United Kingdom: Rare Earth Metal Market 2024

Rare Earth Metal Market Size in the UK

In 2021, the UK rare earth metal market increased by 128% to $X, rising for the third consecutive year after two years of decline. Overall, consumption showed a perceptible expansion. Rare earth metal consumption peaked at $X in 2014; however, from 2015 to 2021, consumption stood at a somewhat lower figure.

Rare Earth Metal Exports

Exports from the UK

In 2021, the amount of rare earth metals exported from the UK dropped to X tons, therefore, remained relatively stable against the previous year. Over the period under review, exports continue to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2017 with an increase of 161%. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, rare earth metal exports reduced to $X in 2021. Overall, exports recorded a abrupt curtailment. The most prominent rate of growth was recorded in 2015 when exports increased by 48% against the previous year. As a result, the exports attained the peak of $X. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The United States (X tons) was the main destination for rare earth metal exports from the UK, accounting for a 67% share of total exports. Moreover, rare earth metal exports to the United States exceeded the volume sent to the second major destination, Germany (X tons), fourfold. Russia (X kg) ranked third in terms of total exports with a 6.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States stood at -14.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-14.0% per year) and Russia (+115.1% per year).

In value terms, the United States ($X) remains the key foreign market for rare earth metals exports from the UK, comprising 54% of total exports. The second position in the ranking was held by Germany ($X), with a 14% share of total exports. It was followed by Russia, with an 8.8% share.

From 2012 to 2021, the average annual growth rate of value to the United States amounted to -4.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-14.3% per year) and Russia (+56.8% per year).

Export Prices by Country

The average rare earth metal export price stood at $X per ton in 2021, almost unchanged from the previous year. In general, the export price, however, continues to indicate prominent growth. The most prominent rate of growth was recorded in 2020 an increase of 165%. The export price peaked at $X per ton in 2015; however, from 2016 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Switzerland ($X per ton), while the average price for exports to South Korea ($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 Switzerland (+50.3%), while the prices for the other major destinations experienced more modest paces of growth.

Rare Earth Metal Imports

Imports into the UK

Rare earth metal imports into the UK skyrocketed to X tons in 2021, surging by 65% compared with 2020. Over the period under review, imports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 with an increase of 76% against the previous year. Imports peaked at X tons in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, rare earth metal imports skyrocketed to $X in 2021. Overall, imports, however, saw a perceptible shrinkage. Over the period under review, imports reached the peak figure at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of rare earth metal to the UK, with a 74% share of total imports. Moreover, rare earth metal imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X tons), eightfold. The third position in this ranking was held by the United States (X tons), with a 6.5% share.

From 2012 to 2021, the average annual growth rate of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+45.4% per year) and the United States (-11.8% per year).

In value terms, China ($X) constituted the largest supplier of rare earth metals to the UK, comprising 54% of total imports. The second position in the ranking was held by Thailand ($X), with a 23% share of total imports. It was followed by Vietnam, with a 17% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled -8.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+61.8% per year) and Vietnam (+44.4% per year).

Import Prices by Country

In 2021, the average rare earth metal import price amounted to $X per ton, jumping by 36% against the previous year. Overall, the import price, however, recorded a noticeable downturn. Over the period under review, average import prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Vietnam ($X per ton), while the price for the United States ($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 (+52.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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