The Latest Rare Earth Metal Industry Statistics Explained
China dominates the global production of rare earth elements with a 58% market share in 2021.
This statistic indicates that in 2021, China had a significant presence in the global production of rare earth elements, accounting for a 58% market share. Rare earth elements are crucial in various industries such as electronics, renewable energy, and defense. China’s dominance in this market suggests that the country has a strategic advantage in the production and supply of these critical resources, potentially giving it significant influence over global markets and supply chains. This high market share also implies that other countries relying on rare earth elements may face challenges in securing a stable and diversified supply chain, as they are heavily dependent on China for these essential materials.
Australia ranks second in the production of rare earths, providing 15.5% of the world’s total in 2021.
The statistic “Australia ranks second in the production of rare earths, providing 15.5% of the world’s total in 2021” indicates that Australia is the second-largest producer of rare earth elements globally, accounting for 15.5% of the total global production in 2021. Rare earth elements are crucial components used in various industries, including electronics, renewable energy technologies, and defense applications. Australia’s significant contribution to the global rare earth production highlights its importance in the supply chain of these critical raw materials and its role in meeting global demand. This statistic underscores Australia’s strong position in the rare earth market and its potential impact on global supply dynamics.
The United States imported $160 million worth of rare earth metals excluding scandium and yttrium in 2020.
The statistic indicates that in 2020, the United States imported rare earth metals, excluding scandium and yttrium, with a total value of $160 million. Rare earth metals are a group of minerals that are vital for various industries such as electronics, renewable energy, and defense. The United States relies on imports for a significant portion of its rare earth metal supply due to limited domestic production. This statistic highlights the importance of these metals in the country’s economy and indicates the reliance on global supply chains to meet the demand for these critical materials.
The global market for rare earth metals is expected to almost double from $8.1 billion in 2018 to $14.4 billion by 2025.
The statistic indicates that the global market for rare earth metals is projected to experience significant growth, nearly doubling in value from $8.1 billion in 2018 to $14.4 billion by 2025. This anticipated increase reflects a growing demand for rare earth metals, which are critical components in various technological applications such as electronics, renewable energy, and defense systems. Factors driving this expansion may include advancements in technology, increasing sustainability initiatives, and geopolitical considerations. Such growth highlights the importance of rare earth metals in driving innovation and economic development across industries worldwide.
The demand for rare earth metals in magnets was over 31 kilotons in 2017.
The statistic ‘The demand for rare earth metals in magnets was over 31 kilotons in 2017’ indicates the quantity of rare earth metals required specifically for use in magnets during that year. A kiloton is a unit of weight equivalent to 1,000 metric tons, so the demand exceeding 31 kilotons implies a significant amount of these specialized metals were needed for magnet production. Rare earth metals are crucial components in the manufacturing of various high-tech products, including electronics, electric vehicles, and wind turbines. The 31 kilotons figure highlights the importance and widespread use of rare earth metals in modern technology and industrial applications during 2017.
The compound annual growth rate (CAGR) of the rare earth metals market is projected to be 8.4% from 2018 to 2025.
The compound annual growth rate (CAGR) of the rare earth metals market being projected at 8.4% from 2018 to 2025 indicates the average annual growth rate of the market over this period when compounding effects are considered. This means that the rare earth metals market is expected to increase by an average of 8.4% each year from 2018 to 2025. CAGR is a useful metric for understanding the smooth annual growth rate of an investment or market, accounting for the effects of compounding to provide a more accurate representation of growth potential. This projection suggests a positive outlook for the rare earth metals market, indicating steady growth opportunities in the industry over the specified period.
The rare earth metals market in Asia Pacific accounted for over 70% of total revenue in 2016.
The statistic that the rare earth metals market in Asia Pacific accounted for over 70% of total revenue in 2016 indicates the significant dominance of this region in the global rare earth metals industry during that year. Asia Pacific countries, such as China, Japan, and Australia, are major producers and consumers of rare earth metals, playing a crucial role in shaping the dynamics of the market. This concentration of market share in the Asia Pacific region suggests that factors such as mining operations, technological advancements, demand from industries, and government policies in these countries heavily influenced the overall performance and trends in the rare earth metals market in 2016.
Global demand for rare earth elements is expected to grow at a CAGR of 4.6% through 2028.
This statistic indicates that the global demand for rare earth elements is projected to increase by an average annual rate of 4.6% until the year 2028. This growth rate represents the compound annual growth rate (CAGR) over the specified period. The rising demand for rare earth elements could be driven by various factors such as technological advancements, increasing usage in industries like electronics and renewable energy, and evolving consumer preferences. The steady growth in demand suggests that rare earth elements are likely to remain in high demand in the coming years, with implications for supply chain management, pricing, and sustainability efforts related to these critical minerals.
Magnets are projected to be the fastest-growing application of rare earth elements, reaching a market value of $6.6 billion by 2025.
The statistic indicates that the application of rare earth elements in magnets is expected to experience rapid growth, making it the fastest-growing sector within the rare earth elements market. By 2025, the market value for rare earth elements used in magnets is projected to reach $6.6 billion. This growth can be attributed to the increasing demand for magnets in various industries such as electronics, renewable energy, and automotive sectors. Rare earth elements are crucial in the production of high-performance magnets due to their unique magnetic properties, making them essential components in many technological applications. The statistic highlights the significant role that magnets play in driving the growth of the rare earth elements market and underscores the importance of these elements in modern technology and industrial sectors.
The rare earth metal Dysprosium’s price increased from $163/kg in 2016 to $367/kg in 2019.
The statistic indicating that the price of the rare earth metal Dysprosium increased from $163 per kilogram in 2016 to $367 per kilogram in 2019 suggests a significant rise in its market value over the three-year period. This price increase of $204 per kilogram represents a percentage change that reflects the growing demand for Dysprosium, potentially due to its applications in various high-tech industries such as electronics and renewable energy technologies. The surge in price could be influenced by factors such as limited global supply, geopolitical tensions affecting production, or changes in industrial consumption patterns. This substantial price hike underscores how market forces and external factors can impact the value and availability of critical commodities like rare earth metals.
The rare earth metal Lanthanum’s price was around $1.8/kg in 2019.
The statistic “The rare earth metal Lanthanum’s price was around $1.8/kg in 2019” indicates the average cost of Lanthanum, a scarce mineral commonly used in various industries such as electronics and automotive, was approximately $1.8 per kilogram in the year 2019. This information is crucial for understanding the market value and economic significance of Lanthanum during that time. The price of Lanthanum can fluctuate based on factors like supply and demand dynamics, production levels, technological advancements, geopolitical issues, and global market conditions. Tracking the price of Lanthanum provides valuable insights for investors, manufacturers, policymakers, and researchers in the rare earth metals industry.
The worldwide reserves of rare earth metals were estimated to be 120 million metric tons in 2020.
The statistic indicates that the global reserves of rare earth metals, a group of minerals with unique properties essential for the manufacturing of various high-tech products including smartphones, electric vehicles, and renewable energy technologies, were estimated to total 120 million metric tons in the year 2020. Rare earth metals are vital for modern technological advancements, but their availability is limited, making it crucial to monitor and manage these reserves effectively to ensure a sustainable supply chain for key industries worldwide. This statistic provides valuable insight into the potential future supply of rare earth metals and highlights the importance of sustainable resource management and recycling efforts to meet the growing demands of the technology sector while minimizing environmental impacts.
China holds nearly 36.67% of the world’s rare earth reserves.
The statistic that China holds nearly 36.67% of the world’s rare earth reserves indicates that China has a vast abundance of these valuable minerals compared to other countries. Rare earth elements are crucial components in various modern technologies, including electronics, renewable energy, and defense systems. China’s dominance in rare earth reserves gives it a strategic advantage in these industries and global trade. The concentration of rare earth reserves in China also poses potential geopolitical and economic implications, as it could control the supply and prices of these critical materials on the international market.
The rare earth elements market in batteries is expected to witness substantial growth of 9.7% CAGR from 2018 to 2025.
This statistic indicates that the market for rare earth elements used in batteries is projected to experience significant growth over the period from 2018 to 2025, with a Compound Annual Growth Rate (CAGR) of 9.7%. A CAGR of 9.7% means that on average, the market is anticipated to increase by 9.7% each year during this time frame. The substantial growth suggests a growing demand for rare earth elements in batteries, likely driven by the increasing adoption of electric vehicles and renewable energy storage solutions that rely on these materials. This trend highlights opportunities for investment and development within the rare earth elements market, particularly for companies involved in producing or utilizing these elements in battery technologies.
Vietnam holds the third-largest rare earth reserves worldwide with 22 million metric tons.
The statistic indicates that Vietnam possesses a substantial amount of rare earth reserves, ranking third globally with 22 million metric tons. Rare earth elements are a group of minerals that are critical components in various technological applications, including electronics, renewable energy technologies, and defense systems. With the increasing demand for these minerals due to their unique properties, such as magnetic and catalytic characteristics, having a significant reserve of rare earths places Vietnam in a strategically advantageous position in the global market. This statistic highlights Vietnam’s potential to contribute to the supply chain of rare earth elements and may have economic implications in terms of exports and domestic industrial development.
The rare earth mining giant, China NorthernRare Earth, generated a revenue of approximately $5.5 billion yuan in 2019.
The statistic refers to the financial performance of China Northern Rare Earth, a major player in the rare earth mining industry, which generated a total revenue of around $5.5 billion yuan in the year 2019. This figure highlights the substantial scale of operations and economic impact of the company within the industry. It serves as a key indicator of the company’s significant market presence and financial strength, demonstrating its ability to generate substantial income through rare earth mining activities. Additionally, this statistic provides valuable insight into the overall health and performance of the rare earth mining sector in China, as well as the broader implications for global supply chains and technological developments that rely on rare earth elements.
The rare earths market size in India was valued at INR 50.33 billion in 2017.
The statistic indicates that the rare earths market size in India, which refers to the total value of rare earth elements traded within the country, amounted to INR 50.33 billion in the year 2017. This valuation provides insights into the significant economic scale of the rare earths industry in India during that specific year. The market size figure serves as a key metric for assessing the growth, trends, and overall importance of rare earths within the country’s economy, showcasing the value of rare earth elements as commodities in various industries such as electronics, renewable energy, and defense.
The U.S. is looking to increase its domestic production of rare earth metals, which was standing at 38,000 metric tons as of 2020.
The statistic indicates that as of 2020, the United States was producing 38,000 metric tons of rare earth metals domestically and is seeking to increase this production further. Rare earth metals are a group of 17 elements crucial for various high-tech applications such as electronics, renewable energy technologies, and defense systems. The U.S.’s interest in boosting domestic production of rare earth metals could be motivated by a desire to reduce dependency on imports from other countries, particularly China, which currently dominates the global rare earth metals market. Increasing domestic production of rare earth metals could enhance national security, economic competitiveness, and technological advancement for the United States.
Canada is known for having the fifth-largest rare earth reserve in the world with an estimated 15 million tonnes.
The statistic highlights that Canada possesses the fifth-largest reserve of rare earth elements globally, with an estimated 15 million tonnes. Rare earth elements are a group of 17 minerals crucial for manufacturing various high-tech products like electronics, electric vehicles, and renewable energy technologies. With increasing global demand for these elements, Canada’s significant rare earth reserve provides the country with a valuable strategic resource. Harnessing and developing this reserve could enhance Canada’s economic competitiveness, bolster its mining sector, and potentially reduce its reliance on foreign sources for rare earth elements, thus contributing to national security and economic independence.
References
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6. – https://www.www.usgs.gov
