Rare Earth Elements Market Report to 2030 – Growth Trends and Market Forecast

Rare earth elements (REEs) are a group of 17 metallic elements that are found in the Earth’s crust. They are essential components in a wide range of high-tech products, including smartphones, wind turbines, electric vehicles, and military hardware.

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Despite their name, rare earth elements are not actually rare in the Earth’s crust. However, they are often found in low concentrations and are difficult and expensive to extract and refine.

The 17 rare earth elements are:

  1. Cerium (Ce)
  2. Dysprosium (Dy)
  3. Erbium (Er)
  4. Europium (Eu)
  5. Gadolinium (Gd)
  6. Holmium (Ho)
  7. Lanthanum (La)
  8. Lutetium (Lu)
  9. Neodymium (Nd)
  10. Praseodymium (Pr)
  11. Promethium (Pm)
  12. Samarium (Sm)
  13. Scandium (Sc)
  14. Terbium (Tb)
  15. Thulium (Tm)
  16. Ytterbium (Yb)
  17. Yttrium (Y)

Due to their unique properties, rare earth elements are used in a wide range of applications, from electronics and energy technologies to catalytic converters and lighting. For example, neodymium and praseodymium are used in the production of permanent magnets, which are essential components in electric motors and wind turbines.

China is the world’s largest producer and supplier of rare earth elements, accounting for over 80% of global production. This has led to concerns about the strategic importance of these elements and the potential for supply disruptions. As a result, many countries are seeking to diversify their sources of rare earth elements and develop their own domestic production capabilities.

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