Compounds Of Rare-Earth Metals Market

The article discusses the increasing demand for compounds of rare-earth metals, yttrium, and scandium globally, with projections showing a continued upward trend in consumption over the next eight years. Market performance is forecasted to grow with an expected CAGR of +5.2% for volume and +7.5% for value by 2030. China, the United States, and India were the top consumers in 2022, while the United States showed the most significant growth in consumption. In terms of production, China, the United States, and India led the way, with a notable growth in US production. Overseas purchases and imports of these metals saw a substantial increase, with China, Japan, and the United States being major importers. Export prices varied by country, with Japan having the highest export price. The article provides detailed insights into market trends, consumption patterns, production figures, import/export data, and price fluctuations over the past decade.

Market Forecast

Driven by increasing demand for compounds of rare-earth metals, of yttrium or of scandium or mixtures of these metals worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +5.2% for the period from 2022 to 2030, which is projected to bring the market volume to 19M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +7.5% for the period from 2022 to 2030, which is projected to bring the market value to $550.7B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Compounds Of Rare-Earth Metals, Of Yttrium Or Of Scandium Or Mixtures Of These Metals

In 2022, the amount of compounds of rare-earth metals, of yttrium or of scandium or mixtures of these metals consumed worldwide rose slightly to 13M tons, picking up by 4.4% against the year before. In general, consumption posted a strong increase. Global consumption peaked at 13M tons in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

The global compounds of rare-earth metals market revenue expanded sharply to $309B in 2022, growing by 5.5% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption saw a buoyant increase. Global consumption peaked at $322.4B in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (2.2M tons), the United States (1.4M tons) and India (887K tons), together accounting for 35% of global consumption.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by the United States (with a CAGR of +16.0%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($48.5B), Pakistan ($44.9B) and Japan ($28.9B) appeared to be the countries with the highest levels of market value in 2022, with a combined 40% share of the global market. Italy, the United States, India, France, Indonesia, South Korea, the UK, Turkey, Canada and Russia lagged somewhat behind, together comprising a further 32%.

Turkey, with a CAGR of +12.8%, recorded the highest rates of growth with regard to market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of compounds of rare-earth metals per capita consumption in 2022 were Canada (6.4 kg per person), the UK (5.8 kg per person) and Japan (5.8 kg per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by the United States (with a CAGR of +15.2%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Compounds Of Rare-Earth Metals, Of Yttrium Or Of Scandium Or Mixtures Of These Metals

In 2022, the amount of compounds of rare-earth metals, of yttrium or of scandium or mixtures of these metals produced worldwide amounted to 13M tons, increasing by 4.1% compared with the previous year. Over the period under review, production continues to indicate strong growth. The pace of growth was the most pronounced in 2014 when the production volume increased by 35%. Global production peaked at 13M tons in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

In value terms, compounds of rare-earth metals production reached $301.3B in 2022 estimated in export price. Overall, the total production indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +7.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -4.7% against 2020 indices. The pace of growth was the most pronounced in 2015 when the production volume increased by 27% against the previous year. Over the period under review, global production hit record highs at $316.2B in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were China (2.2M tons), the United States (1.5M tons) and India (890K tons), together accounting for 35% of global production.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the leading producing countries, was attained by the United States (with a CAGR of +17.0%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Compounds Of Rare-Earth Metals, Of Yttrium Or Of Scandium Or Mixtures Of These Metals

In 2022, overseas purchases of compounds of rare-earth metals, of yttrium or of scandium or mixtures of these metals increased by 28% to 148K tons, rising for the second year in a row after three years of decline. Over the period under review, imports posted a noticeable increase. The growth pace was the most rapid in 2017 with an increase of 44% against the previous year. Over the period under review, global imports attained the maximum in 2022 and are likely to continue growth in the near future.

In value terms, compounds of rare-earth metals imports soared to $2.8B in 2022. Overall, imports continue to indicate a notable increase. The pace of growth appeared the most rapid in 2021 when imports increased by 73%. Over the period under review, global imports hit record highs in 2022 and are likely to continue growth in years to come.

Imports By Country

In 2022, China (44K tons), distantly followed by Japan (22K tons), the United States (17K tons), the Philippines (15K tons) and Estonia (14K tons) were the major importers of compounds of rare-earth metals, of yttrium or of scandium or mixtures of these metals, together achieving 76% of total imports. Germany (6K tons), Vietnam (5.4K tons), Taiwan (Chinese) (4.3K tons), South Korea (3.3K tons), France (2.3K tons) and the Netherlands (2.3K tons) took a little share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by the Philippines (with a CAGR of +59.0%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, China ($1.1B) constitutes the largest market for imported compounds of rare-earth metals, of yttrium or of scandium or mixtures of these metals worldwide, comprising 38% of global imports. The second position in the ranking was held by Japan ($411M), with a 15% share of global imports. It was followed by Vietnam, with a 14% share.

From 2012 to 2022, the average annual growth rate of value in China amounted to +41.1%. In the other countries, the average annual rates were as follows: Japan (-2.3% per year) and Vietnam (+21.2% per year).

Import Prices By Country

The average compounds of rare-earth metals import price stood at $18,990 per ton in 2022, declining by -8.1% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the average import price increased by 30%. Global import price peaked at $21,146 per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Vietnam ($69,785 per ton), while Estonia ($2,491 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+5.9%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Compounds Of Rare-Earth Metals, Of Yttrium Or Of Scandium Or Mixtures Of These Metals

After eight years of growth, shipments abroad of compounds of rare-earth metals, of yttrium or of scandium or mixtures of these metals decreased by -1.5% to 218K tons in 2022. In general, exports, however, recorded a buoyant expansion. The growth pace was the most rapid in 2021 when exports increased by 44% against the previous year. As a result, the exports reached the peak of 221K tons, and then declined in the following year.

In value terms, compounds of rare-earth metals exports soared to $3.2B in 2022. Overall, exports, however, saw a remarkable increase. The pace of growth was the most pronounced in 2021 when exports increased by 77% against the previous year. The global exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports By Country

In 2022, the United States (77K tons), distantly followed by China (47K tons), Malaysia (24K tons), Myanmar (24K tons) and Russia (12K tons) were the main exporters of compounds of rare-earth metals, of yttrium or of scandium or mixtures of these metals, together generating 84% of total exports. The Netherlands (6K tons), Japan (4.7K tons), Estonia (4.4K tons), France (4.3K tons) and Vietnam (4.1K tons) held a relatively small share of total exports.

From 2012 to 2022, the biggest increases were recorded for Myanmar (with a CAGR of +79.5%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest compounds of rare-earth metals supplying countries worldwide were China ($671M), Malaysia ($659M) and Myanmar ($604M), together accounting for 60% of global exports.

Myanmar, with a CAGR of +96.0%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average compounds of rare-earth metals export price amounted to $14,820 per ton, surging by 22% against the previous year. Overall, the export price, however, showed a mild setback. The pace of growth was the most pronounced in 2021 when the average export price increased by 23%. Over the period under review, the average export prices attained the peak figure at $18,931 per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Japan ($53,288 per ton), while Russia ($2,992 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+20.4%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform