Heavy Rare Earth Elements Market Report： the global market size is projected to reach USD 2.33 billion by 2030

Heavy rare earth Elements are defined by their higher atomic weights relative to light rare earths. They are less common, and some elements within the group are facing shortages as demand outpaces supply. That typically makes them more valuable than light rare earths, though they also have smaller markets. The full list of heavy rare earths is dysprosium, gadolinium, terbium, holmium, erbium, thulium, ytterbium, yttrium and lutetium.

According to the new market research report “Heavy Rare Earth Elements- Global Market Share and Ranking, Overall Sales and Demand Forecast 2024-2030”, published by QYResearch, the global Heavy Rare Earth Elements market size is projected to reach USD 2.33 billion by 2030, at a CAGR of 6.4% during the forecast period.

• Global Heavy Rare Earth Elements MarketSize(US$ Million), 2019-2030

Source: QYResearch, "Heavy Rare Earth Elements- Global Market Share and Ranking, Overall Sales and Demand Forecast 2024-2030”

 

• Global Heavy Rare Earth Elements Top4 Players Rankingand Market Share (Ranking is based on the revenue of 2023, continually updated)

Source: QYResearch, "Heavy Rare Earth Elements- Global Market Share and Ranking, Overall Sales and Demand Forecast 2024-2030”

According to QYResearch Top Players Research Center, the global key manufacturers of Heavy Rare Earth Elements include China Rare Earth Group, Xiamen Tungsten Industry, etc. In 2023, the global top three players had a share approximately 73.0% in terms of revenue.

Market Drivers:

D1: Price volatility in HREEs provides opportunities for investors and companies to capitalize on market fluctuations. Strategic stockpiling and forward contracts can mitigate risks associated with price volatility.

D2: As technology evolves, new applications for HREEs may emerge, further driving demand. For example, advancements in medical imaging, lasers, and aerospace applications could create niche markets for specific rare earth elements.

D3: There is ongoing interest in exploring and developing new sources of HREEs outside of traditional mining regions. Investment in exploration and extraction technologies is key to meeting future demand sustainably.

 

Restraint:

R1: The rare earths sector is subject to geopolitical tensions and trade disputes, which can lead to uncertainty in international markets and impact supply chains. Regulatory changes and export restrictions imposed by producing countries can further complicate market dynamics and affect global supply.

R2: While efforts are underway to find substitutes for HREEs and improve recycling technologies, significant challenges remain. Substitution is limited due to unique properties of HREEs, and recycling rates for these elements are generally low, partly due to technological limitations and economic feasibility.

R3: High risks involved mining and processing HREEs can have substantial environmental impacts, including habitat destruction, water and air pollution, and generation of hazardous waste. Addressing these environmental concerns poses regulatory challenges and adds operational costs to companies in the sector.

 

Trend:

Supply and Demand Dynamics: HREEs, which include elements like dysprosium, terbium, and yttrium, are crucial for advanced technologies such as permanent magnets used in electric vehicles (EVs) and wind turbines. Demand has been increasing due to the growing adoption of clean energy technologies globally.

Geopolitical Concerns: Most HREEs are sourced from a limited number of countries, with China historically dominating production. Geopolitical tensions and trade disputes have heightened concerns over supply security, prompting efforts to diversify supply chains.

Price Volatility: Prices for HREEs have exhibited significant volatility over the years, influenced by supply disruptions, changes in technology demand, and geopolitical factors. Prices can impact the profitability of industries relying on these elements.

Technological Advancements: Research and development efforts continue to focus on reducing HREE usage in technologies or finding alternative materials to mitigate supply chain risks and reduce costs.

Environmental and Regulatory Considerations: Mining and processing HREEs can have significant environmental impacts. Regulatory frameworks and sustainability concerns are increasingly shaping how these elements are sourced and used.

 

About The Authors

Yin Hang

Lead Author

Email: yinhang@qyresearch.com

Tel: +86-18310165532

 

About QYResearch

QYResearch founded in California, USA in 2007.It is a leading global market research and consulting company. With over 17 years’ experience and professional research team in various cities over the world QY Research focuses on management consulting, database and seminar services, IPO consulting, industry chain research and customized research to help our clients in providing non-linear revenue model and make them successful. We are globally recognized for our expansive portfolio of services, good corporate citizenship, and our strong commitment to sustainability. Up to now, we have cooperated with more than 60,000 clients across five continents. Let’s work closely with you and build a bold and better future.

QYResearch is a world-renowned large-scale consulting company. The industry covers various high-tech industry chain market segments, spanning the semiconductor industry chain (semiconductor equipment and parts, semiconductor materials, ICs, Foundry, packaging and testing, discrete devices, sensors, optoelectronic devices), photovoltaic industry chain (equipment, cells, modules, auxiliary material brackets, inverters, power station terminals), new energy automobile industry chain (batteries and materials, auto parts, batteries, motors, electronic control, automotive semiconductors, etc.), communication industry chain (communication system equipment, terminal equipment, electronic components, RF front-end, optical modules, 4G/5G/6G, broadband, IoT, digital economy, AI), advanced materials industry Chain (metal materials, polymer materials, ceramic materials, nano materials, etc.), machinery manufacturing industry chain (CNC machine tools, construction machinery, electrical machinery, 3C automation, industrial robots, lasers, industrial control, drones), food, beverages and pharmaceuticals, medical equipment, agriculture, etc.