Northern America: Rare Earth Metal Market 2024

Rare Earth Metal Market Size in Northern America

The North American rare earth metal market contracted modestly to $X in 2023, flattening at the previous year. Over the period under review, consumption, however, recorded a strong increase. Over the period under review, the market attained the peak level at $X in 2020; however, from 2021 to 2023, consumption stood at a somewhat lower figure.

Rare Earth Metal Production in Northern America

In value terms, rare earth metal production declined modestly to $X in 2023 estimated in export price. Overall, production, however, continues to indicate a significant increase. The growth pace was the most rapid in 2018 with an increase of X% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2023, production failed to regain momentum.

Rare Earth Metal Exports

Exports in Northern America

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, however, faced a precipitous shrinkage. The pace of growth appeared the most rapid in 2018 when exports increased by X%. The volume of export peaked at X tons in 2012; however, from 2013 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, however, faced a precipitous setback. The most prominent rate of growth was recorded in 2020 when exports increased by X%. The level of export peaked at $X in 2012; however, from 2013 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

The United States was the largest exporter of rare earth metals in Northern America, with the volume of exports recording X tons, which was approx. X% of total exports in 2023. It was distantly followed by Canada (X tons), achieving a X% share of total exports.

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

In value terms, the United States ($X) remains the largest rare earth metal supplier in Northern America, comprising X% of total exports. The second position in the ranking was taken by Canada ($X), with a X% share of total exports.

In the United States, rare earth metal exports contracted by an average annual rate of X% over the period from 2012-2023.

Export Prices by Country

The export price in Northern America stood at $X per ton in 2023, reducing by X% against the previous year. Overall, the export price, however, posted a remarkable increase. The most prominent rate of growth was recorded in 2015 when the export price increased by X% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2016 to 2023, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($X per ton), while Canada amounted to $X per ton.

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

Rare Earth Metal Imports

Imports in Northern America

Rare earth metal imports expanded to X tons in 2023, with an increase of X% on the previous year's figure. Over the period under review, imports, however, continue to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2021 when imports increased by X%. The volume of import peaked at X tons in 2012; however, from 2013 to 2023, imports stood at a somewhat lower figure.

In value terms, rare earth metal imports surged to $X in 2023. Overall, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2023, imports failed to regain momentum.

Imports by Country

The United States was the largest importing country with an import of around X tons, which accounted for X% of total imports. It was distantly followed by Canada (X tons), achieving an X% share of total imports.

Imports into the United States decreased at an average annual rate of X% from 2012 to 2023. Canada (X%) illustrated a downward trend over the same period. The shares of the largest importers remained relatively stable throughout the analyzed period.

In value terms, the United States ($X) constitutes the largest market for imported rare earth metals in Northern America, comprising X% of total imports. The second position in the ranking was held by Canada ($X), with a X% share of total imports.

From 2012 to 2023, the average annual rate of growth in terms of value in the United States was relatively modest.

Import Prices by Country

In 2023, the import price in Northern America amounted to $X per ton, with an increase of X% against the previous year. Overall, the import price enjoyed a notable increase. The pace of growth was the most pronounced in 2020 an increase of X%. Over the period under review, import prices reached the peak figure in 2023 and is expected to retain growth in the immediate term.

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 the United States ($X per ton), while Canada totaled $X per ton.

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

Source: IndexBox Platform