ASEAN: Rare Earth Metal Market 2025

Rare Earth Metal Market Size in ASEAN

In 2021, the ASEAN rare earth metal market decreased by -4.6% to $X for the first time since 2018, thus ending a two-year rising trend. Over the period under review, consumption, however, posted resilient growth. The level of consumption peaked at $X in 2020, and then reduced slightly in the following year.

Rare Earth Metal Production in ASEAN

In value terms, rare earth metal production contracted to $X in 2021 estimated in export price. Over the period under review, production, however, posted a buoyant expansion. The most prominent rate of growth was recorded in 2017 with an increase of 148%. The level of production peaked at $X in 2020, and then shrank in the following year.

Rare Earth Metal Exports

Exports in ASEAN

In 2021, exports of rare earth metals in ASEAN expanded rapidly to X tons, surging by 9.6% on 2020 figures. In general, exports recorded strong growth. The pace of growth was the most pronounced in 2014 with an increase of 38%. The volume of export peaked at X tons in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, rare earth metal exports surged to $X in 2021. Over the period under review, exports recorded a prominent increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Vietnam represented the major exporter of rare earth metals in ASEAN, with the volume of exports amounting to X tons, which was near 76% of total exports in 2021. It was distantly followed by Thailand (X tons), creating a 21% share of total exports. Malaysia (X tons) held a minor share of total exports.

From 2012 to 2021, average annual rates of growth with regard to rare earth metal exports from Vietnam stood at +9.6%. At the same time, Thailand (+360.7%) and Malaysia (+21.2%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +360.7% from 2012-2021. Thailand (+21 p.p.) and Malaysia (+1.9 p.p.) significantly strengthened its position in terms of the total exports, while Vietnam saw its share reduced by -4.3% from 2012 to 2021, respectively.

In value terms, Vietnam ($X) remains the largest rare earth metal supplier in ASEAN, comprising 70% of total exports. The second position in the ranking was held by Thailand ($X), with a 26% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Vietnam totaled +5.4%. The remaining exporting countries recorded the following average annual rates of exports growth: Thailand (+567.2% per year) and Malaysia (+33.9% per year).

Export Prices by Country

In 2021, the export price in ASEAN amounted to $X per ton, surging by 56% against the previous year. Overall, the export price, however, showed a perceptible reduction. The level of export peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Thailand ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+45.0%), while the other leaders experienced mixed trends in the export price figures.

Rare Earth Metal Imports

Imports in ASEAN

In 2021, supplies from abroad of rare earth metals increased by 21% to X tons, rising for the third year in a row after three years of decline. Over the period under review, imports showed significant growth. The most prominent rate of growth was recorded in 2013 when imports increased by 301%. The volume of import peaked at X tons in 2015; however, from 2016 to 2021, imports failed to regain momentum.

In value terms, rare earth metal imports reached $X in 2021. In general, imports posted a significant expansion. The pace of growth appeared the most rapid in 2013 with an increase of 357% against the previous year. The level of import peaked at $X in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Malaysia (X tons) was the major importer of rare earth metals, generating 82% of total imports. It was distantly followed by Thailand (X tons), committing a 15% share of total imports. Vietnam (X tons) held a relatively small share of total imports.

From 2012 to 2021, average annual rates of growth with regard to rare earth metal imports into Malaysia stood at +37.4%. At the same time, Thailand (+107.6%) and Vietnam (+14.3%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +107.6% from 2012-2021. From 2012 to 2021, the share of Malaysia and Thailand increased by +36 and +14 percentage points, respectively.

In value terms, the largest rare earth metal importing markets in ASEAN were Malaysia ($X), Thailand ($X) and Vietnam ($X), with a combined 100% share of total imports.

Thailand, with a CAGR of +69.0%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2021, declining by -5.8% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the import price increased by 75%. The level of import peaked at $X per ton in 2018; however, from 2019 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Vietnam ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+17.0%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform