Global Rare Earth Elements Market Size Projected to Reach $8.14 Billion By 2032 with a Significant Increase in Demand Expected

October 01, 2025 at 08:30 AM EDT

Palm Beach, FL – October 1, 2025 – The rising demand for consumer durables such as tablets, laptops, and smartphones is one of the factors driving the consumption of rare earth elements. The demand for these elements in developing economies is estimated to expand rapidly owing to an increase in industrialization, building & construction activities, and various digitization activities by governments in the respective countries. The boost in the demand for electric vehicles (EVs) in Germany, United States, and the U.K. is estimated to surge the consumption of rare earth minerals. Stringent rules on carbon discharges, and increasing concerns about the environment, have augmented the development of non-conventional energy sources, which will further increase the usage of these elements. A report from Fortune Business Insights said that the global rare earth elements market size was USD 3.39 billion in 2023 and is projected to grow from USD 3.74 billion in 2024 to USD 8.14 billion by 2032, exhibiting a CAGR of 10.2% during the forecast period (2024-2032). Asia Pacific dominated the rare earth elements market with a market share of 86.14% in 2023. Moreover, the rare earth elements market size in the U.S. is projected to grow significantly, reaching an estimated value of USD 394.39 million by 2032, driven by the robust pipeline and increasing R&D investment by industry players. Active Companies in the mining industry this week include Apex Critical Metals Corp. (OTCQX: APXCF) (CSE: APXC), NioCorp Developments Ltd. (NASDAQ: NB), MP Materials Corp. (NYSE: MP), Energy Fuels Inc. (NYSE: UUUU) (TSX: EFR), USA Rare Earth, Inc. (NASDAQ: USAR).

The Fortune Business Insights report said: “The increasing concerns regarding the environment have led consumers to opt for electric vehicles (EVs) due to their net-zero emissions. EVs incorporate lithium-ion batteries as a fuel source due to their low self-discharge rate and high energy density. As stated by IEA, the preference for EVs is expanding rapidly in countries, such as China, the U.S., and Japan. The electric car stock was 4.79 million in 2019, globally. Additionally, lithium-ion batteries are applied in many electronic devices, such as laptops, mobile phones, hard discs, dentures, and bearings. The increasing production of consumer durables in developing economies will surge the demand for batteries, thereby boosting the rare earth elements market growth. There has been a rapid increase in the automotive industry over the years supported by population growth, technological development, and disposable income growth. Magnets are heavily used in the automotive industry for various parts such as motors, actuators, sensors, and switches. Additionally, rare earth elements are used in other applications such as catalysts, additives, ceramics, and metallurgy. The rising demand for catalysts, additives, ceramic products, and metal products from various end-use industries such as chemical, oil & gas, automotive, and electronics is anticipated to fuel the product demand.”

Apex Critical Metals Corp. (OTCQX:APXCF) (CSE:APXC) Acquires Key REE Rights at Highly Prospective Elk Creek Carbonatite Complex, Nebraska –

Highlights:

The Company has secured highly prospective rare earth element (“REE”) mineral rights to key underexplored areas of the Elk Creek Carbonatite Complex in Nebraska, USA, (the “Rift Project”).
Two target areas of known REE mineralization acquired (East Zone and West Zone).
Project includes multiple historical drill holes that are well-mineralized in REE’s, highlights include:
- 5 metres (“m”) of 2.70% TREO, Including 54.9 m at 3.30% TREO (EC-93).
- 2 m of 2.10% TREO, including 68.2 m of 3.32% TREO (NEC11-004).
Apex’s Rift Project area (~2,784 acres) now represents the largest position in the Elk Creek Carbonatite Complex (NioCorp Developments Ltd. holding the other commanding position in the district with ~1,397 acres)
Nebraska, USA is considered a favourable jurisdiction for development with private land ownership facilitating streamlined permitting path.
The Company is continuing to compile historically available data and is actively planning an inaugural Q4-2025 exploration program, including drilling.

Apex Critical Metals Corp. (CSE: APXC) (OTCQX: APXCF) (FWB: KL9) (“Apex” or the “Company”), a Canadian mineral exploration company focused on the identification and development of critical and strategic metals, is pleased to provide an update regarding the acquisition of certain mineral rights within the Elk Creek Carbonatite Complex in southeastern Nebraska, U.S.A, (see news release dated Sept. 3, 2025).

The Rift Project includes exploration rights and purchase options for approximately 2,784 acres (~1,127 ha), flanking NioCorp Developments Ltd. to the east and west within the Elk Creek Carbonatite Complex. The Company’s property position is considered highly prospective for rare earth element (REE) mineralization based on extensive historical exploration data.

Sean Charland, CEO of Apex Critical Metals notes, “This acquisition positions Apex at the forefront of U.S. critical minerals exploration and development, particularly in rare earths, which are vital for advanced technologies, renewable energy, and US National Security. The Elk Creek area has long been recognized for its geological promise, and we’re eager to advance exploration on these underexplored extensions to unlock their full REE potential. Coupled with a favourable jurisdiction and the exploration expertise of Dahrouge Geological, which has multiple globally significant critical metals discoveries to their credit, the Company is primed for further discovery.”

The Elk Creek Carbonatite, a rare metal complex identified over 50 years ago, hosts significant potential for REE’s alongside other critical minerals including niobium. While the area outside of NioCorp’s Developments Ltd. (NASDAQ: NB – Market Capitalization ~US$600M, as of September 25, 2025) Elk Creek Critical Minerals Project have been largely underexplored in recent decades, the acquired Rift Project includes areas with documented high-grade REE intercepts from historical drilling. Project highlights include:

Of approximately 106 drill holes completed by Molycorp prior to 1986, at least 19 drill holes were completed within the Company’s Rift Project area.

Highlights:

5 m of 2.70% TREO (hole EC-93), starting from 149.4 m depth
Includes 54.9 m at 3.30% TREO.
19 m of 2.10% TREO (NEC11-004).
Includes 68.2 m at 3.32% TREO.

According to Quantum Rare Earth Developments Corp. News, 2011-09-19 – “The drill hole (NEC11-004) encountered REE mineralization within strongly altered carbonatite and associated alkaline rocks. The step-out from historical hole EC-93 confirms the potential for a sizable deposit. As well, the potential for the discovery of a high-grade core is also highlighted with 10 individual assays greater than 4.0 per cent TREO (average sample width of 1.37 metres) within the 68.18-metre high-grade REE zone.”

Historical exploration of the Elk Creek Carbonatite included approximately 106 drill locations totalling approximately 46,797 m by Molycorp from 1973 to 1986 across the entire Elk Creek Carbonatite Complex, with at least 19 completed within the boundary of the current Rift Project. In 2011, Quantum Rare Earth Development Corp. completed an additional five holes, with two holes focused on REE mineralization outside of the core Niobium Deposit currently being developed by NioCorp Developments Ltd. Continued… Read this full release along with full notes and comments for Apex Critical Metals by visiting: https://www.financialnewsmedia.com/news-apxc/

Other recent developments in the mining markets include:

NioCorp Developments Ltd. (NASDAQ: NB) recently announced that a Pentagon-funded exploratory drilling program at the Company’s Elk Creek Critical Minerals Project (“Elk Creek Project”) in southeast Nebraska has been completed.

The resource drilling program, funded by the Pentagon, was designed to support converting a portion of the Company’s current Indicated Resources into Measured Resources and the subsequent conversion of a portion of its current Probable Mineral Reserves into Proven Mineral Reserves. The effort was designed to meet Mineral Reserve requirements of the Export-Import Bank of the U.S. as it processes a proposed debt financing package of up to $800 million for the Elk Creek Project.

Locksley Resources Ltd. recently announced it will significantly expand its exploration program at its significantly increased landholding in the Mojave Desert. Earlier this month the company announced the addition of 249 additional claims at the site, which abuts areas currently controlled by MP Materials Corp. (NYSE: MP), the only Rare Earths producing mine in North America. These new claims bring the company’s total landholding to 491 claims encompassing more than 40 sq km of highly prospective critical minerals.

“The substantial expansion of our landholding within the Mojave Critical Minerals Corner marks a pivotal step in Locksley’s growth,” said Pat Burke, Chairman of Locksley Resources. He reported that last week brokers and analysts visited the site, affording Locksley an excellent opportunity to highlight both the scale of the tenure, as well as the strategic importance of its position in this area.

Energy Fuels Inc. (NYSE: UUUU) (TSX: EFR), a leading U.S. producer of uranium, rare earths, and critical minerals and Vulcan Elements, a U.S. manufacturer of rare earth permanent magnets, are pleased to announce that the companies have signed a Memorandum of Understanding (MOU) to collaborate on creating a resilient domestic supply chain for rare earth magnets independent of China. Rare earth magnets are used in a variety of commercial and defense applications, including satellites, robotics, artificial intelligence data centers, semiconductor fabrication, drones, defense systems, electric vehicles, consumer electronics, industrial motors, and power tools.

Under the collaboration, Energy Fuels has agreed to supply initial quantities of high-purity “light” and “heavy” separated rare earth oxides to Vulcan in Q4 of 2025. Upon receipt, Vulcan will validate Energy Fuels’ neodymium-praseodymium (NdPr) and dysprosium (Dy) oxides for production of rare earth magnet applications. After validating the oxides, Vulcan and Energy Fuels intend to negotiate additional long-term supply agreements for both NdPr and Dy oxides. NdPr and Dy are key raw materials required for the manufacture of rare earth magnets.

USA Rare Earth, Inc. (NASDAQ: USAR) recently announced it has entered into a definitive agreement to acquire LCM, the world’s most established ex-China rare earth metal and alloy producer. The acquisition represents a significant acceleration of USAR’s mine-to-magnet strategy, establishing an end-to-end rare earth supply chain. LCM further secures USAR’s access to high-quality rare-earth metal and strip cast alloy for its global customers and the development of its Oklahoma magnet facility.

Under the terms of the agreement, USAR will acquire LCM for $100 million in cash and 6.74 million shares of USAR common stock.

LCM is a United Kingdom-based manufacturer of specialized rare earth metals and both cast and strip cast alloys. LCM holds a unique position as the only proven ex-China producer of both light and heavy rare earth permanent magnet metals and alloys at scale at its 67,000 square foot production facility in Cheshire, UK. It also benefits from an established supply of raw materials outside of China. Metals and alloys produced include Samarium, Samarium Cobalt, Neodymium Praseodymium, Dysprosium, Terbium, Yttrium, Gadolinium, and other critical rare earth metals and metal alloys. LCM is one of the few companies capable of processing metal oxide feedstocks from both mined and recycled sources.

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The post Global Rare Earth Elements Market Size Projected to Reach $8.14 Billion By 2032 with a Significant Increase in Demand Expected appeared first on Financial News Media.

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Global Rare Earth Elements Market Size Projected to Reach $8.14 Billion By 2032 with a Significant Increase in Demand Expected

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