Madhumitha Jaganmohan
Research expert covering climate and environmental sustainability
Rare earth elements - statistics & facts
Rare earths include a list of 17 chemical elements that, over the past decades, have become increasingly sought-after due to their use in many advanced technologies. The end uses of rare earths include the production of magnets, batteries, catalysts, displays, and more. Many industries are highly dependent on rare earths as a result of their irreplaceable properties. Global rare earth element production amounted to an estimated 350,000 metric tons of rare earth oxides in 2023. With the largest known reserves worldwide, it is not surprising that China's rare earth production alone accounted for roughly 69 percent of the total global production in 2023.
Leading rare earth producing countries: China and the United States
China remains the largest global rare earth producing country after years of having this distinction. The most important provinces for Chinese production are Inner Mongolia and Sichuan. In 2023 the United States was distantly the world's second largest producer of rare earth elements, having produced some 43,000 metric tons of bastnäsite mineral concentrates in rare earth oxide equivalent, as well as 250 metric tons of rare earth compounds and metals. Nevertheless, the U.S. is also a major importer of rare earths. Nearly three-quarters of all U.S. rare earth imports originated from China as of 2022, while the rest came from Malaysia, Estonia, Japan, and other countries.Rare earth mining companies and outlook
Due to the fact that China's rare earth industry is controlled by the state, there are only a few larger companies from other countries that dominate the market. Among the the best known non-Chinese rare earth companies is Lynas Corporation from Australia. Other leading companies are Iluka Resources, Avonlea Minerals, and Arafura Resources, all headquartered in Australia. In 2024, rare earths prices had decreased considerably due to oversupply and lower demand in several end-use categories. Looking ahead, China is expected to remain the leading rare earths producer by 2030, while Australia is expected to replace the U.S. as the second leading producer by then.Madhumitha Jaganmohan
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Aug 19, 2024
Madhumitha Jaganmohan
Research expert covering climate and environmental sustainability
