Rare Earth Elements Market Forecast 2032: Emerging Trends & Opportunities

According to Fortune Business Insights the global rare earth elements market size was USD 3.39 billion in 2023 and is projected to grow from USD 3.74 billion in 2024 to USD 8.14 billion by 2032, exhibiting a CAGR of 10.2% during the forecast period. Rare earth elements, mainly Dysprosium and Neodymium, are utilized to power EV engines. Neodymium, for instance, is widely adopted to make magnets for EVs owing to its high coercive strength and stable flux density, both of which provide the necessary power to the EV to move. Since neo-magnets are instrumental for the proper functioning of EVs, growing demand for these vehicles will inevitably stoke the adoption of rare earths in the next few years. Fortune Business Insights provide this information in its report titled "Rare Earth Elements Market, 2025-2032." Get Sample PDF Brochure: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/rare-earth-elements-market-102943 Segmentations Analysis:

By Type:
In 2023, the neodymium segment dominated due to its rising use in electric and hybrid vehicle batteries. Cerium grew with demand from the automotive industry for emission control systems, while praseodymium saw growth from aerospace applications. Lanthanum demand increased for battery production, especially in consumer electronics. Samarium demand rose for permanent magnets used in hybrid vehicles.

By Application:
The magnets segment led the market in 2023, driven by demand from electronics and motor manufacturers. The battery segment is expected to grow at the fastest rate, fueled by the surge in electric vehicle adoption and advancements in energy storage, especially in the U.S., China, and Europe.

Report Coverage: The report aims to analyze the rare earth elements industry by considering contributions, prospects, and growth trends. It presents detailed profiles of every key player operating in the market to analyze their core competencies in each segment. Apart from that, it ensures to help our clients better understand the competitive developments, such as mergers & acquisitions, new product launches, joint ventures, and collaborations. Drivers & Restraints: Rising Demand from Various Industries to Bolster Growth A large number of rare earth elements are gaining momentum across the globe because of their high demand from numerous industries. They have several beneficial chemical and physical properties that are best suited for specific applications. However, the surging prices of raw materials because of the high demand for bearings, aircraft alloys, automotive motors, and batteries may hamper the rare earth elements market growth in the near future. Regional Insights: Abundant Reserves in China & Australia to Propel the Asia Pacific Market Among regions, Asia Pacific is expected to dominate the rare earth elements market share in the near future on account of the abundant availability of these elements in China, Japan, and Australia. Moreover, with countries such as India and Myanmar investing in rare earth mining projects, the scope of the market in this region is set to widen in the upcoming years. The market in North America is set enjoy lucrative prospects owing to the booming demand for electric cars in the region. In Europe, on the other hand, the main growth driver will be the region’s gradual shift towards renewables and clean energy production technologies. Competitive Landscape: Formulation of Supportive Policies to Encourage Investments by Key Players Governments in several countries are formulating policies favoring and incentivizing investments in rare earth exploration activities. Such policies are encouraging key players to develop innovative technologies and equipment to efficiently extract and utilize rare earth elements, which have proven to be highly beneficial in the automotive, hydrocarbon, and energy industries. A list of renowned rare earth elements providers operating in the global market:

• Baotou Rare Earth (China)
• China Minmetal Rare Earth (China)
• Avalon Advanced Materials (Canada)
• IREL (India)
• Metall Rare Earth Limited (China)
• Arafura Resources (Australia)
• Canada Rare Earth Corporation (Canada)
• Lynas Corporation (Australia)
• Northern Minerals (Australia)
• Greenland Minerals Limited (Australia)
• Other Players

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