Global Rare Earth Metal Market 2023

Rare Earth Metal Market Size

In 2021, the global rare earth metal market decreased by -3.7% to $X for the first time since 2014, thus ending a six-year rising trend. Overall, the total consumption indicated noticeable growth from 2012 to 2021: its value increased at an average annual rate of +4.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +77.3% against 2014 indices. Over the period under review, the global market reached the maximum level at $X in 2020, and then reduced slightly in the following year.

Rare Earth Metal Production

In value terms, rare earth metal production dropped to $X in 2021 estimated in export price. In general, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 65% against the previous year. Global production peaked at $X in 2020, and then fell in the following year.

Rare Earth Metal Exports

Exports

In 2021, after two years of decline, there was significant growth in shipments abroad of rare earth metals, when their volume increased by 36% to X tons. Over the period under review, total exports indicated a strong increase from 2012 to 2021: its volume increased at an average annual rate of +7.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2014 with an increase of 87%. As a result, the exports reached the peak of X tons. From 2015 to 2021, the growth of the global exports remained at a lower figure.

In value terms, rare earth metal exports surged to $X in 2021. Overall, exports saw a tangible expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2021, China (X tons) represented the key exporter of rare earth metals, achieving 49% of total exports. It was distantly followed by Australia (X tons), Vietnam (X tons) and Thailand (X tons), together constituting a 47% share of total exports.

Exports from China increased at an average annual rate of +14.2% from 2012 to 2021. At the same time, Thailand (+360.7%), Australia (+48.5%) and Vietnam (+9.6%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in the world, with a CAGR of +360.7% from 2012-2021. While the share of Australia (+23 p.p.), China (+20 p.p.), Thailand (+4.8 p.p.) and Vietnam (+2.4 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest rare earth metal supplying countries worldwide were Vietnam ($X), Australia ($X) and China ($X), together comprising 82% of global exports. These countries were followed by Thailand, which accounted for a further 12%.

Thailand, with a CAGR of +567.2%, recorded the highest growth rate of the value of exports, among 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 2021, the average rare earth metal export price amounted to $X per ton, jumping by 42% against the previous year. Overall, the export price, however, continues to indicate a noticeable downturn. The global export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Thailand ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+45.0%), while the other global leaders experienced a decline in the export price figures.

Rare Earth Metal Imports

Imports

In 2021, approx. X tons of rare earth metals were imported worldwide; picking up by 31% compared with 2020 figures. Over the period under review, imports, however, showed a relatively flat trend pattern. Global imports peaked at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, rare earth metal imports soared to $X in 2021. Overall, imports, however, continue to indicate a relatively flat trend pattern. Over the period under review, global imports hit record highs at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Japan (X tons) was the main importer of rare earth metals, creating 48% of total imports. Malaysia (X tons) ranks second in terms of the total imports with a 22% share, followed by Norway (5.5%) and India (4.6%). The following importers - Thailand (X tons), the United States (X tons) and Brazil (X tons) - together made up 8.5% of total imports.

Imports into Japan decreased at an average annual rate of -3.0% from 2012 to 2021. At the same time, Thailand (+107.6%), Malaysia (+37.4%) and India (+1.4%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing importer imported in the world, with a CAGR of +107.6% from 2012-2021. By contrast, Norway (-3.1%), the United States (-4.1%) and Brazil (-6.6%) illustrated a downward trend over the same period. While the share of Malaysia (+20 p.p.) and Thailand (+3.9 p.p.) increased significantly in terms of the global imports from 2012-2021, the share of Japan (-11.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X) constitutes the largest market for imported rare earth metals worldwide, comprising 61% of global imports. The second position in the ranking was taken by Malaysia ($X), with a 14% share of global imports. It was followed by Thailand, with a 7.2% share.

In Japan, rare earth metal imports shrank by an average annual rate of -2.7% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Malaysia (+31.0% per year) and Thailand (+69.0% per year).

Import Prices by Country

The average rare earth metal import price stood at $X per ton in 2021, increasing by 12% 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 2018 when the average import price increased by 22%. Global import price peaked in 2021 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Thailand ($X per ton), while Norway ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+1.4%), while the other global leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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