MENA: Rare Earth Metal Market 2024

Rare Earth Metal Market Size in MENA

In 2023, after two years of decline, there was growth in the MENA's rare earth metal market, when its value increased by X% to $X. Overall, consumption, however, showed a pronounced shrinkage. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2023, consumption stood at a somewhat lower figure.

Rare Earth Metal Production in MENA

In value terms, rare earth metal production reached $X in 2023 estimated in export price. In general, production posted a mild increase. The pace of growth was the most pronounced in 2013 when the production volume increased by X%. The level of production peaked at $X in 2014; however, from 2015 to 2023, production remained at a lower figure.

Rare Earth Metal Exports

Exports in MENA

In 2023, overseas shipments of rare earth metals were finally on the rise to reach X tons after two years of decline. In general, exports enjoyed a prominent expansion. The volume of export peaked at X tons in 2014; however, from 2015 to 2023, the exports remained at a lower figure.

In value terms, rare earth metal exports soared to $X in 2023. Over the period under review, exports posted a significant increase. The most prominent rate of growth was recorded in 2017 with an increase of X%. As a result, the exports attained the peak of $X. From 2018 to 2023, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Turkey dominates exports structure, resulting at X tons, which was near X% of total exports in 2023. It was distantly followed by the United Arab Emirates (X tons), generating an X% share of total exports.

Turkey was also the fastest-growing in terms of the rare earth metals exports, with a CAGR of X% from 2012 to 2023. The United Arab Emirates (X%) illustrated a downward trend over the same period. While the share of Turkey (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of the United Arab Emirates (X p.p.) displayed negative dynamics.

In value terms, the United Arab Emirates ($X) and Turkey ($X) constituted the countries with the highest levels of exports in 2023.

Turkey, with a CAGR of X%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review.

Export Prices by Country

The export price in MENA stood at $X per ton in 2023, declining by X% against the previous year. Over the period under review, the export price, however, showed a notable expansion. The most prominent rate of growth was recorded in 2015 an increase of X% against the previous year. The level of export peaked at $X per ton in 2022, and then dropped dramatically in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Turkey stood at $X per ton.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%).

Rare Earth Metal Imports

Imports in MENA

After two years of decline, overseas purchases of rare earth metals increased by X% to X tons in 2023. Over the period under review, imports saw strong growth. The most prominent rate of growth was recorded in 2020 when imports increased by X%. As a result, imports reached the peak of X tons. From 2021 to 2023, the growth of imports remained at a somewhat lower figure.

In value terms, rare earth metal imports skyrocketed to $X in 2023. In general, imports, however, continue to indicate a deep setback. The pace of growth was the most pronounced in 2020 with an increase of X% against the previous year. The level of import peaked at $X in 2013; however, from 2014 to 2023, imports failed to regain momentum.

Imports by Country

Iran was the largest importing country with an import of about X tons, which amounted to X% of total imports. Egypt (X tons) held the second position in the ranking, followed by Turkey (X tons). All these countries together took approx. X% share of total imports. The following importers - Israel (X tons) and the United Arab Emirates (X tons) - each finished at a X% share of total imports.

From 2012 to 2023, average annual rates of growth with regard to rare earth metal imports into Iran stood at X%. At the same time, Egypt (X%), the United Arab Emirates (X%) and Turkey (X%) displayed positive paces of growth. Moreover, Egypt emerged as the fastest-growing importer imported in MENA, with a CAGR of X% from 2012-2023. Israel experienced a relatively flat trend pattern. Iran (X p.p.) and Egypt (X p.p.) significantly strengthened its position in terms of the total imports, while Israel and Turkey saw its share reduced by X% and X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Iran ($X) constitutes the largest market for imported rare earth metals in MENA, comprising X% of total imports. The second position in the ranking was held by Turkey ($X), with a X% share of total imports. It was followed by Egypt, with a X% share.

In Iran, rare earth metal imports contracted by an average annual rate of X% over the period from 2012-2023. The remaining importing countries recorded the following average annual rates of imports growth: Turkey (X% per year) and Egypt (X% per year).

Import Prices by Country

In 2023, the import price in MENA amounted to $X per ton, flattening at the previous year. In general, the import price continues to indicate a abrupt decrease. The most prominent rate of growth was recorded in 2019 an increase of X% against the previous year. Over the period under review, import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2023, import prices failed to regain momentum.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Turkey (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform