The rare earth metals market was estimated at USD 5.3 billion in 2023 and is likely to grow at a CAGR of 12.67% during 2024-2030 to reach USD 12.23 billion in 2030.
Rare earth metals are a group of elements found in the earth's crust with similar physical and chemical properties. These extracted elements can be processed in their ore forms and fall into both hard and light categories. Praseodymium and Samarium are light metals that are more easily found as compared to heavy metals like terbium, holmium, gadolinium, europium, thulium, dysprosium, and ytterbium, etc.