Rare Earth Market Overview

In the past few years, rare earths have emerged as important resources, driven by the technology revolution and more recently the increasingly growing market for EV and renewable energy generation. The increased demand of EV is underpinned by the government policies of India, France, United Kingdom, Norway and China to only allow new electric or electric hybrid vehicles to be registered for use, between 2030 and 2050.

Rare Earths Used in Consumer Products

  • Electric Motors

  • Renewable Energy

  • Consumer Electronics

  • Military

  • Electric Mobility

  • HE-VS, EVS, Auto Component

  • Medical

  • High-speed Rail

  • Robotics

China accounts for the majority share of overall global rare earth resources and mining activity, while at the same time it is also the largest consumer of rare earths along the entire supply chain. Outside of China there are few other projects in development, and only one other notable producer, Lynas Corporation Ltd, based in Australia and Malaysia.

New applications in many key sectors are anticipated to continue to fuel demand for rare earths, notably in renewable energy, electric vehicles, robotics, medical devices, consumer electronics and appliances, military applications, catalysts in the chemical industry, glass and ceramic polishing and automotive industry components.

Importantly, Nd and Pr are key materials used in the production of the permanent magnets. Market demand for permanent magnets is driven by new technologies notably in renewable energy, electric vehicles, robotics, medical devices, consumer electronics and appliances, military applications, catalysts in the chemical industry, glass and ceramic polishing, Internet of Things (IOT) applications and automotive industry components.

Demand for Nd-Pr for magnet applications is forecast to be the biggest contributor across applications by 2027 based on expected growth in EV and wind turbines.

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