With more than 37 percent of the World's reserves, China is the largest producer and processor of the elements.A recent report,
Rare Earth Metals Market by Product (Cerium, Lanthanum, Neodymium, Praseodymium, and Others) and by Application (Catalyst, Magnets, Ceramics, Metallurgy, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 20182025, by Zion Market Research says that "the global
rare earth metals market was valued at approximately $8.10 billion (Sh810 billion) in 2018 and is expected to generate around $14.43 billion (Sh1.443 trillion) by 2025."In 2013, a minerals explorer company called Cortec announced the discovery of
rare earth deposits worth $62.4 billion (Sh6.24 trillion) in Kwale County.