Market Size of Rare Earth Elements Industry
| Study Period | 2019-2029 |
| Market Volume (2024) | 175.03 kilotons |
| Market Volume (2029) | 214.89 kilotons |
| CAGR (2024 - 2029) | 4.19 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Rare Earth Elements Market Analysis
The Rare Earth Elements Market size is estimated at 175.03 kilotons in 2024, and is expected to reach 214.89 kilotons by 2029, growing at a CAGR of 4.19% during the forecast period (2024-2029).
COVID-19 negatively impacted the demand for rare earth elements as the global demand witnessed a slowdown following stringent containment restrictions for a long time. However, the situation gradually improved in 2021 with the global economy's revival and industrial activities' resumption.
- The factors driving the market's growth are the high demand from emerging economies and dependency on "Green Technology" on rare Earth elements.
- On the flip side, an inconsistent supply of rare earth elements may act as a barrier to the market's growth.
- The increasing scandium usage in aerospace applications will likely provide opportunities for the market during the forecast period.
- Asia-Pacific dominated the global market, owing to the increasing production of rare Earth metals and rising demand from industries such as consumer electronics.
