Used to produce high-strength permanent magnets, now ubiquitous in mobile phones and laptops as well as energy-efficient electric motors and generators in EVs, wind turbines, appliances and hundreds of other applications.
Used to produced functional and decorative ceramics, structural ceramics, cutting tools, dental crowns, electrical capacitors, tiles and more.
Rare earth elements are used to produce anode materials for nickel-metal hydride batteries used in hybrid electric vehicles and consumer electronics like cordless power tools and shavers.
Used for energy efficient lamps, display screens and avionics, ceramics for jet engine coatings.
Used to polish optical glass, hard disk drives, LCD display screens and gemstones. Also used for UV-filtering glass coatings and high-quality optical glass for camera lenses, microscopes and telescopes and for phosphors in display screens and avionics.
Used in some types of steel and ductile iron making as well as in a variety of different alloys. Used in catalytic converters in gasoline and diesel-powered vehicles, fuel cracking and other oil refinery processes and in the aerospace, agriculture, high-tech and chemical industries.
REE prices reached a bottom in 2016 from the 2011 highs, and stayed at stable prices until 2019, but high demand elements like Neodymium (Nd) and Praseodymium (Pr) have since reached new highs.
China’s industry ministry met automakers and battery companies last month to discuss surging prices of rare earths.
The Chinese price of praseodymium-neodymium alloy used to make super strong magnets used in EV motors doubled last year and has already shot up more than 10% so far in 2022 to $184,072 per tonne.
-Feb 7, 2022 (https://www.reuters.com/article/rareearths-prices-idUSKBN2KC0Z1)
Key global megatrends are driving strong and diversified demand for rare earths in permanent magnets
Sources: 1. Adamus Intelligence. 2. Edison. 3. Curtin University.
The green technologies of the future—electric vehicles, wind turbines, drones, and more—depend on powerful rare earth magnets to turn energy into motion.
Without a consistent and trusted supply, the entire supply chain for critical magnetic materials has shifted to Asia, primarily China.
Today, China dominates the rare earth industry, producing over 80% of global supply.
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