In 2019, the overall value of the global REE market stood at US$13.2 billion, and with annual growth rates estimated at 11%, the market is expected to grow to US$19.8 billion by 2026. While deposits are found around the world, the majority of both mining and refining occurs in China and China is expected to continue to account for the majority of production. China’s main export destinations include Japan and the US, which together account for more than two thirds of the China’s rare earth metal exports. The US and Japan have made it a priority to diversify their sources of rare earth metals in order to reduce their dependence on China, however the main hurdle is that a large majority (80%) of rare earth refining takes place in China. However, the US are aiming to set up more refining facilities.

Other major REE-producing regions include the US (26,000 tons per year), Myanmar (22,000 tons per year) and Australia (21,000 tons per year) and regions with the largest reserves include China (44 million tons), Russia (12 million tons) and India (6.9 million tons).

Source: Analysts predict bright prospects for global REE market despite pandemic | MININGMETALnews.com; Visualizing China’s Dominance in Rare Earth Metals (visualcapitalist.com)