Published by maria gbaf
Posted on January 27, 2022
5 min readLast updated: January 28, 2026
The rare earth metals market is projected to exceed $3.8 billion by 2031, driven by growth in electric vehicles and renewable energy sectors.
As per ESOMAR-certified consulting firm Future Market Insights (FMI), the global rare earth metals market is poised to witness steady growth at around 6% CAGR, exceeding the market valuation of US$ 3,818.8 Mn between the forecast period 2021 and 2031.
Growing consumer preference towards electronic vehicles and rapid expansion of the automotive and electronic industry are emerging as chief factors augmenting the growth of the rare earth metals market.
Presence of high-growth potential industries including consumer goods and renewable energy in developed countries such as the U.S., the U.K., and Germany will propel sales in the market.
Permanent magnets used in wind turbines are produced from rare earth metals such as dysprosium and neodymium. Considering this, a steady expansion of wind turbine installations worldwide will create conducive environment for rare earth metals sales.
Besides this, the market will continue gaining from application in manufacturing batteries installed in electric vehicles. With electric and hybrid vehicles sales forecast to gain momentum in the coming years, the demand for rare earth metals with consistently rise.
Rising digitization and urbanization in developing countries such as China, India, and South Korea is boosting the demand for consumer electronics, which in turn is fostering sales of rare earth metals.
As per FMI, Asia Pacific excluding Japan will continue exhibiting high growth within the global market. Within the region, the Neodymium segment is likely to gain remarkable 270 basis points by 2026 in comparison to that of 2016.
China, trailed by India, will emerge as the dominant market for rare earth metals in Asia Pacific. The continued surge in mining activities, besides expansion of electronics and automotive sectors will support growth in the country.
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Key Takeaways from FMI’s Rare Earth Metals Market Study
“Companies operating in the market are adopting sustainable mining policies to gain competitive edge. Besides this, they are seeking approval from international organizations to aid capacity expansion,” says the FMI analyst.
Competitive Landscape
China Northern Rare Earth (Group) High-Tech Co., Ltd., Rising Nonferrous Metals Share Co., Ltd., Lynas Corporation, China Minmetals Corporation Limited, and Aluminium Corporation of China Limited are some leading players operating in the rare earth metals market.
Key strategies being incorporated by manufacturers include emphasis on sustainable mining practices, research, and development regarding efficient use of metals, industry-grade machinery installations, and expansion of procurement facilities. For instance:
More Insights on the Rare Earth Metals Market
In its latest report, FMI offers an unbiased analysis of the global rare earth metals market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of application type (catalysts, permanent magnets, metallurgy & alloys, polishing, glass, phosphors, ceramics, and others (fertilizers, pigments, defense, etc.) metal type (Neodymium, Yttrium, Dysprosium, Terbium, Europium, Cerium, Lanthanum) across seven major regions (North America, Latin America, Eastern Europe, Asia Pacific excluding Japan, Western Europe, Japan, and Middle East & Africa)
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Rare Earth Metals Market by Category
By Application Type:
By Metal Type:
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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The article discusses the growth of the rare earth metals market, projected to surpass $3.8 billion by 2031.
Growth is driven by demand in electric vehicles, renewable energy, and consumer electronics.
China and the Asia Pacific region are leading due to increased production and consumption.
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