The global rare earth elements market is set to gain traction from the rising adoption of electric vehicles (EVs) owing to the urgent need to reduce emissions in the environment. For instance, the International Energy Agency (IEA) declared that the demand for EVs is rising at a fast pace in Japan, U.S., and China. This information is given by Fortune Business Insights™ in a published report, titled, “Rare Earth Elements Market, 2025-2032.” As per the report, the market was valued at USD 3.39 billion in 2023 and is expected to increase from USD 3.74 billion in 2024 to USD 8.14 billion by 2032, reflecting a CAGR of 10.2% over the forecast period from 2024 to 2032.
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Segments-
By Type:
In 2023, neodymium held the largest market share, driven by its use in EV batteries and permanent magnets. Cerium grew due to its role in automotive exhaust systems and catalytic converters. Praseodymium demand rose with its use in high-strength aerospace alloys. Lanthanum showed strong growth linked to nickel-metal hydride batteries in electronics. Samarium saw increased demand for magnets in hybrid vehicles.
By Application:
The magnets segment led the market in 2023, driven by demand from electronics, motors, and sensors. The battery segment is expected to grow the fastest, supported by EV expansion and energy storage tech. The catalyst segment benefits from rising automotive emissions control demand. Metallurgy growth is fueled by alloy demand in aerospace and automotive. Glass and ceramics growth is tied to construction activity, while polishing is boosted by electronics production.
By End-Use Industry
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