Demand outlook rare earth: the wall of magnets
Multiple independent forecasters see magnet rare earth demand rising steeply into the 2030s:
- Adamas’ Intelligence forecasts that global demand for NdFeB magnets will increase five-fold by 2040, from US$7.8 billion in 2024 to US$44.1 billion by 2040 growth, driven by robotics, advanced air mobility and electric vehicle sectors
- A new report by McKinsey, expects demand for rare earth elements to triple from 59 kilotons (kt) in 2022 to 176 kt in 2035, driven by strong growth in electric vehicle adoption.
The challenge for the US isn’t just breaking China’s monopoly today, it’s scaling fast enough to meet the surge in demand coming through the next decades.
