Global Heavy Rare Earth Elements Market Forecast

Highlights

• Global HREE market expected to reach $2.3B by 2031 with a 6.4% CAGR, driven by critical technological applications.
• Top four companies control over 73% of market share:
  • China Rare Earth Group
  • Shenghe Resources
  • Xiamen Tungsten
  • Northern Minerals
• Dysprosium leads HREE products.
• Magnets represent 65% of market usage.
• Market primarily concentrated in the Asia-Pacific region.

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​QY Research’s recent report (opens in a new tab), “Global Heavy Rare Earth Elements Market Size, Manufacturers, Supply Chain, Sales Channel and Clients, 2025-2031,” provides a comprehensive analysis of the heavy rare earth elements (HREE) market, highlighting key trends, growth opportunities, and industry forecasts. ​

Market Size and Growth Projections

In 2024, the global HREE market was valued at approximately US$1,565 million and is projected to reach around US$2,334 million by 2031, exhibiting a compound annual growth rate (CAGR) of 6.4% during the forecast period. ​

Key Market Players

The market is dominated by several major companies, including:​

• China Rare Earth Group: A leading entity in the rare earth industry, contributing significantly to global supply.​
• Shenghe Resources Holdings: A prominent player with extensive operations in rare earth mining and processing.​
• Xiamen Tungsten Industry: Known for its involvement in the production and processing of rare earth materials.​
• Northern Minerals: An Australian company focusing on the production of heavy rare earth elements.​

Collectively, these top four companies account for over 73% of the global HREE market share. ​

Regional Market Distribution

The Asia-Pacific region leads the HREE market, holding approximately 63% of the global share, followed by North America and Europe with 21% and 14%, respectively. ​

Product Segmentation

Among HREE products, Dysprosium stands out as the largest segment, accounting for about 54% of the market share. ​

Applications

The primary application of HREEs is in the production of magnets, which constitute approximately 65% of the market usage. ​  This report underscores the critical role of heavy rare earth elements in various technological applications and the market’s reliance on a few key players, particularly within the Asia-Pacific region.