Rare Earth Elements Statistics and Insights 2026
Here is a look at the rare earth industry. Find key insights to help you understand the industry and what is going on there.
Industry Overview
| Section | Key Figure |
|---|---|
| Global Reserves: | 91.9 million metric tons |
| 2024 Global Production: | 390,000 metric tons |
| Market Size (REE): | $3.74 billion (2024) |
| Market Size (Metals): | $18.2 billion (2024) |
| Projected CAGR: | 7.6-10.2% |
| Market Concentration: | Top 5 companies = 77.7% |
| Regional Dominance: | Asia Pacific = 86.14% |
| Production Leader: | China = 69% of global output |
Key Insight: The rare earth industry is largely dominated by Asia, with China leading the way. This makes other regions dependent on China/Asia.
Key Rare Earth Elements by Application
| Element | Primary Applications | Market Trend |
|---|---|---|
| Neodymium | EV motors, wind turbines, permanent magnets | Highest demand growth |
| Dysprosium | High-temperature magnets, EV motors | Critical for EVs |
| Praseodymium | Permanent magnets, aircraft engines | Growing with aerospace |
| Lanthanum | Batteries, catalysts, optical glass | Battery demand rising |
| Cerium | Catalytic converters, polishing, glass | Automotive demand |
| Europium | LED phosphors, displays | Electronics growth |
| Terbium | Displays, magnets, phosphors | Specialized applications |
| Yttrium | Phosphors, lasers, ceramics | Steady demand |
| Samarium | Permanent magnets, hybrid vehicles | Niche applications |
Key Insight: Neodymium and dysprosium are experiencing the highest demand growth due to their critical role in electric vehicle motors and renewable energy applications.
Global Rare Earth Reserves by Country (2025)
| Rank | Country | Reserves (Metric Tons) | Share of World Total (%) |
|---|---|---|---|
| 1 | China | 44,000,000 | 47.9% |
| 2 | Brazil | 21,000,000 | 22.9% |
| 3 | India | 6,900,000 | 7.5% |
| 4 | Australia | 5,700,000 | 6.2% |
| 5 | Russia | 3,800,000 | 4.1% |
| 6 | Vietnam | 3,500,000 | 3.8% |
| 7 | United States | 1,900,000 | 2.1% |
| 8 | Greenland | 1,500,000 | 1.6% |
| 9 | Tanzania | 890,000 | 1.0% |
| 10 | South Africa | 860,000 | 0.9% |
| 11 | Canada | 830,000 | 0.9% |
| 12 | Thailand | 4,500 | <0.1% |
| – | Rest of World | 1,015,500 | 1.1% |
| – | World Total | 91,900,000 | 100% |
Key Insight: The top six countries (China, Brazil, India, Australia, Russia, and Vietnam) control approximately 92% of global rare earth reserves. This is a supply concentration Risk for the rest.
Rare Earth Production by Country (2024)
| Rank | Country | Production 2024 (MT) | Production 2023 (MT) | Year-over-Year Change |
|---|---|---|---|---|
| 1 | China | 270,000 | 255,000 | +5.9% |
| 2 | United States | 45,000 | 41,600 | +8.2% |
| 3 | Myanmar | 31,000 | 43,000 | -27.9% |
| 4 | Australia | 13,000 | 16,000 | -18.8% |
| 5 | Nigeria | 13,000 | 7,200 | +80.6% |
| 6 | Thailand | 13,000 | 3,600 | +261.1% |
| 7 | India | 2,900 | 2,900 | 0% |
| 8 | Russia | 2,500 | 2,500 | 0% |
| 9 | Madagascar | 2,000 | 2,100 | -4.8% |
| 10 | Vietnam | 300 | 300 | 0% |
| – | World Total | 390,000 | ~374,200 | +4.2% |
Key Insight: China produces 69% of global rare earths in 2024, while Thailand and Nigeria are gradually emerging with a massive growth rate.
Reserve vs. Production Comparison: Major Players
| Country | Reserves (MT) | 2024 Production (MT) | Reserve-to-Production Ratio | Reserves Rank | Production Rank |
|---|---|---|---|---|---|
| China | 44,000,000 | 270,000 | 163 years | 1 | 1 |
| Brazil | 21,000,000 | 0 | N/A | 2 | – |
| India | 6,900,000 | 2,900 | 2,379 years | 3 | 7 |
| Australia | 5,700,000 | 13,000 | 438 years | 4 | 4 |
| Russia | 3,800,000 | 2,500 | 1,520 years | 5 | 8 |
| Vietnam | 3,500,000 | 300 | 11,667 years | 6 | 10 |
| United States | 1,900,000 | 45,000 | 42 years | 7 | 2 |
Key Insight: The US has the shortest reserve-to-production ratio at 42 years among major players, while Vietnam severely underutilizes its reserves with production at just 0.009% annually.
Global Rare Earth Elements Market Size & Forecast
| Year | Market Size (USD Billion) | Year-over-Year Growth |
|---|---|---|
| 2023 | $3.39 | – |
| 2024 | $3.74 | 10.3% |
| 2025 (Projected) | $4.12* | 10.2% |
| 2026 (Projected) | $4.54* | 10.2% |
| 2027 (Projected) | $5.01* | 10.2% |
| 2028 (Projected) | $5.52* | 10.2% |
| 2029 (Projected) | $6.08* | 10.2% |
| 2030 (Projected) | $6.70* | 10.2% |
| 2031 (Projected) | $7.38* | 10.2% |
| 2032 (Projected) | $8.14 | 10.2% |
*Calculated based on 10.2% CAGR
Key Insight: The rare earth elements market is expected to more than double from $3.74 billion in 2024 to $8.14 billion by 2032.
Regional Market Share (2023)
| Region | Market Size (USD Billion) | Market Share (%) |
|---|---|---|
| Asia Pacific | $2.92 | 86.14% |
| North America | $0.71* | 20.8%** |
| Europe | $0.33*** | – |
| Latin America | $0.27* | 8.1%** |
| Middle East & Africa | $0.21* | 6.2%** |
*Calculated from 2024 rare earth metals market data
**From the rare earth metals market (2024)
***European rare earth metals market revenue (2024)
Key Insight: Asia Pacific dominates with over 86% of the rare earth elements market, with China serving as the primary driver of regional consumption.
Production: China vs. United States (2022-2024)
| Year | China Production (MT) | US Production (MT) | China’s Market Share | US Market Share |
|---|---|---|---|---|
| 2022 | ~240,000 | ~38,000 | ~68% | ~11% |
| 2023 | 255,000 | 41,600 | ~68% | ~11% |
| 2024 | 270,000 | 45,000 | ~69% | ~12% |
Key Insight: Despite US production growth, China has actually increased its market share dominance from 68% to 69% between 2022-2024.
US Rare Earth Import Dependency (2024)
| Import Source | Share of US Imports | Value (2024) | Value (2023) |
|---|---|---|---|
| China | 70% | – | – |
| Other Countries | 30% | – | – |
| Total Import Value | 100% | $170 million | $186 million |
Key Insight: Despite the increase in domestic production, the US still sources 70% of its rare earth imports from China.
Top Rare Earth Companies By Market Share (2024)
| Company | Country | Market Share (%) |
|---|---|---|
| Ganzhou Qiandong Rare Earths Group | China | 23.2% |
| Ganzhou Chenguang Rare Earths New Material | China | – |
| MP Materials | United States | – |
| Shin-Etsu Chemical | Japan | – |
| Canada Rare Earth Corporation | Canada | – |
| Top 5 Combined | – | 77.7% |
| Other Players | Various | 22.3% |
Key Insight: The rare earth market is highly concentrated, with just five companies controlling nearly 78% of the market, led by Chinese producer Ganzhou Qiandong at 23.2%.
Rare Earth Market by Product Type (2024)
| Product Type | Market Share (%) | CAGR 2024-2034 |
|---|---|---|
| Individual Rare Earth Oxides | 50.1% | 7.7% |
| Mixed Rare Earth Oxides (MREO) | ~25%* | – |
| Individual Rare Earth Metals | ~25%* | – |
*Estimated distribution
Key Insight: Individual rare earth oxides dominate the market with over 50% share, driven by demand for high-purity materials in electronics and magnet applications.
Rare Earth Market by Application (2024)
| Application | Market Share (2023-2024) | CAGR 2024-2034 | Key Uses |
|---|---|---|---|
| Magnets | 37.5% | 7.8% | EV motors, wind turbines, electronics |
| Batteries | – | Highest | Electric vehicles, energy storage |
| Catalysts | – | – | Automotive converters, industrial |
| Metallurgy | – | – | Aerospace, defense alloys |
| Glass & Ceramics | – | – | Display panels, construction |
| Polishing Agents | – | – | LCD displays, optical products |
| Colorants | – | – | LED lighting, displays |
| Phosphors | – | – | Lighting, displays |
Key Insight: Magnets represent the largest application segment at 37.5% market share, with batteries showing the fastest growth driven by electric vehicle adoption.
Major Rare Earth Mining Projects & Developments
| Company | Project/Asset | Location | Status/Development |
|---|---|---|---|
| MP Materials | Mountain Pass Mine | California, USA | Producing high-purity NdPr oxide |
| Lynas Rare Earths | Mount Weld | Western Australia | Expansion to 12,000 MT NdPr/year (2025) |
| Arafura Rare Earths | Nolans Project | Northern Territory, AUS | AU$200M government funding |
| Iluka Resources | Enneaba Refinery | Western Australia | AU$400M government funding |
| Northern Minerals | Browns Range | Australia | Feasibility study Q4 2025 |
| Energy Fuels | Toliara Project (via Base Resources) | Madagascar | Acquired April 2024 |
| TriArk Mining | Tomtor Deposit | Russia | Under development |
Key Insight: Australia is positioning itself as a major alternative supplier with multiple government-backed projects receiving hundreds of millions in funding to reduce global dependence on Chinese supply.
Electric Vehicle Impact on Rare Earths
| Metric | Value | Year |
|---|---|---|
| Global EV Stock | 4.79 million | 2019 |
| Global EV Sales | 2.2 million | 2019 |
| Global EV Sales | 3.1 million | 2020 |
| Growth (2019-2020) | +40.9% | 2020 |
Key Insight: Electric vehicle sales grew over 40% from 2019 to 2020 despite the COVID-19 pandemic. This goes to show resilient demand that directly increases rare earth consumption for EV motors and batteries.
Supply Chain Vulnerabilities & Dependencies
| Metric | Value | Implication |
|---|---|---|
| China’s share of global reserves | 48% | Supply dominance |
| China’s share of global production | 69% | Processing monopoly |
| US reserves as % of global | 2% | Limited domestic supply |
| Top 6 countries’ reserve share | ~92% | High concentration risk |
| US imports from China | 70% | Critical dependency |
| Myanmar’s heavy REE share to China | 70% | Geopolitical risk |
Key Insight: With China controlling nearly half of global reserves and 69% of production, while the US holds only 2% of reserves and imports 70% from China, Western nations face severe supply chain vulnerability for these critical materials.
References
DataGlobeHub makes use of the best available data sources to support each publication. We prioritize sources of good reputation, like government sources, authoritative sources, expert sources, and well-researched publications. When citing our sources, we provide the report title followed by the publication name. Where not applicable, we provide just the publication name.
- Rare earth elements – The International Energy Agency (IEA)
- Process Evolution and Green Innovation in Rare Earth Element Research – MDPI
- Rare Earth Metals Market Size – Global Market Insights Inc
- Rare Earths Statistics and Information – USGS
- Top 10 Countries by Rare Earth Metal Production – InvestingNews
- Visualizing the World’s Rare Earth Reserves – Visual Capitalist
- Rare Earth Elements Market Size, Share & Industry Analysis – Fortune Business Insights