Saudi Arabia Rare Earth Elements Market Overview

Market Size in 2024: USD 111.96 Million

Market Forecast in 2033: USD 360.35 Million

Market Growth Rate 2025-2033: 12.40%

According to IMARC Group's latest research publication, "Saudi Arabia Rare Earth Elements Market Size, Share, Trends and Forecast by Application and Region, 2025-2033", The Saudi Arabia rare earth elements market size reached USD 111.96 Million in 2024. Looking forward, IMARC Group expects the market to reach USD 360.35 Million by 2033, exhibiting a growth rate (CAGR) of 12.40% during 2025-2033.

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How AI is Reshaping the Future of Saudi Arabia Rare Earth Elements Market

• AI-driven data analytics and machine learning boost Saudi Arabia's rare earth element operations, improving yield efficiency and minimizing extraction costs, aligning with Vision 2030 goals.
• The joint venture between MP Materials, US Department of Defense, and Saudi's Ma'aden leverages AI technology for refining, promising enhanced processing of Saudi rare earth feedstock into high-purity materials.
• Saudi Arabia's mining reforms and $32 billion in investments attract AI-powered mining technologies, streamlining exploration and operational workflows to unlock vast rare earth reserves strategically.
• AI-enabled predictive maintenance and automation optimize equipment uptime and safety in Saudi’s harsh mining environments, reducing downtime and protecting workforces amid extreme desert conditions.
• The government supports AI integration in rare earth sectors through incentives and streamlined regulations, aiming to establish a secure and sustainable supply chain for high-demand critical minerals.

How Vision 2030 is Transforming Saudi Arabia Rare Earth Elements Industry?

Vision 2030 is reshaping Saudi Arabia’s rare earth elements market by prioritizing mineral diversification, local value creation, and strategic resource development. The Kingdom is investing heavily in geological exploration, advanced mining technologies, and downstream processing to reduce import dependence and strengthen industrial capabilities. With rising demand from renewable energy, electric vehicles, and high-tech manufacturing, Vision 2030 encourages global partnerships and sustainable extraction practices. These initiatives are positioning Saudi Arabia as an emerging regional supplier of critical rare earth materials.

Saudi Arabia Rare Earth Elements Market Trends & Drivers:

Saudi Arabia’s rare earth elements market is gaining serious momentum due to its vast untapped mineral wealth, estimated at $2.5 trillion, with rare earth reserves of about 5.9 million tonnes discovered recently. This underpins the Kingdom’s commitment to diversify its economy away from oil, backed by government reforms that have dramatically increased mining exploration licenses. The mining sector itself is targeted to contribute significantly to GDP, buoyed by a $100 billion investment vision that includes rare earths as a strategic pillar. This resource base and financial backing create a firm foundation for scaling production and processing capabilities locally, gearing up Saudi Arabia to become a global player in this critical minerals segment.​

A key trend accelerating market growth is the strategic international partnership between Saudi Arabian Mining Company (Maaden) and MP Materials ,backed by strong U.S. government support. They are developing a rare earth refining and separation facility designed to process diverse feedstocks and produce both light and heavy rare earth oxides essential for advanced manufacturing and defense. This JV not only bolsters the Kingdom’s supply chain independence but also integrates it into global high-tech and defense industries. The collaboration secures guaranteed demand, reduces political risk, and leverages Saudi Arabia’s competitive energy costs and strategic geopolitical location to serve multiple global markets.​

Another big factor driving the market is growing global demand for rare earths across renewable energy, electric vehicles, electronics, and defense sectors—industries that rely heavily on high-quality rare earths for magnets, batteries, and catalysts. Saudi Arabia aims to position itself as a geopolitically neutral hub with advanced processing infrastructure, including modern separation plants powered by abundant, low-cost natural gas. This approach increases supply resilience by sourcing diverse mined materials locally and globally, enabling quick adaptation to market shifts and supply disruptions. Enhanced logistics through ports on the Red Sea and Arabian Gulf further facilitate exports to Asia, Europe, and Africa, supporting downstream manufacturing and broad commercial applications.

Saudi Arabia Rare Earth Elements Industry Segmentation:

The report has segmented the market into the following categories:

Application Insights:

• Magnets 
• NiMH Batteries
• Auto Catalysts 
• Diesel Engines 
• Fluid Cracking Catalyst 
• Phosphers 
• Glass 
• Polishing Powders 
• Others

Regional Insights:

• Northwest
• Northeast
• Central
• South
• Others

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Recent News and Developments in Saudi Arabia Rare Earth Elements Market

• Nov 2025: MP Materials partners with Saudi Ma’aden and US DoD to build advanced rare earth refinery, incorporating AI-enhanced refining tech for efficiency gains.
• Nov 2025: Saudi Arabia announces $32 billion mining investment, emphasizing AI-driven exploration and processing innovations to unlock new rare earth deposits and boost supply chain resilience.
• Jul 2025: AI-powered predictive maintenance systems deployed in Saudi mining operations, reducing equipment downtime by up to 25% and improving worker safety in extreme desert environments.

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