Industry: Battery Materials & Critical Minerals (Chemicals & Materials)
Source: https://www.mordorintelligence.com/industry-reports/rare-earth-elements-market
Scraped Date: 2026-09-17
| Market Metric | Details |
|---|---|
| Base Market Size | USD 58.5 million |
| Projected Forecast (2031) | USD 58.5 million |
| Growth Rate (CAGR) | 5.61 % |
| Largest Market Region | N/A |
| Fastest-Growing Region | N/A |
!Major players in Rare Earth Elements industry
!Rare Earth Elements Market (2026 - 2031)
!Rare Earth Elements Market: Market Share by Product Type
!Rare Earth Elements Market: Market Share by End-use Industry
!Rare Earth Elements Market CAGR (%), Growth Rate by Region
!Rare Earth Elements Market - Market Concentration
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Market OverviewStudy Period | 2021 - 2031 |
Market Volume (2026) | 208.02 kilotons |
Market Volume (2031) | 273.30 kilotons |
Growth Rate (2026 - 2031) | 5.61 % |
Fastest Growing Market | Asia Pacific |
Largest Market | Asia Pacific |
Market Concentration | High |
Major Players*Disclaimer: Major Players sorted in no particular order
Image © Vijeron Intelligence. Reuse requires attribution under CC BY 4.0.
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Rare Earth Elements Market Analysis by Vijeron IntelligenceThe Rare Earth Elements Market size is projected to be 196.97 kilotons in 2025, 208.02 kilotons in 2026, and reach 273.30 kilotons by 2031, growing at a CAGR of 5.61% from 2026 to 2031. Structural demand tied to electric-vehicle traction motors, offshore wind turbines, and grid-scale clean-energy infrastructure underpins this expansion, while lingering processing bottlenecks and policy-induced supply shocks temper the growth trajectory. Ongoing industrial automation roll-outs, additive-manufacturing adoption in aerospace, and tightening global emission standards provide additional demand pull, even as substitution research for dysprosium and terbium remains technically constrained. On the supply side, heavy reliance on China for both mining and separation amplifies price volatility, prompting strategic stockpiling and multi-year offtake agreements that stabilize short-term volumes but inflate procurement costs. Intensifying vertical integration among Western producers, alongside government incentives in the United States, Australia, and the European Union, signals a shift toward regionalized midstream capacity that will progressively reshape the Rare Earth Elements market through 2031.
Key Report Takeaways* By product type, light rare earths held 87.18% of the Rare Earth Elements market share in 2025 and are projected to expand at a 5.92% CAGR through 2031.
Market Trends and InsightsDrivers Impact Analysis of Rare Earth Elements Market*Drivers | (~) % Impact on CAGR Forecast | Geographic Relevance | Impact Timeline |
Renewable-Energy Turbine Magnet Requirement | +2.0% | Global, with concentration in China, Europe, North America | Medium to Long term (2–4+ years) |
Dependency of 'Green Technology' on Rare Earth Elements | +1.3% | Global | Long term (≥4 years) |
Growing Demand from Battery Applications | +0.5% | Asia-Pacific core, spillover to North America and Europe | Medium term (2–4 years) |
Scandium-Aluminum Alloys Adoption in Aerospace Manufacturing | +0.2% | North America and Europe | Long term (≥4 years) |
High Demand in Consumer Electronics | +0.5% | Asia-Pacific dominant, global demand | Short to Medium term (≤4 years) |
Source: Vijeron Intelligence |
Competitive Landscape
The Rare Earth Elements market is consolidated. Technology differentiation is surfacing: Ucore’s RapidSX molecular-recognition platform attains 99.9% purity in a single pass, trimming processing times from weeks to hours. Heavy-earth supply and recycling remain white-space opportunities. Firms that master heavy-earth separation and magnet-grade recycling stand to capture premium margins as Chinese export controls persist.
Rare Earth Elements Industry Leaders* China Rare Earth Group Resources Technology Co., Ltd.
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Global Rare Earth Elements Market Report ScopeRare Earth elements are used in loudspeakers, telescope lenses, studio lighting, and computer hard drives to make them smaller and more efficient. They are used in screens and displays as they can produce different colors. Rare Earth elements usually have high electrical conductivity, naturally occur together in minerals. They are the strongest magnets available today.
The market is segmented by product type, element, application, end-use industry, and geography. By product type, the market is segmented into light rare earth elements and heavy rare earth elements. By element, the market is segmented into cerium, neodymium, lanthanum, dysprosium, terbium, yttrium, scandium, and other elements (e.g., promethium, samarium). By application, the market is segmented into catalysts, ceramics, phosphors, glass and polishing, metallurgy, magnets, and other applications (e.g., air cleaning). By end-use industry, the market is segmented into clean energy, consumer electronics, aerospace and defense, industrial automation, healthcare, and other industries (e.g., metallurgy, agriculture). The report also covers the market sizes and forecasts for the rare earth elements market in 17 countries across the major regions. For each segment, the market sizing and forecasts have been done based on volume (Ton).
Segmentation OverviewBy Product TypeLight Rare Earth Elements |
Heavy Rare Earth Elements |
By GeographyAsia-Pacific | China |
| India |
|---|
| Japan |
| South Korea |
| Australia |
| Rest of Asia-Pacific |
North America | United States |
| Canada |
|---|
| Mexico |
Europe | Germany |
| United Kingdom |
|---|
| France |
| Italy |
| Nordics |
| Rest of Europe |
South America | Brazil |
| Argentina |
|---|
| Rest of South America |
Middle-East and Africa | Saudi Arabia |
| United Arab Emirates |
|---|
| South Africa |
| Rest of Middle-East and Africa |
The Rare Earth Elements market size is 208.02 kilotons in 2026, with volume expected to reach 273.30 kilotons by 2031.
Aggregate demand is projected to register a 5.61% CAGR between 2026 and 2031.
Permanent-magnet applications are expanding at a 7.43% CAGR, driven by electric vehicles, wind turbines, and industrial robotics.
Dysprosium leads elemental growth with a 7.26% CAGR, reflecting its irreplaceability in high-temperature magnets.