India: Rare Earth Metal Market 2024

Rare Earth Metal Market Size in India

The Indian rare earth metal market contracted to $X in 2021, with a decrease of -2.5% against the previous year. Over the period under review, consumption, however, recorded a deep setback. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Rare Earth Metal Production in India

In value terms, rare earth metal production shrank dramatically to $X in 2021 estimated in export price. Overall, production recorded a deep reduction. The growth pace was the most rapid in 2018 when the production volume increased by 100% against the previous year. Rare earth metal production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Rare Earth Metal Exports

Exports from India

In 2021, approx. X tons of rare earth metals were exported from India; with a decrease of -15% compared with the previous year. Over the period under review, exports, however, saw a slight expansion. The growth pace was the most rapid in 2018 with an increase of 366%. As a result, the exports reached the peak of X tons. From 2019 to 2021, the growth of the exports remained at a lower figure.

In value terms, rare earth metal exports shrank to $X in 2021. Overall, exports continue to indicate a abrupt shrinkage. The pace of growth appeared the most rapid in 2018 when exports increased by 191% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Japan (X kg), Nigeria (X kg) and Bhutan (X kg) were the main destinations of rare earth metal exports from India, with a combined 69% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Bhutan (with a CAGR of +76.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for rare earth metal exported from India were Japan ($X), Nigeria ($X) and South Africa ($X), with a combined 63% share of total exports.

In terms of the main countries of destination, South Africa, with a CAGR of +143.9%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average rare earth metal export price stood at $X per ton in 2021, approximately reflecting the previous year. Over the period under review, the export price, however, recorded a abrupt downturn. The pace of growth was the most pronounced in 2013 an increase of 169%. As a result, the export price attained the peak level of $X per ton. From 2014 to 2021, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Iran ($X per ton), while the average price for exports to Bhutan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the Philippines (+97.6%), while the prices for the other major destinations experienced more modest paces of growth.

Rare Earth Metal Imports

Imports into India

In 2021, supplies from abroad of rare earth metals was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. In general, total imports indicated modest growth from 2012 to 2021: its volume increased at an average annual rate of +1.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, rare earth metal imports skyrocketed to $X in 2021. Overall, imports, however, showed a pronounced decrease. Imports peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) was the main supplier of rare earth metal to India, accounting for a 95% share of total imports. It was followed by Japan (X tons), with a 2.9% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +1.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+382.2% per year) and Hong Kong SAR (-21.9% per year).

In value terms, China ($X) constituted the largest supplier of rare earth metals to India, comprising 88% of total imports. The second position in the ranking was taken by Japan ($X), with a 5.3% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at -5.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+399.0% per year) and Hong Kong SAR (-23.0% per year).

Import Prices by Country

The average rare earth metal import price stood at $X per ton in 2021, rising by 3.8% against the previous year. Overall, the import price, however, continues to indicate a deep setback. The most prominent rate of growth was recorded in 2018 when the average import price increased by 34%. Over the period under review, average import prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+3.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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