Highlights
- UK rare-earth metal compounds market expected to grow to 465,000 tons and $14.1 billion by 2035.
- Imports dropped to $7.1 million in 2024, revealing price volatility and declining margins.
- China dominates 49% of UK imports, underscoring the need for domestic midstream processing and manufacturing capabilities.
The United Kingdom’s market for rare-earth metal compounds—including yttrium, scandium, and their mixtures—is projected to reach 465,000 tons and $14.1 billion by 2035, according to a new IndexBox report. While domestic consumption and production have steadily increased since 2013, with compound consumption rising 6% in 2024 alone, the long-term forecast reflects sluggish momentum: just +0.1% CAGR in volume and +0.2% CAGR in value through 2035.
Notably, imports dropped sharply in value to $7.1 million in 2024, despite a 23% increase in volume, indicating persistent price volatility and declining margins.
These figures underscore the United Kingdom’s vulnerability as a largely upstream player lacking scalable refining or downstream manufacturing capacity. With China still supplying 49% of UK imports by volume—and capturing substantial value through midstream processing and magnet production—the data reveal the urgent need for Britain and its allies to invest not just in mining, but in integrated refining and advanced manufacturing infrastructure. Without such midstream expansion, rare earth ambitions risk being undermined by continued dependence on foreign separation and metallization capabilities.
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