Permanent magnets now consume 44% of all rare earth oxides produced globally. This article details the key statistics shaping the industry, from volatile magnet prices to the expanding geography of new mining projects.
Key Takeaways
- Permanent magnets account for 29% of REO use in EVs for traction motors
- Global REO consumption was 340,000 metric tons in 2022, nearly matching production
- Global rare earth market value reached $5.3 billion in 2022
- In 2022, global rare earth oxide (REO) production totaled 350,000 metric tons, with China's output at 210,000 MT representing 60% of the total
- Global identified rare earth reserves stand at 120 million metric tons REO as of 2023
Rare earth production is expanding, but reliable supply remains a key challenge for the industry.
Related reading
01 · Category
Applications and Technology15 stats
01
Permanent magnets account for 29% of REO use in EVs for traction motors
02
Wind turbines use 200-600 kg NdFeB magnets per MW capacity globally
03
Catalysts in fluid catalytic cracking units consume 20 kg REO per ton of catalyst
04
Glass polishing uses cerium oxide at 5 grams per square meter of display glass
05
MRI contrast agents use 30-40% gadolinium by weight in macrocyclic chelates
06
NiMH batteries contain 20-25% mischmetal (RE alloy) by weight
07
LED phosphors use 3% yttrium and europium oxides in YAG:Ce
08
Defense lasers employ 10-50 kg RE-doped glass per high-energy system
09
Petroleum refining FCC catalysts hold 2-5% RE oxides for activity
10
EV motors require 1.5-3 kg NdFeB per vehicle, 75% NdPr content
11
Hard disk drives use 10-20 grams NdFeB per spindle motor
12
Offshore wind farms deploy 5 tons REO magnets per MW installed
13
Ceramic capacitors incorporate 1-2% RE dopants for stability
14
Petroleum cracking catalysts recycle 80% of REO content annually
15
Hybrid vehicles use 1 kg REO in NiMH batteries per unit
Interpretation
Applications and Technology Interpretation
The Rare Earths Industry is the quiet, indispensable hand behind the modern world, from whispering wind turbines and purring electric cars to the glowing screens we stare at, the fuel we burn, and the medical scans that save us, proving that our advanced society is fundamentally, and magnetically, glued together by a surprisingly small family of elements.
02 · Category
Market Demand and Consumption19 stats
01
Global REO consumption was 340,000 metric tons in 2022, nearly matching production
02
Permanent magnets consumed 44% of global REO demand in 2022, totaling 150,000 tons
03
Catalysts used 25% of REO, about 85,000 tons in 2022 for petroleum refining
04
Polishing powders consumed 12% or 40,000 tons REO in 2022, mainly cerium
05
Glass additives used 5% of REO demand, 17,000 tons in 2022
06
Battery alloys consumed 3% or 10,000 tons REO in 2022, growing rapidly
07
Electric vehicle demand for NdPr oxide projected to reach 100,000 tons by 2030
08
Wind turbine magnet demand consumed 20,000 tons NdFeB in 2022
09
Consumer electronics used 30,000 tons REO in magnets and displays in 2022
10
Japan's REO imports totaled 35,000 tons in 2022, down 5% from prior year
11
US apparent consumption of REO was 15,000 tons in 2022, up 20%
12
Europe's REO consumption estimated at 25,000 tons in 2022, reliant on imports
13
China's domestic REO consumption was 240,000 tons in 2022, 70% of global
14
NdPr demand grew 15% to 60,000 tons in 2022 driven by EVs
15
Dysprosium demand for high-performance magnets was 1,500 tons in 2022
16
Terbium consumption reached 450 tons in 2022 for EV motors
17
Global REO demand forecast to hit 400,000 tons by 2025 at 4% CAGR
18
Defense applications consume 1,000 tons REO annually worldwide
19
Medical imaging uses 500 tons gadolinium-based REO per year globally
Interpretation
Market Demand and Consumption Interpretation
The world's green ambitions are currently glued together by 150,000 tons of fancy magnets, while a hefty 85,000 tons is still spent cleaning up the very fossil fuels we're trying to quit.
03 · Category
Pricing and Trade18 stats
01
Global rare earth market value reached $5.3 billion in 2022
02
NdPr oxide spot price peaked at $120/kg in March 2022, up 200% from 2021
03
Dysprosium oxide price averaged $350/kg in 2022, volatile due to supply risks
04
Cerium oxide price fell to $1.2/kg in 2022 from oversupply
05
China's REO export quota for 2023 was 55,000 tons, down 35% from 2022
06
US imported 85% of its REO from China in 2022, valued at $150 million
07
Global REO trade volume was 100,000 tons in 2022, dominated by China exports
08
Terbium oxide price hit $1,200/kg in 2022 amid shortages
09
Lanthanum oxide traded at $1.1/kg average in 2022
10
Praseodymium oxide price averaged $85/kg in 2022
11
Rare earth carbonate (REC) price rose to $5/kg in 2022 from Australian producers
12
China's domestic NdPr price premium over international was 20% in 2022
13
Global NdFeB magnet price increased 50% to $100/kg in 2022
14
Yttrium oxide spot price was $10/kg in 2022, stable for phosphors
15
EU imposed carbon border taxes potentially adding 10% to REO import costs by 2026
16
Japan's stockpile of REO covers 180 days of demand as of 2023
17
Rare earth futures trading volume on Shanghai exchange reached 1 million tons equivalent in 2022
18
Average REO basket price was $15/kg in 2022, varying by element mix
Interpretation
Pricing and Trade Interpretation
China's firm grip on the rare earth market is a tale of two extremes, where the soaring, volatile prices for the magnets in your EV or wind turbine are matched only by the sobering geopolitical reality that most nations are nervously buying from a single, quota-cutting source.
More related reading
04 · Category
Production and Output26 stats
01
In 2022, global rare earth oxide (REO) production totaled 350,000 metric tons, with China's output at 210,000 MT representing 60% of the total
02
China's rare earth mining quota for 2023 was set at 240,000 metric tons of REO equivalent, a 14% increase from 2022
03
Australia's Lynas Rare Earths produced 16,783 tonnes of REO at its Mt Weld mine in FY2022, up 28% year-on-year
04
The United States' Mountain Pass mine produced 43,400 metric tons of REO in 2022, accounting for 12.4% of global supply
05
Myanmar's rare earth production surged to an estimated 38,000 metric tons REO in 2022, primarily heavy rare earths
06
Thailand's rare earth output reached 5,300 metric tons REO in 2022, driven by ion-adsorption clay deposits
07
Russia's Lovozero mine produced approximately 2,700 metric tons of REO in 2022 from loparite ore
08
India's rare earth production was 2,900 metric tons REO in 2022, mainly from monazite sands
09
Brazil's Serra Verde project aims for 5,000 metric tons REO annual production by 2024 from ionic clays
10
Greenland's Kvanefjeld project holds potential for 25,000 metric tons REO per year but remains undeveloped due to regulations
11
Vietnam produced 4,300 metric tons REO in 2022, focusing on light rare earths from by-product sources
12
Burundi's Gakara mine produced 200 metric tons REO in 2022 before suspension
13
Canada's Nechalacho project produced initial 100 metric tons REO concentrate in 2021 trials, scaling in 2023
14
South Africa's Steenkampskraal mine restarted with 2,500 metric tons REO capacity planned for 2024
15
Madagascar's Tantalus project extracted 500 metric tons REO in 2022 from heavy mineral sands
16
Global REO production capacity is projected to reach 500,000 metric tons by 2025, driven by non-Chinese expansions
17
China's separation capacity for REO exceeds 250,000 metric tons annually as of 2023
18
MP Materials' Mountain Pass facility processed 41,600 tons of REO concentrate into separated products in 2022
19
Iluka Resources' Eneabba refinery in Australia produced 1,000 tons of rare earth carbonate in 2022 pilot
20
Northern Minerals' Browns Range project in Australia produced 68 kg of dysprosium oxide in 2022 trials
21
Global dysprosium oxide production was 1,800 metric tons in 2022, 95% from China
22
Neodymium-praseodymium (NdPr) oxide production reached 65,000 metric tons globally in 2022
23
Terbium oxide global output was 500 metric tons in 2022, critical for magnets
24
Yttrium oxide production totaled 12,000 metric tons in 2022, used in phosphors
25
Lanthanum oxide production was 120,000 metric tons in 2022, primarily for catalysts
26
Cerium oxide global production hit 140,000 metric tons in 2022, for polishing applications
Interpretation
Production and Output Interpretation
While China continues to dominantly conduct the rare earths orchestra with a 60% share, the rest of the world is starting to tune up its own section of scrappy startups and strategic expansions in a bid to avoid a one-note supply chain.
05 · Category
Reserves and Mining21 stats
01
Global identified rare earth reserves stand at 120 million metric tons REO as of 2023
02
China's rare earth reserves are estimated at 44 million metric tons REO, 37% of global total
03
Vietnam holds 22 million metric tons REO reserves, second largest globally
04
Brazil's reserves are 21 million metric tons REO, including ionic clay deposits
05
Russia's reserves total 10 million metric tons REO, mainly in Kola Peninsula
06
India's monazite sands contain 6.9 million metric tons REO reserves
07
Australia's reserves are 5.7 million metric tons REO, with Mt Weld holding 1.64 million tons
08
United States reserves at 1.8 million metric tons REO, primarily Mountain Pass
09
Greenland's resources exceed 11.1 million tons REO at Kvanefjeld and Kringlerne
10
Canada's Nechalacho deposit has 94,000 tons REO indicated resources
11
Sweden's Norra Kärr project has 278,000 tons TREO inferred resources at 0.68% grade
12
Tanzania's Ngualla project holds 419,000 tons REO measured and indicated resources
13
Greenland Ruby Mining's Amitsoq has 278 million tons at 210 ppm TREO
14
Argentina's Tres Quebradas project has potential for 2.7 million tons REO resources from brine
15
South Africa's Zandkopsdrift has 947,000 tons TREO indicated resources
16
Wyoming's Bear Lodge project has 1.3 million tons REO measured resources
17
Alaska's Bokan Mountain has 5.3 million lbs oxide resources for heavy REEs
18
China's Bayan Obo mine holds over 35 million tons REO resources, world's largest
19
Myanmar's Laowudong deposit estimated at 100,000 tons heavy REO resources
20
Global rare earth exploration spending reached $500 million in 2022, up 20%
21
Ion-adsorption clay deposits in southern China contain 500,000 tons heavy REE resources
Interpretation
Reserves and Mining Interpretation
While China dominates the board with nearly 40% of the world's known rare earths, the global game is heating up as nations from Vietnam to Greenland scramble to prove their soil holds more than just dirt, turning a former monopoly into a geopolitical treasure hunt.
Reference
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APA
Daniel Varga. (2026, February 13). Rare Earths Industry Statistics. Gitnux. https://gitnux.org/rare-earths-industry-statistics
MLA
Daniel Varga. "Rare Earths Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/rare-earths-industry-statistics.
Chicago
Daniel Varga. 2026. "Rare Earths Industry Statistics." Gitnux. https://gitnux.org/rare-earths-industry-statistics.
Sources & references
48 datasets cited across this report · attribution is report-level