Asia: Rare Earth Metal Market 2024

Rare Earth Metal Market Size in Asia

In 2021, after seven years of growth, there was decline in the Asian rare earth metal market, when its value decreased by -3.4% to $X. The total consumption indicated a mild expansion from 2012 to 2021: its value increased at an average annual rate of +1.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +53.8% against 2013 indices. Over the period under review, the market reached the peak level at $X in 2020, and then reduced modestly in the following year.

Rare Earth Metal Production in Asia

In value terms, rare earth metal production declined to $X in 2021 estimated in export price. Overall, production recorded a pronounced decline. The growth pace was the most rapid in 2018 when the production volume increased by 28% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Rare Earth Metal Exports

Exports in Asia

In 2021, after two years of decline, there was significant growth in shipments abroad of rare earth metals, when their volume increased by 36% to X tons. Total exports indicated prominent growth from 2012 to 2021: its volume increased at an average annual rate of +10.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, rare earth metal exports skyrocketed to $X in 2021. Over the period under review, exports showed a measured expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2021, China (X tons) was the key exporter of rare earth metals, committing 66% of total exports. Vietnam (X tons) took a 24% share (based on physical terms) of total exports, which put it in second place, followed by Thailand (6.6%).

Exports from China increased at an average annual rate of +14.2% from 2012 to 2021. At the same time, Thailand (+360.7%) and Vietnam (+9.6%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in Asia, with a CAGR of +360.7% from 2012-2021. China (+19 p.p.) and Thailand (+6.6 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest rare earth metal supplying countries in Asia were Vietnam ($X), China ($X) and Thailand ($X), together comprising 93% of total exports.

Among the main exporting countries, Thailand, with a CAGR of +567.2%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in Asia stood at $X per ton in 2021, increasing by 30% against the previous year. In general, the export price, however, showed a abrupt downturn. Over the period under review, the export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Thailand ($X per ton), while China ($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 a decline in the export price figures.

Rare Earth Metal Imports

Imports in Asia

In 2021, the amount of rare earth metals imported in Asia soared to X tons, picking up by 28% on 2020. The total import volume increased at an average annual rate of +1.1% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when imports increased by 31%. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in the immediate term.

In value terms, rare earth metal imports soared to $X in 2021. In general, imports recorded a relatively flat trend pattern. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Japan was the main importer of rare earth metals in Asia, with the volume of imports finishing at X tons, which was near 59% of total imports in 2021. Malaysia (X tons) ranks second in terms of the total imports with a 26% share, followed by India (5.6%) and Thailand (4.7%).

From 2012 to 2021, average annual rates of growth with regard to rare earth metal imports into Japan stood at -3.0%. At the same time, Thailand (+107.6%), Malaysia (+37.4%) and India (+1.4%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing importer imported in Asia, with a CAGR of +107.6% from 2012-2021. Malaysia (+25 p.p.) and Thailand (+4.7 p.p.) significantly strengthened its position in terms of the total imports, while Japan saw its share reduced by -26.3% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X) constitutes the largest market for imported rare earth metals in Asia, comprising 67% of total imports. The second position in the ranking was held by Malaysia ($X), with a 15% share of total imports. It was followed by Thailand, with a 7.9% share.

In Japan, rare earth metal imports contracted by an average annual rate of -2.7% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Malaysia (+31.0% per year) and Thailand (+69.0% per year).

Import Prices by Country

In 2021, the import price in Asia amounted to $X per ton, picking up by 14% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the import price increased by 21%. As a result, import price reached the peak level of $X per ton. From 2019 to 2021, the import prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+0.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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