Rare earth metals market to hit $21B by 2035 driven by EV and clean energy demand

The rare earth metals market is projected to grow from $9.06 billion in 2025 to $21.03 billion by 2035, driven by rising demand from electric vehicles, renewable energy, and high-tech electronics. The U.S. market alone is expected to reach $2.10 billion by 2035, supported by government efforts to boost domestic mining and reduce import reliance. Key growth areas include magnets for EV motors and wind turbines, with neodymium demand rising sharply. Asia Pacific, led by China, currently dominates the market, but North America is rapidly expanding its supply chain capabilities.