Rare earth elements (REE) are a group of 15-17 elements comprising the lanthanides (atomic numbers 57-71) plus yttrium and scandium. Rare earths have a number of specific optical, magnetic and catalytic properties which drive demand across a wide range of applications. However, by volume, permanent magnets and catalysts account for more than half of global demand. The weighting towards permanent magnets is even higher when looked at on a value perspective, with some estimates that the application accounted for over 90% of rare earth demand in 2020. As such, it is the key driver of the market.
The structural shift to the green economy is a significant driver of our bullish outlook on rare earth prices. In particular, an increasing shift to electric vehicles (EV) is expected to drive a significant increase in demand for rare earths, particularly neodymium. Adding 2kg of REE in the form of a rare earth electric vehicle drive results in motor efficiency 2-5% higher than alternatives, saving energy over its lifetime. Being more efficient, the target range for an EV is achieved with a smaller, lighter and cheaper battery, which is critical given the battery represents around 50% of the cost of an EV.
The RE supply chain encompasses everything from mining and separation through to alloying, metal making and eventual manufacturing in catalysts, magnets etc. While mining is relatively straightforward, separation of concentrate to oxide is not, reflecting both the financial and technical hurdles of separation, plus its environmental impacts. As a result, the vast majority of LREE separation is done in China, with the notable exception of Lynas' Malaysian facility and soon-to-be commissioned MP Material's facility. All HREE separation is done in China. This monopoly on separation has led to China's domination of downstream metal, alloy and magnet making, and while countries like the U.S might like to change that, China's status reflects over two decades of investment and an undeniable market leader position in terms of rare earth reserves. In the next section, we cover global reserves, mine supply, key producers and projects, plus some of the key magnet makers.
This report analyzes applications and markets for rare earth materials, with particular emphasis on high-tech industries such as semiconductors, HDDs, LCDs, consumer products, and green technology.
Key Topics Covered:
Chapter 1 Introduction 1.1 Rare Earth Element Characteristics 1.2 Rare Earth Element Resources 1.3 Overview of Rare Earth Element Applications
Chapter 2. Rare Earth Industry 2.1 China' Rare Earth Industry 2.1.1 China's Production 2.1.2 China Rare Earth Production Structure 2.1.3 China Rare Earth Consumption Structure 2.1.4 China Export of Rare Earths 2.1.5 Recent Activities Of China's Rare Earth Industry 126.96.36.199 Consolidation Of China's Rare Earth Industry 188.8.131.52 Export Quotas 2.2 Rest Of World's Rare Earth Industry 2.2.1 UNITED STATES 184.108.40.206 Mountain Pass 220.127.116.11 Utah Rare Earth Project 18.104.22.168 Bear Lodge Rare-Earth Project 22.214.171.124 Elk Creek 126.96.36.199 Bokan-Dotson Ridge 188.8.131.52 Diamond Creek 184.108.40.206 Lemhi Pass 2.2.2 CANADA 220.127.116.11 MacLeod Lake Project 18.104.22.168 Hoidas Lake 22.214.171.124 Benjamin River Project 126.96.36.199 Douglas River Project 188.8.131.52 Nechalacho Rare Earth Element Project 184.108.40.206 Archie Lake 220.127.116.11 Bulstrode Rare Earth Property 18.104.22.168 Mount Copeland 22.214.171.124 Cross Hills Newfoundland 126.96.36.199 Kipawa 188.8.131.52 Strange Lake 184.108.40.206 Ytterby 220.127.116.11 Grevet REE 18.104.22.168 Turner Falls 2.2.3 SOUTH AFRICA 22.214.171.124 Steenkampskraal Mine South Africa 2.2.4 AUSTRALIA 126.96.36.199 Nolans Bore 188.8.131.52 Mount Weld 184.108.40.206 Jungle Well/ Laverton 2.2.5 GREENLAND 220.127.116.11 Kvanefjeld Project 2.2.6 ARGENTINA 18.104.22.168 Cueva del Chacho 22.214.171.124 Susques Property - Jujuy Province 126.96.36.199 John Galt Project 2.2.7 INDIA 188.8.131.52 Indian Rare Earth 2.2.8 RUSSIA 184.108.40.206 Kutessay II 2.3 Profiles of Mining Corporations
Chapter 3 Rare Earth Market Analysis 3.1 Overview 3.2 Rare Earth Market 3.2.1 Domestic Production and Consumption 3.2.2 China Production and Consumption 3.3 Global Rare Earth Market Analysis
Chapter 4 Impact on Hi-Tech Applications 4.1 Overview 4.2 Semiconductors 4.3 Hard Disk Drives (HDDs) 4.4 Mobile and Mobile Internet Devices 4.5 Solid State Lighting - LED/CFL 4.6 Green Technology
Chapter 5. U.S. Strategic Metal Perspective 5.1 The Application of Rare Earth Metals in National Defense 5.2 Rare Earth Resources and Production Potential 5.3 Supply Chain Issues 5.4 Rare Earth Legislation in the 115th Congress
Chapter 6 European Strategic Metal Perspective 6.1 Assessing Criticality 6.2 Results And List Of Critical Raw Materials
Chapter 7 Rebuilding a U.S. Supply Chain 7.1 Materials Supply Chain Challenges And Opportunities 7.2 Impact of Price Hikes by Application
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