to position the company as a leading producer of rare earth elements, titanium, and zirconium, while maintaining its status as a top U.S. uranium producer.
- Australia: Lynas Rare Earths and MP Materials explored a potential merger to create a significant non-Chinese rare earth producer. However, the talks concluded without an agreement, with Lynas citing challenges related to Australia’s high operational costs.
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Key Developments in the Rare Earth Elements Market:
Several countries have undertaken strategic initiatives to strengthen their positions in the REE market:
- Vietnam: The Vietnamese government has prioritized the development of its rare earth mining industry, leveraging its substantial reserves to attract global attention and investment.
- Thailand: BYD, a leading Chinese electric vehicle manufacturer, inaugurated a new facility in Thailand with a $486 million investment. This plant aims to produce 150,000 electric vehicles annually, underscoring the region’s growing role in the EV supply chain, which heavily relies on rare earth elements.
- South Korea: The country has emerged as a significant importer of rare earth metals, with imports totaling $5.4 million in 2023. South Korea’s robust manufacturing sector and focus on innovation make it a key player in the global rare earth market.
- European Union: The EU has implemented strategies to reduce dependence on Chinese rare earth supplies by investing in domestic processing facilities and forming partnerships with non-Chinese producers. Companies like Solvay and Carester are enhancing their operations in France and Europe to strengthen the supply chain.
- United States: The U.S. government has funded Lynas Rare Earths to build a processing plant in Texas, aiming to establish a domestic supply chain for critical minerals essential for defense and technology sectors.
Rare Earth Element Market Segmentation:
by Metal
Lanthanum
Cerium
Neodymium
Praseodymium
Samarium
Europium
Cerium was the most popular element in 2023, accounting for the majority of total volume. The growing popularity of hybrid vehicles is likely to raise rare earth demand during the predicted period. From 2024 to 2030, praseodymium volume is predicted to increase at a CAGR of 6.4%. It is used as an alloying agent with magnesium in aviation engines to produce high-strength metals. As the number of people from around the world grows, so does the demand for flights. In February 2017, GE Aviation, a subsidiary of General Electric, committed to invest USD 12.3 billion to enhance aircraft engine production capacity. This is likely to increase praseodymium demand over the projection period.
by Application
Permanent Magnets
Metals Alloys
Polishing
Additives
Catalysts
Phosphors
Magnets were the most popular application segment in terms of volume and profits in 2023. They are utilized in a variety of applications, including computer hard drives, linear actuators, servo motors, speakers, and sensors. Rising demand for magnets in autos, turbines, and consumer electronics is predicted to increase rare earth element use over the forecast period. Revenue from ceramic applications is predicted to grow at a CAGR of 7.0 percent between 2024 and 2030. Yttrium, lanthanum, cerium, neodymium, and praseodymium are widely utilized in the ceramics sector for applications including tiles, electronics, and engineering. According to data provided by the Ceramic World Web, ceramic tile output climbed by 2.2 percent from 2016 to 2017.
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Rare Earth Element Market Key Players:
1. Ucore Rare Metals Inc
2. Arafura Resources Limited
3. Alkane Resources ltd
4. Lynas Corporation
5. Avalon Advanced Materials, Inc.
6. Canada Rare Earth Corporation
7. Iluka Resources Limited
8. Baotou Jinmeng Rare Earth Co
9. Northern Minerals Limited
10. Shin-Etsu Chemical Co. Ltd.
11. China Minmetals Rare Earth Co. Ltd.
12. China Northern Rare Earth (Group) High-Tech Co., Ltd.
13. Iluka Resource Ltd (Australia)
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Rare Earth Element Market Regional Insights :
The size and trends in the Rare Earth Element market in each of the following regions are thoroughly examined in this research: North America (which includes the United States, Canada, and Mexico); Europe (which includes France, Spain, Germany, Italy, and other European countries); Asia-Pacific (which includes China, Japan, India, Australia, South Korea, ASEAN countries, and others APAC countries); South America (which includes Argentina, Brazil, and other South American countries); and Middle East and Africa (which includes South Africa, Egypt, and other MEA countries).
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Your Ultimate Guide: Key Questions Answered in the Latest Market Report:
- What is Rare Earth Element?
- What was the Rare Earth Element market size in 2023?
- Which are the factors expected to drive the Rare Earth Element market growth?
- Who are the leading companies and what are their portfolios in Rare Earth Element Market?
- What growth strategies are the players considering to increase their presence in Rare Earth Element?
- What are the upcoming industry applications and trends for the Rare Earth Element Market?
- What will be the CAGR at which the Rare Earth Element market will grow?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the Rare Earth Element Market?
- What are the different segments of the Rare Earth Element Market?
- What is the growth rate of the Rare Earth Element market?
- What segments are covered in the Rare Earth Element Market?
- Who are the key players in the Rare Earth Element market?
- What are the key challenges and opportunities in the Rare Earth Element market?
- Which application holds the highest potential in the Rare Earth Element market?
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- Market Size, Share, Size & Forecast by different segment | 2024−2030
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- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
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