Worldwide Rare Earth Metals Market: 311K tons anticipated by 2030, valued at $9.2B

IndexBox has just published a new report: World - Rare Earth Metals - Market Analysis, Forecast, Size, Trends And Insights.

The rare earth metals market is poised for continued growth, with a projected CAGR of +2.9% in volume and +6.8% in value from 2024 to 2030. This anticipated expansion is fueled by rising demand for these essential metals in various industries worldwide.

Market Forecast

Driven by increasing demand for rare earth metals worldwide, the market is expected to continue an upward consumption trend over the next six-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +2.9% for the period from 2024 to 2030, which is projected to bring the market volume to 311K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +6.8% for the period from 2024 to 2030, which is projected to bring the market value to $9.2B (in nominal wholesale prices) by the end of 2030.

Consumption

World Consumption of Rare Earth Metals

Global rare earth metal consumption stood at 262K tons in 2024, surging by 1.8% compared with the year before. Over the period under review, the total consumption indicated a noticeable increase from 2013 to 2024: its volume increased at an average annual rate of +4.3% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption increased by +2.2% against 2021 indices. Global consumption peaked at 286K tons in 2020; however, from 2021 to 2024, consumption remained at a lower figure.

The global rare earth metal market value fell to $6.2B in 2024, dropping by -5.7% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption continues to indicate a perceptible expansion. Global consumption peaked at $9.6B in 2020; however, from 2021 to 2024, consumption failed to regain momentum.

Consumption By Country

China (137K tons) constituted the country with the largest volume of rare earth metal consumption, comprising approx. 52% of total volume. Moreover, rare earth metal consumption in China exceeded the figures recorded by the second-largest consumer, Australia (35K tons), fourfold. Malaysia (32K tons) ranked third in terms of total consumption with a 12% share.

In China, rare earth metal consumption expanded at an average annual rate of +3.7% over the period from 2013-2024. In the other countries, the average annual rates were as follows: Australia (-1.1% per year) and Malaysia (+13.9% per year).

In value terms, China ($3.1B) led the market, alone. The second position in the ranking was held by the United States ($1.3B). It was followed by Australia.

From 2013 to 2024, the average annual growth rate of value in China amounted to +1.4%. In the other countries, the average annual rates were as follows: the United States (+18.7% per year) and Australia (-1.1% per year).

The countries with the highest levels of rare earth metal per capita consumption in 2024 were Australia (1,313 kg per 1000 persons), Malaysia (947 kg per 1000 persons) and China (96 kg per 1000 persons).

From 2013 to 2024, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by the United States (with a CAGR of +14.9%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Rare Earth Metals

In 2024, global production of rare earth metals reached 258K tons, approximately equating the previous year's figure. In general, the total production indicated a moderate increase from 2013 to 2024: its volume increased at an average annual rate of +3.8% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, production decreased by +0.4% against 2021 indices. The pace of growth was the most pronounced in 2018 with an increase of 13%. Over the period under review, global production reached the peak volume at 287K tons in 2020; however, from 2021 to 2024, production remained at a lower figure.

In value terms, rare earth metal production shrank to $6.4B in 2024 estimated in export price. Over the period under review, the total production indicated measured growth from 2013 to 2024: its value increased at an average annual rate of +2.6% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, production decreased by -12.4% against 2022 indices. The pace of growth appeared the most rapid in 2018 when the production volume increased by 23% against the previous year. Over the period under review, global production hit record highs at $7.3B in 2022; however, from 2023 to 2024, production remained at a lower figure.

Production By Country

The country with the largest volume of rare earth metal production was China (143K tons), comprising approx. 55% of total volume. Moreover, rare earth metal production in China exceeded the figures recorded by the second-largest producer, Australia (67K tons), twofold. The third position in this ranking was taken by the United States (27K tons), with a 10% share.

In China, rare earth metal production increased at an average annual rate of +3.8% over the period from 2013-2024. In the other countries, the average annual rates were as follows: Australia (+3.2% per year) and the United States (+15.4% per year).

Imports

World Imports of Rare Earth Metals

Global rare earth metal imports expanded notably to 45K tons in 2024, growing by 9.6% compared with the year before. Overall, total imports indicated resilient growth from 2013 to 2024: its volume increased at an average annual rate of +9.2% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, imports decreased by -17.9% against 2022 indices. The pace of growth appeared the most rapid in 2014 when imports increased by 81%. Over the period under review, global imports attained the peak figure at 55K tons in 2022; however, from 2023 to 2024, imports remained at a lower figure.

In value terms, rare earth metal imports reduced to $553M in 2024. In general, imports saw a strong increase. The growth pace was the most rapid in 2021 when imports increased by 67%. Global imports peaked at $886M in 2022; however, from 2023 to 2024, imports stood at a somewhat lower figure.

Imports By Country

In 2024, Malaysia (31K tons) represented the major importer of rare earth metals, creating 69% of total imports. It was distantly followed by Japan (8.5K tons), mixing up a 19% share of total imports. India (1.4K tons) took a little share of total imports.

Malaysia was also the fastest-growing in terms of the rare earth metals imports, with a CAGR of +13.8% from 2013 to 2024. At the same time, India (+11.0%) and Japan (+4.6%) displayed positive paces of growth. From 2013 to 2024, the share of Malaysia increased by +25 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest rare earth metal importing markets worldwide were Japan ($272M), Malaysia ($141M) and India ($6M), together accounting for 76% of global imports.

In terms of the main importing countries, Malaysia, with a CAGR of +16.8%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2024, the average rare earth metal import price amounted to $12,325 per ton, with a decrease of -17.6% against the previous year. In general, the import price saw a perceptible reduction. The pace of growth appeared the most rapid in 2021 when the average import price increased by 37%. Over the period under review, average import prices attained the maximum at $18,090 per ton in 2013; however, from 2014 to 2024, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2024, amid the top importers, the country with the highest price was Japan ($32,081 per ton), while India ($4,399 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Malaysia (+2.6%), while the other global leaders experienced a decline in the import price figures.

Exports

World Exports of Rare Earth Metals

In 2024, shipments abroad of rare earth metals decreased by -1.1% to 41K tons, falling for the second year in a row after two years of growth. In general, total exports indicated resilient growth from 2013 to 2024: its volume increased at an average annual rate of +5.3% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, exports decreased by -24.5% against 2022 indices. The most prominent rate of growth was recorded in 2014 with an increase of 34% against the previous year. The global exports peaked at 55K tons in 2022; however, from 2023 to 2024, the exports failed to regain momentum.

In value terms, rare earth metal exports fell to $562M in 2024. Overall, exports, however, continue to indicate a perceptible increase. The most prominent rate of growth was recorded in 2021 when exports increased by 65% against the previous year. The global exports peaked at $956M in 2022; however, from 2023 to 2024, the exports remained at a lower figure.

Exports By Country

In 2024, Australia (31K tons) represented the key exporter of rare earth metals, committing 76% of total exports. China (6K tons) held the second position in the ranking, distantly followed by Vietnam (2K tons). All these countries together held approx. 19% share of total exports. Thailand (960 tons) took a little share of total exports.

From 2013 to 2024, average annual rates of growth with regard to rare earth metal exports from Australia stood at +14.0%. At the same time, Thailand (+39.2%) and China (+6.1%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in the world, with a CAGR of +39.2% from 2013-2024. Vietnam experienced a relatively flat trend pattern. Australia (+44 p.p.) and Thailand (+2.2 p.p.) significantly strengthened its position in terms of the global exports, while Vietnam saw its share reduced by -3.6% from 2013 to 2024, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($157M), Australia ($157M) and China ($115M) were the countries with the highest levels of exports in 2024, with a combined 76% share of global exports. Thailand lagged somewhat behind, comprising a further 15%.

Thailand, with a CAGR of +54.6%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2024, the average rare earth metal export price amounted to $13,653 per ton, dropping by -12.4% against the previous year. Overall, the export price saw a mild decline. The pace of growth appeared the most rapid in 2021 an increase of 37% against the previous year. The global export price peaked at $17,523 per ton in 2022; however, from 2023 to 2024, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Thailand ($90,392 per ton), while Australia ($4,993 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Thailand (+11.1%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform