According to Roskill, the rare earth industry remained dominated by the Chinese market in 2020, representing over 70% of annual total rare earth demand and 85% of refined rare earth supply, though the market has become more diversified compared to past years.
The development of rare earth projects at the mining and refining stages outside of China is presenting opportunity to erode China market share, however. Increasingly backed by national and regional governments, the development and support of regional supply chains has become a key endeavour in the USA and EU in particular.
The use of rare earths in magnet applications remains the main growth end-use for rare earths in terms of both volumes and value.
With NdFeB magnets used in wind turbines and EV drive trains forecast to grow by in excess of 5.5%py and 17.5%py respectively to 2030, there is both opportunity for new market entrants to provide supply into these growing markets and risk for existing producers to be marginalised and left behind.