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 driven by surging demand from renewable energy technologies, electric vehicle production, and advanced defense systems—all of which rely on these critical materials for performance and efficiency.

As global industries transition toward sustainable and high-tech solutions, heavy rare earth elements have become the cornerstone of modern innovation. In this comprehensive analysis, we examine the Top 10 Companies in the Heavy Rare Earth Elements Industry—global miners, processors, and supply chain leaders shaping tomorrow’s technological landscape.

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🔟 1. China Rare Earth Group

Headquarters: Beijing, China
Key Offering: Dysprosium, Terbium, Yttrium concentrates and oxides

This state-owned enterprise controls over 60% of global heavy rare earth production through its vertically integrated operations spanning mining, separation, and advanced material manufacturing. The company dominates supply chains for critical defense and clean energy applications.

Strategic Advantages:

• Operates the world’s most extensive rare earth separation facilities
• Maintains government-controlled strategic reserves
• Pioneers innovative extraction technologies reducing environmental impact

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9️⃣ 2. Shenghe Resources Holdings

Headquarters: Chengdu, China
Key Offering: High-purity HREE compounds for permanent magnets

Shenghe has rapidly expanded through strategic acquisitions and joint ventures, becoming China’s second-largest HREE producer with advanced capabilities in terbium and dysprosium processing for EV motors and wind turbines.

Strategic Advantages:

• Controls 15% of China’s approved HREE mining quotas
• Strategic alliances with Japanese and European technology firms
• Leading R&D in magnet recycling technologies

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8️⃣ 3. Xiamen Tungsten Industry

Headquarters: Xiamen, China
Key Offering: Specialty alloys and HREE-enhanced materials

While best known for tungsten production, this industrial giant has become a major force in heavy rare earth value chains through its integrated operations from mine to high-performance materials.

Strategic Advantages:

• Owns China’s second-largest rare earth separation capacity
• Strategic supplier to global EV and aerospace manufacturers
• Pioneering low-waste extraction methods

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7️⃣ 4. Northern Minerals

Headquarters: Perth, Australia
Key Offering: Dysprosium oxide concentrates

Northern Minerals’ Browns Range project represents the most advanced non-Chinese source of heavy rare earths, with pilot production supplying Western manufacturers seeking China-alternative supply chains.

Strategic Advantages:

• Only operational dysprosium mine outside China
• Supported by Australian and U.S. government critical minerals initiatives
• Direct contracts with defense and cleantech firms

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6️⃣ 5. MP Materials

Headquarters: Las Vegas, Nevada, USA
Key Offering: Rare earth concentrates with HREE byproducts

The sole U.S. rare earth producer is expanding into heavy rare earth separation through a $700 million Department of Defense-funded facility, aiming to restore complete domestic supply chains by 2025.

Strategic Advantages:

• Control of Mountain Pass—the Western Hemisphere’s richest rare earth deposit
• Strategic partnership with General Motors for EV motor materials
• $1.5 billion market cap supporting expansion plans

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5️⃣ 6. Lynas Rare Earths

Headquarters: East Perth, Australia
Key Offering: Mixed rare earth carbonate with HREE content

As the largest rare earth producer outside China, Lynas is investing heavily in heavy rare earth capabilities to complement its dominant light rare earth position, particularly for U.S. defense applications.

Strategic Advantages:

• $500 million U.S. defense contract for Texas processing facility
• 20% of global non-Chinese rare earth supply
• Proprietary cracking and leaching technologies

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4️⃣ 7. Hastings Technology Metals

Headquarters: Perth, Australia
Key Offering: Dysprosium-terbium mixed concentrates

Hastings’ Yangibana project in Western Australia is poised to become a major supplier of magnet-critical heavy rare earths, with first production anticipated in 2024 and full capacity by 2026.

Strategic Advantages:

• Resource grade triples industry averages for dysprosium
• Binding offtake agreements with Japanese conglomerates
• $200 million project financing secured

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3️⃣ 8. Iluka Resources

Headquarters: Perth, Australia
Key Offering: Rare earth-rich mineral sands byproducts

This mineral sands leader is leveraging its existing operations to become a significant HREE producer through innovative extraction of monazite byproducts from zircon production.

Strategic Advantages:

• $1.2 billion in cash reserves funding rare earth expansion
• First mover in Australia’s mineral sands-to-rare earth transition
• Low-capital pathway to production using existing infrastructure

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2️⃣ 9. Arafura Resources

Headquarters: Perth, Australia
Key Offering: Neodymium-praseodymium with HREE credits

Arafura’s Nolans Project represents one of Australia’s most advanced rare earth developments, featuring substantial heavy rare earth co-products alongside primary light rare earth production.

Strategic Advantages:

• Integrated “mine-to-oxide” business model
• $300 million in government support commitments
• Technology partnerships with Korean and German firms

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1️⃣ 10. Alkane Resources

Headquarters: Perth, Australia
Key Offering: Zirconium with heavy rare earth co-products

Alkane’s Dubbo Project hosts one of the largest known heavy rare earth resources outside China, with a 70+ year mine life potential supplying Western technology and defense sectors.

Strategic Advantages:

• 11.69 million tonnes of rare earth oxide resources
• Environmentally optimized processing design
• Strategic partnerships with U.S. defense contractors

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🌍 Outlook: The Future of Heavy Rare Earth Elements

The heavy rare earth market stands at an inflection point as geopolitical realignments and technological revolutions reshape global supply chains. While China maintains production dominance, alternative sources are emerging at an unprecedented pace.

📈 Key Trends Shaping the HREE Market:

• Western governments investing $5B+ in non-Chinese supply chains
• EV motor designs requiring 30% more dysprosium by 2028
• Recycling technologies recovering 95%+ of HREEs from end-of-life products
• Defense sectors stockpiling strategic HREE reserves

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

These industry leaders aren’t just mining companies—they’re enablers of the clean energy transition, defense modernization, and next-generation technologies that will define the coming decades.