Rare Earth Elements Market Trends Share Outlook Overview Analysis 2023-2030

February 24 03:35 2023
Rare Earth Elements Market Trends Share Outlook Overview Analysis 2023-2030
DataM Intelligence
The Rare Earth Elements Market is growing at a CAGR of 9.4% during the forecast period (2023-2030).


The rise of new production capacities coupled with increased demand for electric vehicles

The introduction of effective hybrid vehicle variations is being forced upon the automotive industry by federal incentives and growing concerns over fuel emissions. Future demand for hybrid electric vehicles is anticipated to be extremely high due to improving energy efficiency and a greater awareness of the environment among consumers. In addition to being employed in passenger vehicles, rare earth oxides are also used in magnetic refrigeration, electric tricycles and bicycles.

Additionally, terbium, cerium, yttrium and gadolinium rare earth compounds are employed as phosphors in various electronic devices, including LCDs and smartphones. These rare earth compounds display electro-phosphorescence, in which an electric discharge causes changes in color within the compounds.

Long realization period and uncertain investment environment

It takes at least five years for a rare earth mine to mature to the point of commercial production. During this time, extensive topographical mapping and significant infrastructural investments are needed. Additionally, long-term investments in infrastructure for community housing, transportation, water and energy sources are needed to support the expansion of production facilities. Most project spending by rare earth mining firms comprises all of these.


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The global rare earth elements market is segmented based on type, source, application, end-user and region.

The metal in rare earth elements type drives the market growth 

It is anticipated that the metals sector will control the market. The light elements (lanthanum through samarium) and the heavier elements make up rare earth metals (europium to lutetium). These are more expensive and less frequent. Rare earth compounds commonly glow under UV light, making identification simpler. In addition, when rare piles of earth combine with water or mild acids, hydrogen gas is produced. Rechargeable batteries for computers, cell phones and other portable electronics are made with rare earth metals. Additionally, these are utilized in numerous industries, such as automotive, glass and ceramic goods.



The growing use of Neodymium in automobile industry in North America

North America is expected to dominate the market for rare earth elements during the anticipated period. The region’s expanding auto sector is to blame for the increased demand for rare piles of earth. For instance, a renowned American electric vehicle company, Tesla, disclosed that their Model 3 Long Range automobiles employed Neodymium in 2018. It is expected that the measure will enhance the demand for Neodymium. The consumer electronics and nuclear energy sectors will also likely drive demand for rare piles of the earth during the projected timeframe.


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The major global players include China Rare Earth Holdings Limited, Arafura Resources Limited, Lynas Corporation, Ltd., Avalon Advanced Materials Inc., Alkane Resources Ltd, Shin-Etsu Chemical Co. Ltd, Canada Rare Earth Corporation, Iluka Resources Ltd., Eutectix LLC, Rare Element Resources Ltd and others.

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