The Global Heavy Rare Earth Elements Market was valued at USD 1.565 Billion in 2023 and is projected to reach USD 2.735 Billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 6.4% during the forecast period (2024-2032). This growth is being driven by accelerating demand from electric vehicle manufacturers, wind turbine producers, defense contractors, and consumer electronics companies requiring high-performance magnets and phosphors.

As geopolitical tensions highlight supply chain vulnerabilities for critical materials, industry attention focuses on the key suppliers controlling global heavy rare earth element (HREE) production and processing. In this analysis, we examine the Top 10 Companies in the Heavy Rare Earth Elements Market—established players and emerging challengers reshaping access to these strategically vital resources.

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🔟 1. China Northern Rare Earth Group

Headquarters: Baotou, China
Key Offering: Full-spectrum HREE oxides & metals

As China’s largest rare earth producer, China Northern Rare Earth dominates the global supply chain with vertically integrated operations from mining to magnet production. The company controls significant ion-adsorption clay deposits rich in heavy rare earths.

Competitive Advantages:

• Produces 70% of China’s licensed rare earth output
• Advanced separation technology for high-purity terbium/dysprosium
• Strategic partnerships with Chinese EV and wind turbine makers

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9️⃣ 2. China Minmetals Rare Earth Co.

Headquarters: Beijing, China
Key Offering: Heavy rare earth concentrates & separated products

This state-owned enterprise operates major mining and processing facilities in Jiangxi province, specializing in yttrium and europium production for phosphors and polishing applications.

Competitive Advantages:

• Direct access to Southern China ionic clay deposits
• Government-backed rare earth research center
• Strategic stockpiling operations

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8️⃣ 3. Leshan Shenghe Rare Earth Company

Headquarters: Leshan, China
Key Offering: Heavy rare earth chlorides & oxides

Specializing in the Sichuan rare earth belt, Shenghe has developed proprietary solvent extraction technology for efficient heavy rare earth separation with lower environmental impact.

Competitive Advantages:

• Low-cost processing operations
• Strategic alliance with Sichuan Rare Metals Research Institute
• Growing recycling capabilities

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7️⃣ 4. Alkane Resources Limited

Headquarters: Perth, Australia
Key Offering: Heavy rare earth-carbonate products

Through its Toongi Dubbo Project, Alkane is developing one of the largest zirconium-rich heavy rare earth deposits outside China, with strong dysprosium and terbium content.

Competitive Advantages:

• Potential 100+ year mine life
• Strategic location in ESG-conscious jurisdiction
• Byproduct zirconium production improves economics

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6️⃣ 5. Hastings Technology Metals

Headquarters: Perth, Australia
Key Offering: Mixed heavy rare earth concentrate

Developing the Yangibana project in Western Australia, Hastings aims to become a significant non-Chinese supplier of NdPr and heavy rare earths critical for permanent magnets.

Competitive Advantages:

• High neodymium-praseodymium content
• Offtake agreements with European and Japanese buyers
• Low-radioactivity ore body

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5️⃣ 6. Arafura Resources

Headquarters: Perth, Australia
Key Offering: NdPr oxide with HREE co-products

Arafura’s Nolans Project in Northern Territory represents one of the most advanced rare earth developments globally, integrating mining and processing in a single operation.

Competitive Advantages:

• Fully integrated mine-to-oxide plan
• Hydrochloric acid leaching reduces waste
• Strategic MOUs with Korean and German manufacturers

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4️⃣ 7. Peak Rare Earths

Headquarters: Perth, Australia
Key Offering: Heavy rare earth concentrates

Developing the Ngualla project in Tanzania, Peak aims to become a low-cost supplier of terbium and dysprosium outside China through its carbonate-rich deposit.

Competitive Advantages:

• High-grade weathered bastnasite ore
• Proven hydrometallurgical process
• $200 million already invested in project development

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3️⃣ 8. Rainbow Rare Earths

Headquarters: London, UK
Key Offering: HREE-rich phosphogypsum recycling

This innovative company is developing secondary recovery of rare earths from phosphogypsum stacks in South Africa, offering an alternative to primary mining.

Competitive Advantages:

• Environmentally sustainable production model
• Existing waste material reduces mining costs
• Strategic partnership with K-Technologies for separation

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2️⃣ 9. Ucore Rare Metals

Headquarters: Halifax, Canada
Key Offering: Heavy rare earth separation technology

Ucore is commercializing its RapidSX separation technology while developing the Bokan Mountain project in Alaska as a future HREE source.

Competitive Advantages:

• Patented separation technology for Western markets
• US DoD-supported critical minerals project
• Strategic location near Pacific Rim markets

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1️⃣ 10. Defense Metals Corp

Headquarters: Vancouver, Canada
Key Offering: Wicheeda rare earth project development

This emerging player is advancing the Wicheeda deposit in British Columbia, which shows promising heavy rare earth concentrations alongside light rare earths.

Competitive Advantages:

• Strategic North American location
• Strong metallurgical test results
• Growing government support for domestic supply chains

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⚡ Market Transformation: Diversification and Technological Innovation

The heavy rare earth elements sector stands at an inflection point, with geopolitical realities and technological advancements driving profound changes across the supply chain.

📈 Critical Industry Developments:

• Western governments investing billions to establish independent HREE supply chains
• Breakthroughs in magnet technologies reducing dysprosium requirements
• Growing emphasis on recycling and urban mining solutions
• Environmental regulations reshaping extraction and processing methods

Get Full Report Here: Heavy Rare Earth Elements Market – View in Detailed Research Report

The companies leading this transformation are not just commodity suppliers—they’re enabling the technologies powering the global energy transition and digital revolution.