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World - Rare Earth Metals - Market Analysis, Forecast, Size, Trends And Insights
Report Update: May 1, 2024

World - Rare Earth Metals - Market Analysis, Forecast, Size, Trends And Insights

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Article Publishing Date: Aug 17, 2021

New Rare Earth Mining Projects to Weaken China's Leading Market Hold

IndexBox has just published a new report: 'World - Rare Earth Metals - Market Analysis, Forecast, Size, Trends and Insights'. Here is a summary of the report's key findings.

The global demand for rare earths is continuing to increase. Countries remain reliant on China, which currently provides approx. 55% of global rare earth production of 252K tons. Future projects to develop mining facilities in Russia, the U.S., Japan and Australia may yet weaken China's leading market hold. The rare earth mineral market is to accelerate on robustly increasing demand from the microelectronics, electric vehicle, wind power and high-tech industries.

Key Trends and Insights

Global rare earth mineral output continues to increase. According to USGS data, global production in 2020 reached 240К tons (+9% y-o-y). China leads the output of rare earth minerals, with a figure of 140К tons in 2020 (+6% y-o-y). In addition, China boasts the largest confirmed rare earth mineral reserves in the world (44М tons). Output is also on the rise in the U.S. (+35.7% y-o-y), Brazil (+40.8% y-o-y), Myanmar (+20% y-o-y), Burundi (+150% y-o-y), India (+3.4% y-o-y), and Madagascar (+100% y-o-y).

The substantial dependence on China, which accounts for 55% of global rare earth production, makes other countries strategically vulnerable: these minerals are widely used in the semiconductor industry, nuclear engineering, mechanical engineering, the chemical industry and metallurgy. China's decision to restrict exports of rare earth minerals to any particular country could have a serious impact, particularly in terms of their hi-tech industries.

The planned construction of new facilities in several countries worldwide should alleviate the global reliance on Chinese exports. The most significant confirmed reserves are recognized in Vietnam (22М tons), Brazil (21М tons), Russia (12М tons), India (6.9М tons), Australia (4.1М tons), the U.S. (1.5М tons) and Greenland (1.5М tons). Given these considerable resources, a shortage of rare earth minerals is not envisaged in the medium term, but it will require tangible investments to make the substantial increase in production feasible.

The Russian government intends to increase its share of production on the global market from 1.3% to 10% by 2030. Investment currently stands at $1.5В and is being directed into 11 rare earth development projects; mining taxes and loan interest rates for involved businesses are being cut.

The U.S., Sweden, Japan, Tanzania, Namibia, Angola, South Africa, South Korea and Australia have also announced plans to establish new production facilities. The construction of a mining facility at one of the world's largest deposits in Greenland could impact significantly on the global rare earths market. Despite the extensive potential, the resistance from residents regarding the possible threat to the environment has prevented the project from moving forward.

In 2021, Canada launched its first rare earth mining enterprise. The projected output of the Canadian plant is set to reach 5K tons of contained rare earth oxides by 2025.

The rare earth metal market is forecast to expand to 313K tons by 2030. Demand for rare earth magnets from expanding electric vehicle, electronic and wind power industries will be the main market driver. The use of these metals in low-carbon technologies should further stimulate their consumption.

Global Rare Earth Metal Production

In 2020, global rare earth metal production expanded modestly to 252K tons, growing by +2.9% against the previous year. In value terms, rare earth metal production fell to $10.6B in 2020 estimated at export prices.

China (140K tons) remains the largest rare earth metal producing country worldwide, accounting for 55% of total volume. Moreover, rare earth metal production in China exceeded the figures recorded by the second-largest producer, Australia (38K tons), fourfold. Myanmar (30K tons) ranked third in terms of total production with a 12% share.

In 2020, the average annual rate of growth in terms of volume in China stood at +6.1%. The remaining producing countries recorded the following average annual rates of production growth: Australia (-6.5% per year) and Myanmar (+20.0% per year).

Global Rare Earth Metal Imports

In 2020, the amount of rare earth metals imported worldwide shrank to 12K tons, waning by -14.1% compared with the previous year's figure. In value terms, rare earth metal imports reduced sharply to $286M (IndexBox estimates) in 2020.

Japan dominates rare earth metal import structure, amounting to 6.8K tons, which was approx. 59% of total imports in 2020. Vietnam (839 tons) held the second position in the ranking, followed by Austria (729 tons) and Norway (559 tons). All these countries together held approx. 18% share of total imports. Thailand (513 tons), India (423 tons), the U.S. (301 tons), Spain (217 tons) and Germany (195 tons) followed a long way behind the leaders.

In value terms, Japan ($202M) constitutes the largest market for imported rare earth metals worldwide, comprising 70% of global imports. The second position in the ranking was occupied by Thailand ($22M), with a 7.7% share of global imports. It was followed by Vietnam, with a 4.4% share.

The average rare earth metal import price stood at $24,706 per ton in 2020, shrinking by -3.7% against the previous year. In 2020, the most notable rate of growth in terms of prices was attained by the U.S., while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the global rare earth metal market. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

    Country coverage:

    Worldwide - the report contains statistical data for 200 countries and includes detailed profiles of the 50 largest consuming countries:

    + the largest producing countries

    Data coverage:

    • Global market volume and value
    • Per Capita consumption
    • Forecast of the market dynamics in the medium term
    • Global production, split by region and country
    • Global trade (exports and imports)
    • Export and import prices
    • Market trends, drivers and restraints
    • Key market players and their profiles

    Reasons to buy this report:

    • Take advantage of the latest data
    • Find deeper insights into current market developments
    • Discover vital success factors affecting the market

    This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

    In this report, you can find information that helps you to make informed decisions on the following issues:

    1. How to diversify your business and benefit from new market opportunities
    2. How to load your idle production capacity
    3. How to boost your sales on overseas markets
    4. How to increase your profit margins
    5. How to make your supply chain more sustainable
    6. How to reduce your production and supply chain costs
    7. How to outsource production to other countries
    8. How to prepare your business for global expansion

    While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

    1. 1. INTRODUCTION

      Making Data-Driven Decisions to Grow Your Business

      1. REPORT DESCRIPTION
      2. RESEARCH METHODOLOGY AND AI PLATFORM
      3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
      4. GLOSSARY AND SPECIFIC TERMS

    2. 2. EXECUTIVE SUMMARY

      A Quick Overview of Market Performance

      1. KEY FINDINGS
      2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO

    3. 3. MARKET OVERVIEW

      Understanding the Current State of The Market and Its Prospects

      1. MARKET SIZE
      2. CONSUMPTION BY COUNTRY
      3. MARKET FORECAST TO 2030

    4. 4. MOST PROMISING PRODUCT

      Finding New Products to Diversify Your Business

      This Chapter is Available Only for the Professional Edition PRO
      1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
      2. BEST-SELLING PRODUCTS
      3. MOST CONSUMED PRODUCT
      4. MOST TRADED PRODUCT
      5. MOST PROFITABLE PRODUCT FOR EXPORT

    5. 5. MOST PROMISING SUPPLYING COUNTRIES

      Choosing the Best Countries to Establish Your Sustainable Supply Chain

      This Chapter is Available Only for the Professional Edition PRO
      1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
      2. TOP PRODUCING COUNTRIES
      3. TOP EXPORTING COUNTRIES
      4. LOW-COST EXPORTING COUNTRIES

    6. 6. MOST PROMISING OVERSEAS MARKETS

      Choosing the Best Countries to Boost Your Exports

      This Chapter is Available Only for the Professional Edition PRO
      1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
      2. TOP CONSUMING MARKETS
      3. UNSATURATED MARKETS
      4. TOP IMPORTING MARKETS
      5. MOST PROFITABLE MARKETS

    7. 7. GLOBAL PRODUCTION

      The Latest Trends and Insights into The Industry

      1. PRODUCTION VOLUME AND VALUE
      2. PRODUCTION BY COUNTRY

    8. 8. GLOBAL IMPORTS

      The Largest Importers on The Market and How They Succeed

      1. IMPORTS FROM 2012–2023
      2. IMPORTS BY COUNTRY
      3. IMPORT PRICES BY COUNTRY

    9. 9. GLOBAL EXPORTS

      The Largest Exporters on The Market and How They Succeed

      1. EXPORTS FROM 2012–2023
      2. EXPORTS BY COUNTRY
      3. EXPORT PRICES BY COUNTRY

    10. 10. PROFILES OF MAJOR PRODUCERS

      The Largest Producers on The Market and Their Profiles

      This Chapter is Available Only for the Professional Edition PRO

    11. 11. COUNTRY PROFILES

      The Largest Markets And Their Profiles

      This Chapter is Available Only for the Professional Edition PRO
      • United States
      • China
      • Japan
      • Germany
      • United Kingdom
      • France
      • Brazil
      • Italy
      • Russian Federation
      • India
      • Canada
      • Australia
      • Republic of Korea
      • Spain
      • Mexico
      • Indonesia
      • Netherlands
      • Turkey
      • Saudi Arabia
      • Switzerland
      • Sweden
      • Nigeria
      • Poland
      • Belgium
      • Argentina
      • Norway
      • Austria
      • Thailand
      • United Arab Emirates
      • Colombia
      • Denmark
      • South Africa
      • Malaysia
      • Israel
      • Singapore
      • Egypt
      • Philippines
      • Finland
      • Chile
      • Ireland
      • Pakistan
      • Greece
      • Portugal
      • Kazakhstan
      • Algeria
      • Czech Republic
      • Qatar
      • Peru
      • Romania
      • Vietnam

    12. LIST OF TABLES

      1. Key Findings In 2023
      2. Market Volume, In Physical Terms, 2012–2023
      3. Market Value, 2012–2023
      4. Per Capita Consumption, By Country, 2018–2023
      5. Production, In Physical Terms, By Country, 2012–2023
      6. Imports, In Physical Terms, By Country, 2012–2023
      7. Imports, In Value Terms, By Country, 2012–2023
      8. Import Prices, By Country Of Destination, 2012–2023
      9. Exports, In Physical Terms, By Country, 2012–2023
      10. Exports, In Value Terms, By Country, 2012–2023
      11. Export Prices, By Country Of Origin, 2012–2023

    13. LIST OF FIGURES

      1. Market Volume, In Physical Terms, 2012–2023
      2. Market Value, 2012–2023
      3. Consumption, By Country, 2023
      4. Market Volume Forecast to 2030
      5. Market Value Forecast to 2030
      6. Products: Market Size And Growth, By Type
      7. Products: Average Per Capita Consumption, By Type
      8. Products: Exports And Growth, By Type
      9. Products: Export Prices And Growth, By Type
      10. Production Volume And Growth
      11. Exports And Growth
      12. Export Prices And Growth
      13. Market Size And Growth
      14. Per Capita Consumption
      15. Imports And Growth
      16. Import Prices
      17. Production, In Physical Terms, 2012–2023
      18. Production, In Value Terms, 2012–2023
      19. Production, By Country, 2023
      20. Production, In Physical Terms, By Country, 2012–2023
      21. Imports, In Physical Terms, 2012–2023
      22. Imports, In Value Terms, 2012–2023
      23. Imports, In Physical Terms, By Country, 2023
      24. Imports, In Physical Terms, By Country, 2012–2023
      25. Imports, In Value Terms, By Country, 2012–2023
      26. Import Prices, By Country, 2012–2023
      27. Exports, In Physical Terms, 2012–2023
      28. Exports, In Value Terms, 2012–2023
      29. Exports, In Physical Terms, By Country, 2023
      30. Exports, In Physical Terms, By Country, 2012–2023
      31. Exports, In Value Terms, By Country, 2012–2023
      32. Export Prices, 2012–2023

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