Rare earth elements (REEs) are key to the global energy transition as they are used in a variety of applications in energy storage and permanent magnets (alongside defence applications). Demand for REEs is expected to rise dramatically through 2030, driven by their use in permanent magnets for electric vehicle (EV) motors (including hybrid vehicles) and wind turbines. Consumer electronics, optics, and lasers also consume REEs, but demand in these non-energy fields is not expected to grow as substantially.
China currently dominates REE production and processing. The country is home to some of the most productive and lowest-cost REE-containing geological formations, which the government has been developing since the 1970s. China has encouraged domestic mining as well as processing of REEs, while also consolidating the domestic industry. The growth in Chinese domestic manufacturing of magnets, EV batteries, and wind turbines has further contributed to China’s dominance of the full REE supply chain.
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