Middle East: Rare Earth Metal Market 2024

Rare Earth Metal Market Size in the Middle East

In 2023, the Middle Eastern rare earth metal market was finally on the rise to reach $X after two years of decline. In general, consumption, however, saw a mild shrinkage. The level of consumption peaked at $X in 2013; however, from 2014 to 2023, consumption stood at a somewhat lower figure.

Rare Earth Metal Production in the Middle East

In value terms, rare earth metal production rose remarkably to $X in 2023 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. As a result, production attained the peak level of $X. From 2018 to 2023, production growth remained at a lower figure.

Rare Earth Metal Exports

Exports in the Middle East

In 2023, overseas shipments of rare earth metals increased by X% to X tons for the first time since 2020, thus ending a two-year declining trend. In general, exports posted resilient growth. 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 2023. Over the period under review, exports saw a significant expansion. The most prominent rate of growth was recorded in 2017 when exports increased by X% against the previous year. As a result, the exports attained the peak of $X. From 2018 to 2023, the growth of the exports remained at a lower figure.

Exports by Country

Turkey prevails in exports structure, recording X tons, which was approx. X% of total exports in 2023. It was distantly followed by the United Arab Emirates (X tons), mixing up 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. From 2012 to 2023, the share of Turkey increased by X percentage points.

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 rates of growth with regard to the value of exports, among the main exporting countries over the period under review.

Export Prices by Country

In 2023, the export price in the Middle East amounted to $X per ton, with a decrease of X% against the previous year. Overall, the export price, however, continues to indicate a perceptible increase. The growth pace was the most rapid in 2022 an increase of X% against the previous year. As a result, the export price attained the peak level of $X per ton, and then contracted rapidly 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 amounted to $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 the Middle East

In 2023, supplies from abroad of rare earth metals was finally on the rise to reach X tons after two years of decline. Over the period under review, imports recorded a buoyant expansion. The pace of growth was the most pronounced 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 lower figure.

In value terms, rare earth metal imports rose notably to $X in 2023. Overall, imports, however, recorded a abrupt downturn. The pace of growth appeared the most rapid in 2020 when imports increased by 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

In 2023, Iran (X tons) was the key importer of rare earth metals, comprising X% of total imports. It was distantly followed by Turkey (X tons), creating a X% share of total imports. The following importers - Israel (X tons) and the United Arab Emirates (X tons) - each recorded a X% share of total imports.

Iran was also the fastest-growing in terms of the rare earth metals imports, with a CAGR of X% from 2012 to 2023. At the same time, the United Arab Emirates (X%) and Turkey (X%) displayed positive paces of growth. Israel experienced a relatively flat trend pattern. From 2012 to 2023, the share of Iran increased by X percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

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

From 2012 to 2023, the average annual growth rate of value in Iran amounted to X%. In the other countries, the average annual rates were as follows: Turkey (X% per year) and Israel (X% per year).

Import Prices by Country

In 2023, the import price in the Middle East amounted to $X per ton, picking up by X% against the previous year. In general, the import price, however, faced a abrupt decline. The growth pace was the most rapid in 2017 an increase of X%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2023, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Israel ($X per ton), while the United Arab Emirates ($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