Rare Earth Concentrates: Market Size & Forecast 2026

The global rare earth concentrates market stands at approximately USD 6.8 billion in 2025 (base year), priced at the bastnasite benchmark of USD 5,800 per metric tonne on a rare earth oxide (REO) basis, with roughly 70% REO content. A structurally tight supply balance, China's export-control escalation through 2025, and accelerating permanent-magnet demand from electric-vehicle and wind-turbine OEMs have re-rated the category from a niche mineral feedstock to a board-level strategic priority. The 7-year CAGR through 2032 sits at 8.5% in our base case, implying a USD 12 billion-plus market by the end of the forecast window; the consensus calls for similar velocity, but we suspect the underlying composition is lumpier than the headline suggests. > **Analyst Take.** The right sequence is to secure non-Chinese offtake first, then optimise Chinese volume within the duty stack. Buyers who lock

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