May 4, 2025
IndexBox has just published a new report: United Kingdom – Compounds Of Rare-Earth Metals, Of Yttrium Or Of Scandium Or Mixtures Of These Metals – Market Analysis, Forecast, Size, Trends And Insights.
Driven by rising demand for rare-earth metal compounds in the UK, the market is forecasted to continue growing over the next decade. The anticipated Compound Annual Growth Rate (CAGR) for the period from 2024 to 2035 is +0.1% in volume terms, reaching 465K tons by 2035. In value terms, the market is expected to increase with a CAGR of +0.2%, reaching $14.1B by the end of 2035.
Market Forecast
Driven by increasing demand for compounds of rare-earth metals, of yttrium or of scandium or mixtures of these metals in the UK, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +0.1% for the period from 2024 to 2035, which is projected to bring the market volume to 465K tons by the end of 2035.
In value terms, the market is forecast to increase with an anticipated CAGR of +0.2% for the period from 2024 to 2035, which is projected to bring the market value to $14.1B (in nominal wholesale prices) by the end of 2035.
Consumption
United Kingdom’s Consumption of Compounds Of Rare-Earth Metals, Of Yttrium Or Of Scandium Or Mixtures Of These Metals
In 2024, consumption of compounds of rare-earth metals, of yttrium or of scandium or mixtures of these metals increased by 6% to 462K tons, rising for the seventh consecutive year after two years of decline. The total consumption volume increased at an average annual rate of +4.6% over the period from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, consumption reached the peak volume in 2024 and is expected to retain growth in the near future.
The revenue of the compounds of rare-earth metals market in the UK rose notably to $13.7B in 2024, picking up by 6.6% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers’ margins, which will be included in the final consumer price). Over the period under review, the total consumption indicated a notable expansion from 2013 to 2024: its value increased at an average annual rate of +3.4% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption increased by +36.8% against 2016 indices. Over the period under review, the market reached the maximum level in 2024 and is expected to retain growth in the near future.
Production
United Kingdom’s Production of Compounds Of Rare-Earth Metals, Of Yttrium Or Of Scandium Or Mixtures Of These Metals
In 2024, production of compounds of rare-earth metals, of yttrium or of scandium or mixtures of these metals increased by 6% to 462K tons, rising for the seventh consecutive year after two years of decline. The total output volume increased at an average annual rate of +4.6% over the period from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2015 with an increase of 9.9% against the previous year. Compounds of rare-earth metals production peaked in 2024 and is expected to retain growth in years to come.
In value terms, compounds of rare-earth metals production rose markedly to $14B in 2024 estimated in export price. Over the period under review, the total production indicated tangible growth from 2013 to 2024: its value increased at an average annual rate of +3.1% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, production decreased by -1.7% against 2022 indices. The most prominent rate of growth was recorded in 2016 with an increase of 35%. Compounds of rare-earth metals production peaked at $14.3B in 2022; however, from 2023 to 2024, production failed to regain momentum.
Imports
United Kingdom’s Imports of Compounds Of Rare-Earth Metals, Of Yttrium Or Of Scandium Or Mixtures Of These Metals
In 2024, the amount of compounds of rare-earth metals, of yttrium or of scandium or mixtures of these metals imported into the UK skyrocketed to 712 tons, growing by 23% on the previous year. Over the period under review, imports, however, continue to indicate a abrupt downturn. The most prominent rate of growth was recorded in 2017 with an increase of 120%. As a result, imports reached the peak of 2.1K tons. From 2018 to 2024, the growth of imports remained at a somewhat lower figure.
In value terms, compounds of rare-earth metals imports fell rapidly to $7.1M in 2024. In general, imports, however, showed a abrupt setback. The most prominent rate of growth was recorded in 2017 when imports increased by 63%. As a result, imports attained the peak of $38M. From 2018 to 2024, the growth of imports remained at a lower figure.
Imports By Country
In 2024, China (350 tons) constituted the largest supplier of compounds of rare-earth metals to the UK, accounting for a 49% share of total imports. Moreover, compounds of rare-earth metals imports from China exceeded the figures recorded by the second-largest supplier, Austria (131 tons), threefold. Estonia (127 tons) ranked third in terms of total imports with an 18% share.
From 2013 to 2024, the average annual growth rate of volume from China amounted to +4.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Austria (-0.1% per year) and Estonia (-0.5% per year).
In value terms, Italy ($1.9M), China ($1.5M) and the United States ($795K) constituted the largest compounds of rare-earth metals suppliers to the UK, with a combined 59% share of total imports. Austria, Thailand, Estonia, Japan and France lagged somewhat behind, together comprising a further 38%.
Among the main suppliers, Thailand, with a CAGR of +49.7%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.
Import Prices By Country
The average compounds of rare-earth metals import price stood at $10,005 per ton in 2024, with a decrease of -32% against the previous year. Overall, the import price recorded a abrupt slump. The growth pace was the most rapid in 2018 an increase of 28% against the previous year. Over the period under review, average import prices hit record highs at $25,553 per ton in 2013; however, from 2014 to 2024, import prices remained at a lower figure.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($85,387 per ton), while the price for Estonia ($3,925 per ton) was amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Thailand (+28.1%), while the prices for the other major suppliers experienced more modest paces of growth.
Exports
United Kingdom’s Exports of Compounds Of Rare-Earth Metals, Of Yttrium Or Of Scandium Or Mixtures Of These Metals
For the third year in a row, the UK recorded decline in overseas shipments of compounds of rare-earth metals, of yttrium or of scandium or mixtures of these metals, which decreased by -41.9% to 80 tons in 2024. In general, exports recorded a abrupt descent. The pace of growth was the most pronounced in 2017 with an increase of 444%. As a result, the exports attained the peak of 1.2K tons. From 2018 to 2024, the growth of the exports remained at a somewhat lower figure.
In value terms, compounds of rare-earth metals exports fell remarkably to $2.6M in 2024. Overall, exports showed a abrupt shrinkage. The pace of growth appeared the most rapid in 2017 with an increase of 296%. As a result, the exports attained the peak of $28M. From 2018 to 2024, the growth of the exports failed to regain momentum.
Exports By Country
Spain (30 tons) was the main destination for compounds of rare-earth metals exports from the UK, with a 38% share of total exports. Moreover, compounds of rare-earth metals exports to Spain exceeded the volume sent to the second major destination, France (14 tons), twofold. The third position in this ranking was held by Germany (14 tons), with a 17% share.
From 2013 to 2024, the average annual growth rate of volume to Spain stood at +22.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+4.8% per year) and Germany (-6.0% per year).
In value terms, the largest markets for compounds of rare-earth metals exported from the UK were Spain ($553K), Germany ($546K) and China ($408K), together comprising 58% of total exports. France, North Macedonia, the United States, Japan, Belgium, Poland, Italy, the Netherlands and Cyprus lagged somewhat behind, together accounting for a further 27%.
Among the main countries of destination, Cyprus, with a CAGR of +53.9%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.
Export Prices By Country
In 2024, the average compounds of rare-earth metals export price amounted to $32,395 per ton, almost unchanged from the previous year. Overall, the export price, however, continues to indicate a pronounced decline. The growth pace was the most rapid in 2016 an increase of 71% against the previous year. Over the period under review, the average export prices hit record highs at $41,074 per ton in 2013; however, from 2014 to 2024, the export prices remained at a lower figure.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($447,821 per ton), while the average price for exports to Cyprus ($3,720 per ton) was amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+6.9%), while the prices for the other major destinations experienced more modest paces of growth.
